Rupert Resources Drills a New Mineralised Zone 0.5km North of Ikkari and Reports Further Results From Hein?? Central

Rupert Resources Ltd (“Rupert” or the “Company”), a company advancing the multi-million-ounce Ikkari gold deposit and new regional discoveries at the company’s 100% owned Rupert Lapland Project in Northern Finland (Figure 1), is pleased to provide an update on drilling from its ongoing regional drilling campaign, with promising results received from targets proximal to its flagship Ikkari discovery and Pahtavaara mill (figure 2).

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Figure 1. Location of Rupert Lapland Project target areas (Photo: Business Wire)

Ikkari has a maiden National Instrument 43-101 mineral resource estimate of 49 million tonnes (“Mt”) at 2.5 grams per tonne gold (“g/t Au”) for 3.95 million Inferred ounces (see Sept. 13, 2021 press release) ¹ and a preliminary economic assessment (PEA) is planned for completion in H2 2022.

Highlights

Ikkari North (0.5km north of Ikkari)

Blind (i.e. without base of till anomaly) drilling of new geophysical target intersected:

• #122154 - 2.6m of 11.7g/t Au from 8.4m and 5m of 9.8g/t Au from 246m
• #122148 – 16m of 1.1g/t Au from 58m

Further results from Heinä Central (1km north of Ikkari)

• #122044 - 7m of 6.9g/t Au and 0.8% Cu from 83m, 8m of 2.2g/t Au and 1.7% Cu from 98m, and 60m of 0.7g/t Au and 0.2% Cu from 250m
• #122064 - 14m of 2.4g/t Au and 0.3% Cu from 319m
• #122130 - 36m of 0.5g/t Au and 0.5% Cu from 142m

Sisnakka (10km south of Pahtavaara mill)

• #122114 – 2m of 6.4g/t Au from 58m and 1m of 7.4g/t Au and 1.7% Cu from 128m

James Withall, CEO of Rupert Resources commented “In a little over three years this previously untested district has delivered a multi-million ounce gold deposit along with a number of smaller potential satellites. In parallel to advancing Ikkari through to PEA this year, we continue to apply our geological understanding of the area to improve our exploration model and methodology with the goal of making further discoveries of scale. Ikkari North is hidden mineralisation that has no surface expression and was discovered using a new deep geophysics survey. Sisnakka, 10km from the Pahtavaara mill, has been identified as part of a program targeting regional mineralising structures in similar geological settings.”

An updated resource and accompanying preliminary economic assessment on the Ikkari discovery will be completed in H2 2022. Approximately 75,000m of drilling is budgeted for the next twelve months targeting resource additions through satellites or extensions to Ikkari and elsewhere on five regional target areas on Rupert’s c.735km² land package (Figure 1). Follow-up drilling has been completed or is underway at Jeesiö and Sikavaara over BoT anomalies with assays pending for both. Elsewhere the first season of summer fieldwork is close to completion at Kuusajärvi where reconnaissance BoT is planned, subject to issuance of exploration licences.

Ikkari North

The target at Ikkari North was identified from an IP geophysical survey conducted across Ikkari, and extended to the north to include Heinä Central. The survey identified a strong north-dipping chargeability anomaly that comes to surface approximately 500m to the north of the Ikkari mineralisation. Several drill holes have been completed, targeting the anomaly at depth due to restricted access to the near-surface target in wetter summer conditions. Broad, 100-200m wide intersections of a carbonate-altered and brecciated stack of fine-grained Savukoski sediments between undeformed mafic intrusive bodies have been observed. The breccia zone contains variable amounts of disseminated and semi-massive pyrite, especially around intercalated units of sediments. Assays and observations of visible gold grains, indicate that these pyrite zones are variably mineralised with gold and importantly, contain higher grade zones (e.g. #122154 - 5m of 9.8g/t Au from 246m) associated with silica-sericite alteration and quartz veining that is confined to siltstone units within the larger brecciated domain. Further, the drilling intersected shallow mineralisation (e.g. #122148 – 16m of 1.1g/t Au from 58m and #122154 – 2.6m of 11.7g/t from 8.4m) in a similar but narrower geological setting.

The strongest part of the IP anomaly occurs close to surface (Figure 3), and will be drill tested this winter as ground conditions allow.

Sisnakka

At Sisnakka, a first phase of drilling targeted multi-element base of till anomalies, with a significant base metals component (up to 3000ppm Cu). Hole #122114, targeting a structure highlighted by a steep magnetic gradient, intersected 4m of 3.2 g/t Au from 58m, including 1m of 10.10 g/t Au, within a brecciated structural zone comprising silica-albite altered intercalated sediments with pyrite, as well as a very narrow massive chalcopyrite(+gold) vein confined in a deformed and altered Savukoski ultramafic unit (1m of 7.38 g/t Au and 1.74% Cu from 128m).

Results are pending for eight follow up holes, targeting extensions of the zone and associated structures in the area.

Heinä Central

Further drilling at the Heinä Central target has been focused on delineating mineralisation to be included in a preliminary resource estimate (to be published in H2 2022 as part of the Ikkari preliminary economic assessment) and incrementally extending the mineralized zone. Significant new results show depth extent in the main part of the deposit with #122064 intersecting 14m of 2.4g/t Au and 0.3% Cu from 319m (250m vertical), including 2m of 4.5g/t Au and 1.2% Cu.

To the east, mineralisation in #122130 (36m of 0.5g/t Au and 0.5% Cu from 142m, including 2m of 1.7g/t Au and 2.0% Cu) indicates some continuation of the zone in this direction, with strong copper grades offset from gold. Step out drilling to the east does indicate that the mineralization is narrowing and weakening, and further focus will be on tracing the down-plunge extent.

Geological interpretation

Ikkari and Heinä Central were discovered using systematic regional exploration that initially focused on geochemical sampling of the bedrock/till interface through glacial till deposits of 5m to 40m thickness. No outcrop is present, and topography is dominated by low-lying swamp areas.

The Ikkari deposit occurs within rocks that have been regionally mapped as 2.05-2.15 billion years (“Ga”) old Savukoski group greenschist-metamorphosed mafic-ultramafic volcanic rocks, part of the Central Lapland Greenstone Belt (“CLGB”). Gold mineralisation is largely confined to the structurally modified unconformity at a significant domain boundary. Younger sedimentary lithologies are complexly interleaved, with intensely altered ultramafic rocks, and the mineralized zone is bounded to the north by a steeply N-dipping cataclastic zone. In general, alteration and structure appear to be sub-vertical, with lithologies generally dipping ~70 degrees north.

The main mineralized zone is strongly altered and characterised by intense veining and foliation that frequently overprint original textures. An early phase of finely laminated, grey ankerite/dolomite veins is overprinted by stockwork-like irregular siderite ± quartz ± chlorite ± sulphide veins. These vein arrays are often deformed with shear-related boudinage and in situ brecciation. Magnetite and/or haematite are common, in association with pyrite. Hydrothermal alteration commonly comprises quartz-dolomite-chlorite-magnetite (±haematite). Gold is hosted by disseminated and vein-related pyrite. Multi-phase breccias are well developed within the mineralised zone, with early silicified cataclastic phases overprinted by late, carbonate- iron-oxide- rich, hydrothermal breccias which display a subvertical control. All breccias frequently host disseminated pyrite, and are often associated with bonanza gold grades, particularly where magnetite or haematite is prevalent. In the sedimentary lithologies, albite alteration is intense and pervasive, with pyrite-magnetite (± gold) hosted in veinlets in brittle fracture zones.

At Heinä Central, the multiple sulphide zones identified (25 to >50% pyrrhotite + chalcopyrite + pyrite) are hosted by cataclastic quartz-dolomite breccia within a sedimentary sequence that includes interbedded siltstone and carbonaceous shale. This sequence is intruded by mafic dykes, and intermediate intrusives are also present. Brecciation is associated with a broad, complex, folded structural zone that is related to decoupling along lithological contacts and localised folding.

Figures & Tables

Figures and tables featured in the Appendix at end of release, include:

• Figure 1. Location of Rupert Lapland Project Areas
• Figure 2. Location of Rupert Resources’ discoveries
• Figure 3a. Plan view showing location of new drilling at Ikkari North
• Figure 3b. Cross section showing Ikkari North drilling
• Table 1. Collar locations of new drill holes
• Table 2. New Intercepts from regional drilling

About the Rupert Lapland Project

The Rupert Lapland Project is located in the epicentre of the Central Lapland Greenstone Belt, Northern Finland, where the company has made six new discoveries including the high quality Ikkari Project with an inferred mineral resource estimate of 49Mt at 2.5 g/t gold for 3.95 million ounces¹. The Rupert Lapland Project also contains the Pahtavaara mine and mill (on active care & maintenance) within a regional land package of some 735km². The Company acquired the project for USD2.5m in 2016 and is undertaking exploration both at the existing mine and across the region to demonstrate the potential for significant economic mineralisation. The Ikkari deposit and five other discoveries are located in a structural corridor that lies between the Kittilä Group allochthon to the north and the younger Kumpu Group basin to the south. The mineralised area is dominated by large E-W to ENE trending faults which have controlled broad to isoclinal folding within the sediment-dominated (Savukoski Group) rock package. A complex network of cross cutting structures has focused multi-stage fluid flow, with gold mineralisation associated with massive to fine-grained disseminated sulphides and concentrated at favourable structural intersections.

Review by Qualified Person, Quality Control and Reports

Dr Charlotte Seabrook, MAIG, RPGeo., Exploration Manager of Rupert, 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 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 multi-element assays, Ultra Trace Level Method by HF-HNO3-HClO4 acid digestion, HCl leach and a combination of ICP-MS and ICP-AES are 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 laboratory.

Base of till samples are prepared in ALS Sodankylä by dry-sieving method prep-41 and assayed for gold by fire assay with ICP-AES finish. 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 Resources

Rupert Resources is a gold exploration and development company listed on the TSX Venture Exchange under the symbol “RUP.” The Company is focused on making and advancing discoveries of scale and quality with high margin and low environmental impact potential. The Company’s principal focus is Ikkari, a new high quality gold discovery in Northern Finland. Ikkari is part of the Company’s “Rupert Lapland Project,” which also includes the Pahtavaara gold mine, mill, and exploration permits and concessions located in the Central Lapland Greenstone Belt of Northern Finland (“Pahtavaara”). 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 and 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 28, 2022 available here. 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.

¹ National Instrument 43-101 inferred mineral resource estimate (“MRE”) for Ikkari of 49 million tonnes (“Mt”) at 2.5 grams per tonne gold (“g/t Au”), for 3.95 million ounces (“oz”) in total (see the technical report entitled “NI 43-101 Technical Report: Ikkari Project, Finland” with an effective date of September 13, 2021 prepared by Brian Wolfe, Principal Consultant, International Resource Solutions Pty Ltd., an independent qualified person under NI 43-101: the “Ikkari Technical Report”).

The MRE has been estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines”. It was calculated using the multiple indicator kriging method (MIK) and is classified as an inferred mineral resource as defined by the CIM. Numbers are affected by rounding. The MRE was reported using cut-offs of 0.6g/t Au for mineralisation potentially mineable by open pit methods and 1.2g/t Au for that portion that is potentially extractable by underground methods. The cut-offs were based on a gold price of US$1430/oz Au, with a 92% overall recovery and costs derived from benchmarks and first principles (see: the Ikkari Technical Report). Mineral Resources do not include Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources will be converted to Mineral Reserves.

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

Table 2. New Intercepts from regional exploration campaign

No upper cut-off grade and a 0.4g/t Au and 0.1% Cu lower cut-off applied. Italic intervals indicate only copper 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. NSI – No significant intercept. * intercept reported includes core loss, which is represented by zero g/t Au or Cu%

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