Rupert Resources Drills 26.8g/t Gold Over 2.0m and 11.6g/t Gold Over 5.0m Confirming a 500m Long Mineralised Trend at the Pahtavaara Mine

Rupert Resources Ltd (“Rupert” or “the Company”, TSX-V: RUP) reports further drill results and geological interpretation from in-mine exploration drilling at the 100%-owned Pahtavaara mine in the Central Lapland Greenstone Belt, Finland.

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Figure 1. Plan view of zones and new interpretation at the Pahtavaara mine (Graphic: Business Wire)

Highlights

• Hole 120525 intersected 11.6g/t gold (Au) over 5.0m from 51m (35m vertical) confirming continuation of T-Vein mineralisation towards surface.
• High-grade mineralisation including 26.8g/t Au over 2m in hole 121469 and wider mineralisation including 3.7g/t Au over 12.4m in hole 121406 highlight both the grade and width present within the T-Vein mineralisation trend.
• Mineralisation at T-Vein now extends 500m, from surface in the down-plunge direction.

James Withall, CEO of Rupert Resources commented “These new results from the Pahtavaara mine are significant because they show the potential for near surface, potentially open-pit mineable material in immediate proximity to the Pahtavaara mine and mill. Importantly these results provide further evidence of a previously unidentified easterly plunge control on mineralisation. The Pahtavaara mine remains an important asset in the region, as one of only two permitted gold mills, and any new discoveries in the immediate vicinity could add significantly to mine life. Drilling will continue at the mine, Ikkari and our numerous other targets as part of our ongoing exploration program, with the goal of highlighting the geological and economic potential of the Pahtavaara Project in its entirety.”

New mine drilling

Further to the last reported mine drilling of 1,657m (results reported on Oct 20, 2020), 93 holes for a total of 6561.5m were drilled as part of the circa 10,000m resource expansion drilling program at the Pahtavaara Mine site (announced Oct 20, 2020). Headline drilling intercepts from the 2020-21 program are shown in table 1, and results from all 93 new holes reported in table 3.

The focus of resource expansion drilling was T-Vein, where a new geological interpretation envisaged an easterly plunging mineralised trend (figure 2). The drill program successfully delineated continuous mineralisation over a 500m easterly plunge between surface and 300m depth. This trend has only been the subject of sporadic previous mining.

This drill program successfully delineated mineralisation close to surface with hole 120527 intersecting 2.4g/t Au over 3.3m, only 11m below surface and less than 3m below the bedrock surface. Hole 120525 intersected 11.6g/t over 5.0m a further 28m down dip whilst hole 121501 intersected 2.8g/t Au over 9m a further 28m down plunge to the east. These results confirm continuity of a significant mineralised trend between surface and historic underground workings (figure 2).

At the centre of the plunging T-Vein trend, significant widths of mineralisation were encountered, including hole 121406 grading 3.7g/t Au over 12.4m, hole 121427 grading 3.6g/t Au over 11m, and hole 121431 grading 3.8g/t over 12m; all these intercepts represent over 75% the true width of mineralisation with the latter two over 90% true width.

Figure 2 shows intercepts from this drill program and those previously reported (May 21, 2020 and October 20, 2020) plotted on a long section to highlight the continuous nature of the mineralisation along the trend. Figures 3 and 4 show example cross-sections through the mineralisation trend, both close to surface and in the middle of the trend, highlighting the thicker intercepts found towards the centre of the trend. Locations for the cross sections are indicated on figure 2.

The new results are consistent with the revised geological interpretation at T-Vein. The application of this new interpretation to other mineralisation trends on the southern flank of the Pahtavaara Mine is underway, including testing new interpretations to the mineralisation plunge at Karoliina and Karoliina East.

Fourteen out of the 93 holes reported here are from the Karoliina target area. The Karoliina target shares a similar structural and lithological setting to T-Vein though the mineralisation present is typically lower grade. These new drillholes aimed to expand the resource through a portion of the deposit between 150-250m below surface but adjacent to existing underground infrastructure. By implementing the interpretations from T-Vein, mineralisation was successfully traced through this previously untested part of the deposit highlighted by hole 121449 grading 2.1g/t Au over 4m and hole 121453 grading 2.1g/t Au over 3m. Figure 5 shows these intercepts on a long section.

Results were also received from four holes targeting mineralisation above the Karoliina East Zone, a portion of the deposit that has been historically mined from underground, but which has seen very little exploration closer to surface. The short drill program successfully intersected mineralisation above the zone with hole 120518 intersecting 46.8g/t Au over 2.6m, 120517 intersecting 4.8g/t Au over 2.3m, and 120519 intersecting 1.3g/t Au over 3.0m.

Further results from the drilling close to surface at the Karoliina target are awaited and the work to update the mineral resource model to reflect these new results is ongoing.

Table 1. Significant assay results from the 2021 Pahtavaara mine drill program

Notes to table: A lower cut of 0.5g/tonne Au has been used for all intervals. No upper cut-off grade was applied. Maximum three metre interval of less than cut-off used for reporting. *Estimated true widths are as a percentage of downhole intercept where known. Refer to previous releases at https://www.rupertresources.com/news/ for details of previously released drilling intercepts. N/A = Not applicable, true width cannot be calculated as hole drilled sub parallel to mineralisation trend.

About the Pahtavaara Project

The Pahtavaara Project is located in the heart of the Central Lapland Greenstone Belt, Northern Finland where the company owns the permitted Pahtavaara mine that is on active care & maintenance and within a licence package of some 509km². The Company acquired the project for USD $2.5m in 2016 and is undertaking exploration both at the existing mine and across the region to demonstrate the potential for significant economic mineralisation.

The Pahtavaara Mine is an orogenic gold deposit hosted in an altered komatiitic sequence in the eastern part of the greenstone belt. Mineralisation is hosted by the predominantly pyroclastic, voluminous ultramafic volcanic rocks of the Sattasvaara komatiite complex (Savukoski group).

Mineralisation consists of structurally controlled sub-parallel lodes with steeply dipping ore shoots, comprising mostly free gold in quartz-dolomite vein stockwork. Mineralization is hosted predominantly by coarse-grained, non-schistose amphibole rocks with brittle dolomite ± quartz (± barite) veins, or biotite-talc (± chlorite) dominated schists with talc-carbonate ± pyrite ± magnetite veins, which are related to structural failure at the contact between the amphibolite rocks and the talc-chlorite schists. Coarse-grained amphibole dominated lithologies dip and plunge sub-vertically to the west-southwest within a wider, more diffuse, amphibole porphyroblast alteration domain which overprints the talc schists. Folding of the amphibole unit controls brittle fracture in hinges and associated gold mineralisation in places.

Review by Qualified Person, Quality Control and Reports

Dr Charlotte Seabrook, MAIG, RPGeo. Exploration Manager is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of scientific and technical information in this news release.

Samples are prepared and assayed in Labtium, Finland. All samples are under watch from the drill site to the storage facility. Samples are assayed using fire assay method with aqua regia digest and analysis by AAS for gold. Over limit analysis for >10 ppm Au is conducted using fire assay and gravimetric finish for assays over >100ppm Au. For multi-element assays Ultra Trace Level Method by HF-HNO3-HClO4 acid digestion, HCl leach and a combination of ICP-MS and ICP-AES is used. The Company’s QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at appropriate intervals. Approximately five percent (5%) of the pulps and rejects are sent for check assaying at a second lab.

About Rupert

Rupert is a Canadian based gold exploration and development company that is listed on the TSX Venture Exchange under the symbol “RUP”. The Company’s core focus is the Rupert Lapland Project including the Ikkari discovery and the permitted Pahtavaara mine and mill within a wider 509km² regional licence holding in the Central Lapland Greenstone Belt of Northern Finland. The Pahtavaara mine previously produced over 420koz of gold and 474koz remains in an Inferred mineral resource (4.6 Mt at a grade of 3.2 g/t Au at a 1.5 g/t Au cut-off grade, see the technical report entitled “NI 43-101 Technical Report: Pahtavaara Project, Finland” with an effective date of April 16, 2018, prepared by Brian Wolfe, Principal Consultant, International Resource Solutions Pty Ltd., an independent qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects). The Company also holds a 100% interest in the Surf Inlet Property in British Columbia, a 100% interest in properties in Central Finland and a 20% carried participating interest in the Gold Centre property located adjacent to the Red Lake mine in Ontario.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward Looking Statements

This press release contains statements which, other than statements of historical fact constitute “forward-looking statements” within the meaning of applicable securities laws, including statements with respect to: results of exploration activities, mineral resources. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of the mining industry, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis for the year ended February 29, 2020 available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

Figure 1. Plan view of zones and new interpretation at the Pahtavaara mine

Figure 2. Long section of T-Vein showing new intercepts are spheres with selected intercepts labelled

*NB. Location of cross section in figures 3 and 4 are shown on figure 2

Figure 3. Cross section of T-Vein near surface showing new intercepts (in bold)

Figure 4. Cross section of T-Vein part way down the trend (see figure 2 for location)

Figure 5. Long section showing the new intercepts at Karoliina

APPENDIX

Table 2. Collar locations of new drill holes at the Pahtavaara mine

Table 3. New intercepts from drilling at the Pahtavaara mine

Notes to table: A lower cut of 0.5g/tonne Au has been used for all intervals. No upper cut-off grade was applied. Maximum three metre interval of less than cut-off used for reporting. Refer to previous releases at https://rupertresources.com/news/ for details of previously released drilling intercepts. EOH – End of Hole. Results referred to in text in bold. No significant intercepts reported for 120521, 120522, 120523, 121407, 121410, 121412, 121414, 121418, 121419, 121440, 121441, 121442, 121446, 121452, 121457, 121458, 121470, 121471, 121472, 121474, 121502, 121503, 121204, 121505 or 121506.

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