Rupert Resources Reports Drilling Results From Ikkari and Hein?? South

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, is pleased to announce significant new drilling from its Ikkari and Heinä South Discoveries.

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Figure 1. Location of Area 1 discoveries (new drill results in bold) (Graphic: Business Wire)

Highlights

Infill drilling further continues to define high-grade gold sections within the footprint of September 2021’s maiden resource estimate:

• #121169 returned 110m of 5.1g/t Au from 185m (140m vertical)
• #121164 returned 20m of 4.5g/t Au, from 309m (257m vertical) and 37m of 3.4g/t Au from 343m and a high-grade interval of 5m of 21.3g/t Au from 402m (300m vertical)
• #122015 returned 154m of 3.1g/t Au, from 100m (75m vertical)

Further results of the western part of the deposit also add broad zones of mineralisation:

• #121171 returned 163.3m of 3.6g/t Au from 18.7m (base of till surface contact)
• #122066 returned 175m of 2.1g/t Au, from 74m and 36m of 2.6g/t Au from 331m
• #122008 returned 84.6m of 1.4g/t Au from 38.4m, and 0.6m of 465.3g/t Au at surface (under till cover)

New drilling at Heinä South, 1km northwest of Ikkari, has yielded further bonanza gold veins (quartz-carbonate) with intercepts including:

• #122043 returned 1m of 378g/t Au from 190m
• #122038 returned 7m of 2.4g/t Au from 99m and 1m of 213g/t Au from 213m

Ikkari has a National Instrument 43-101 inferred mineral resource estimate of 49 million tonnes (“Mt”) at 2.5 grams per tonne gold (“g/t Au”) for 3.95 million ounces (see Sept. 13, 2021 press release) ¹. Approximately 80,000 metres (“m”) of drilling is planned for 2022; 60% focused on upgrading and expanding the Ikkari resource estimate, with the remainder allocated to regional exploration.

James Withall, CEO of Rupert Resources commented, “We have now infilled the upper 300m of the Ikkari deposit which has confirmed exceptional continuity and grade to surface. Further results from Heinä South indicate that a significant scale mineralising system exists in the broader Area 1 exploration target where the average drill depth remains only 250m vertical with 79% of all holes yielding results in excess of our 0.6g/t Au cut-off grade. The team will be following up existing, and testing a number of new targets in the months ahead.”

New Ikkari drill results

Results from a further 18 primarily infill holes (figures 1 and 2) continue to define high-grade mineralised zones within the Ikkari orebody.

Further high-grade results include, in the central section, #121169 which returned 110m of 5.1g/t Au from 185m (140m vertical), and includes multiple >10g/t Au assays such as 5m of 11.9g/t Au and 6m of 16.6g/t Au. On the adjacent section, hole 121164 intersected three mineralised zones (20m of 4.5g/t Au, from 309m (257m vertical) and 37m of 3.4g/t Au from 343m and a high-grade interval of 5m of 21.3g/t Au from 402m) which extend to depth in the central part of the deposit. The highest grade intercept in this hole is at 335m vertical depth, with mineralisation extending to over 450m vertical depth. Towards the west, hole 122015 returned 154m of 3.1g/t Au, from 100m (75m vertical) infilling near-surface parts of the deposit.

Each of these holes further define high-grade mineralisation in the main part of the deposit and demonstrate the effectiveness of infill drilling for improving resource confidence and the potential for growing the resource with this increased geological understanding.

In the western part of the deposit, broad mineralised intercepts have continued to be defined from surface in holes 121171 (163.3m of 3.6g/t Au from 18.7m) and hole 121166, which follows this mineralised zone deeper with 175m of 2.1g/t Au, from 74m (60m vertical) and 36m of 2.6g/t Au from 331m. Eighty meters further west from this section, hole 122008 returned 84.6m of 1.4g/t Au from 38.4m, and 0.6m of 465.3g/t Au from surface.

Elsewhere in the deposit, #121167 returned 25m of 4.4g/t Au from the eastern part. Holes 122001 and 122002 were drilled as hydrogeological test holes and were not located for targeted infill drilling.

Ikkari – Top 10 drill highlights since 2021 Mineral Resource Estimate

We are refining our geological interpretation of the deposit in readiness for the deeper extension holes we plan to drill later in Q1, as we consolidate and build resources to include in our preliminary economic assessment that we plan to deliver in Q3 2022.

New Heinä South drill results

Further drilling along a 1km long mineralised trend has confirmed pyrite-hosted gold mineralisation focused at lithological contacts (sediments and mafic intrusives) that bound an extensive fault zone, characterised by extensive quartz-carbonate breccias. Zones of intense sulphidisation contain better grades, such as #122040 – 8m of 1.2g/t Au and 2m of 6.2g/t Au and 12m of 1.9g/t Au. Also in the mineralised trend are very high-grade quartz-carbonate veins that contain visible gold up to 1m of 378g/t Au (#122043, figure 5).

Figures & Tables

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

• Figure 1. Location of discoveries at Area 1
• Figure 2. Long section showing new Ikkari drill intercepts
• Figure 3. Plan view showing location of new drilling at Ikkari
• Figure 4. Cross section showing location of #121166 and #121171
• Figure 5. Plan view showing location of new drilling from Heinä South
• Table 1. Collar locations of new drill holes
• Table 2. New Intercepts from Ikkari
• Table 3. New intercepts from Heinä South

Geological interpretation of Ikkari

Ikkari was 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.

Geological interpretation of Heinä South

Mineralisation at the Heinä South prospect is covered with up to 10m of transported glacial till with restricted access in winter due to low lying wet ground conditions. Gold mineralisation is associated with multi-phase pyrite within quartz-pyrite and massive pyrite veins and lenses, as part of a stockwork of quartz-carbonate veins. Zones of massive pyrite contain the highest grades (up to 10 – 40g/t Au) with disseminated sulphide zone containing anomalous (<0.5g/t) gold. Early quartz-carbonate veins are overprinted by extensional veins that include coarse-grained pyrite and form sub-parallel trends, broadly related to lithological contacts between sediments and mafic-intermediate intrusives, although mineralisation also occurs within both lithologies.

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 holds the permitted 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, 2021 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.

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.

APPENDIX

Table 1. Collar locations of new drill holes

Table 2. New Intercepts from Ikkari

Table 3. New Intercepts from Heinä South

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