Rupert Resources Drills 3.0 G/t Gold Over 121.3m Including 5.5g/t Over 50m Expanding Higher Grade Central Section at Ikkari With Depth Extended on All Sections

Rupert Resources Ltd (“Rupert” or “the Company”) reports new drill results from its Ikkari prospect, the focus of its ongoing 60,000m exploration programme at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland (figure 1).

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Figure 1. New discoveries and base of till anomalies at Area 1 (Graphic: Business Wire)

The mineralised strike length at Ikkari is now at least 650m in total (figure 2) with mineralisation on all sections intersected to a depth of 300 to 500m. The drilling reported today increases maximum intersected vertical depth of mineralisation by 75m to 480m in the east (hole 120119) and by 100m to 320m in the west (holes 120100 and 120122). In the central section, the higher grade mineralised zone now extends to 320m depth within a broader mineralised envelope of almost 400m depth.

Highlights

• Hole 120123 intersected 3.0g/t gold (“Au”) over 121.3m from 110.7m (100m vertical), including 5.5g/t over 50m* extending the high-grade mineralised zone. Further intercepts of 1.8g/t Au over 80m from 276m (250m vertical) and 1.3g/t Au over 40m from 378m (343m vertical) extend the depth of central mineralised section.
• Hole 120122 extends the western mineralised zone deeper and southward, with multiple gold intercepts including 1.1g/t Au over 70m from 194m, and also 1.3g/t Au over 45m from 325m and 1.3g/t Au over 23m from 421m (320m vertical).
• Hole 120100, a scissor hole to 120122, intersected 2.4g/t Au over 22m from 265m (200m vertical) and 2.4g/t over 32m from 333m (255m vertical) on the same section. These results extend the mineralisation below hole 120082 (3.0g/t Au over 188m, see release dated October 21, 2020) by 75 metres.
• Hole 120119, the deepest hole drilled at Ikkari to date, intersected 3.1g/t Au over 7m from 546m, extending the mineralised envelope to at least 480m vertical depth

* highlights only - see tables 3 and 4 for details

James Withall, CEO of Rupert Resources commented “Drilling continues to expand the mineralised system at Ikkari with a coherent higher grade component emerging in the central part of the mineralised body, which remains open. Importantly, we can continue to drill on a broad spacing given the continuity of these very wide zones of consistent grade. We are still far from confirming the limits of the discovery and with drilling ramping up to three rigs in Area 1 and a strong balance sheet, we are well positioned to increase activity on this best-in-class, new grass roots discovery that was made just 8 months ago.”

Table 1. Headline assay results from Ikkari

Notes to table: No upper cut-off grade and a 0.4g/t Au lower cut-off applied. Unless specified, true widths cannot be accurately determined from the information available. Full breakdown of new holes with “includings” in Table 3. Refer to previous releases at https://rupertresources.com/news/ for details of previously released drilling intercepts. EOH – End of Hole. * Drilling extension to previously drilled and previously reported hole. True widths estimated assuming a vertical dip to the mineralised zone.

Summary

New results reported from Ikkari continue to expand the mineralisation envelope. In the central part, broad, high-grade intercepts in hole 120123 further define the zone of high-grade mineralisation with 3.0g/t Au over 121.3m from 110.7m, including 5.5g/t Au over 50m in the upper part of the hole, infilling the high-grade zone, and 1.8g/t Au over 80m from 276m (250m vertical) and 1.3g/t Au over 40m from 378m (343m vertical) extending the mineralised depth in the central section of Ikkari to 380m vertical. Notably, the combined uncut down hole intercept of the three zones yields 1.9g/t Au over 307m (including potentially internal waste subintervals of 44m and 22m, figure 3 and table 4).

In the west, scissor holes 120100 and 120122 both intercepted multiple mineralised zones, (120122 – 1.1g/t Au over 70m from 194m, including 16.4g/t Au over 1m) further defining a broad mineralised envelope, which extends the mineralisation to over 320m vertical depth on this section (120122 – 1.3g/t Au over 23m from 421m) (figure 4). Further west, hole 120121 also intersected a broad mineralised envelope that includes 1.4g/t Au over 46m from 155m and 2.5g/t Au over 13m from 279m (see table 3 for details). This hole has recently been extended with results pending.

In the east, holes 120119 and 120120 targeted deeper mineralisation beneath previously reported intercepts in this area and demonstrate continuity of the mineralised structure to 480m vertical depth, with 3.1g/t Au intersected over 7m, from 546m in hole 120119.

Even further to the east, hole 120107 intersected 1.0g/t Au over 32m from 351m (310m vertical), indicating continuation of mineralisation along strike. Holes 120104, 120106 and 120109 failed to reach target depth due to adverse ground conditions.

Ikkari remains open in both directions along strike (with gold anomalism identified by BoT drilling extending to at least 1km) and at depth, with step-out drilling also indicating potential for further mineralisation to the north and south. Drilling continues to progress, targeting strike and depth extensions with infill drilling also planned that will contribute to a resource estimation later in the year. To date, 20,386 metres have been drilled at Ikkari in 62 holes, with results reported for 52 holes. Drilling is also ongoing at other Area 1 prospects.

Table 2. Collar locations of new drill holes

Notes to table: The coordinates are in ETRS89 Z35 and all holes are surveyed at 3m intervals downhole and all core is orientated.

Geological description of the Ikkari Discovery

Mineralisation at Ikkari is characterised by intense alteration and deformation. Gold is associated with fine-grained disseminated pyrite within planar quartz-carbonate veins and / or disseminated in the host rocks, commonly as fine-grained visible gold. Host rocks observed thus far include sedimentary rocks overprinted by albite-sericite alteration, and strongly foliated chlorite-altered mafic-ultramafic rocks. A broader, variably mineralised alteration zone comprising magnetite ± hematite ± tourmaline ± K-feldspar ± fuchsite is also present. Holes demonstrate strong foliation, shearing, and veining that is predominantly parallel to the dominant structural fabric and gold appears to be concentrated in sedimentary intercalations associated with zones of structural disruption at lithological boundaries, represented by irregular, cross-cutting vein associations and brittle fracture in albite-altered rocks. The regional structural data collected so far suggest a subvertical, broad and linear structure, within which cross-cutting fractures and variably dipping lithologies, as well as possibly folded bedding, appear to have controlled the introduction of gold-bearing fluids and associated alteration zones. In general, alteration and structure appear to be sub-vertical, with lithologies generally dipping ~70 degrees north.

Review by Qualified Person, Quality Control and Reports

Mr. Mike Sutton, P.Geo. Director and Dr Charlotte Seabrook, MAIG, RPGeo. Exploration Manager are the Qualified Persons as defined by National Instrument 43-101 responsible for the accuracy of scientific and technical information in this news release.

Samples are prepared by ALS Finland in Sodankylä and assayed in ALS laboratories in Ireland, Romania or Sweden. 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 hole 120071 all mineralised samples were submitted for screen fire assays with gravimetric finish. 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.

Base of till samples are prepared in ALS Sodankylä by dry-sieving method prep-41, and assayed by fire assay with ICP-AES finish for gold. Multi-elements are assayed in ALS laboratories in either of Ireland, Romania or Sweden by aqua regia with ICP-MS finish. Rupert maintains a strict chain of custody procedure to manage the handling of all samples. The Company’s QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication.

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 owns the Pahtavaara gold mine, mill, and exploration permits and concessions located in the Central Lapland Greenstone Belt in Northern Finland (“Pahtavaara”). Pahtavaara 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.

APPENDIX

Table 3. New Intercepts at Ikkari

No upper cut-off grade and a 0.4g/t Au lower cut-off applied. Unless specified, true widths cannot be accurately determined from the information available. Bold intervals referred to in text of release. Refer to https://rupertresources.com/news/ for details of previously released drilling intercepts. Eoh – End of Hole. No significant intercepts reported in 120104, 120106, 120108, 120109, 120110, 120118. *Hole extended, results pending for lower part of hole

Table 4. Uncut mineralised intercept in drill hole 120123

*NR – Not Recovered (core loss)

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