Rupert Resources Reports Higher Gold Grades From Infill Drilling at Ikkari

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 that infill drilling at Ikkari is returning higher gold grades and exploration drilling has extended mineralisation at the Company’s largely untested Heinä Central target.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220118005670/en/

Figure 1. Discoveries and base of till anomalies at the Rupert Lapland Project including Heinä Central and Ikkari (Graphic: Business Wire)

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.

HIGHLIGHTS

Ikkari

Infill drilling has returned significant intervals of gold mineralization, in places, at higher grades than estimated in the reported resource estimate (Sept 2021). Drilling (tables 1 and 2b) also confirms high-grade continuity of the central mineralised zone, including:

• #121158 returning 9.4 g/t Au over 13m from 166m and 4.5 g/t Au over 97m from 220m and
• #121125 returning 3.8 g/t Au over 102m from 310m (240m vertical), including 6.9 g/t Au over 42m

Infill drilling from the east of Ikkari has identified higher grades than previously intersected in a mineralised zone with vertical continuity:

• #121154 – 12.6 g/t Au over 8m from 105m (117m vertical)
• #121134 – 4.2 g/t Au over 24m from 225m (175m vertical)
• #121145 – 3.8 g/t Au over 15m from 324m (254m vertical)
• #121148 – 5.5 g/t Au over 17m from 379m (297m vertical)

Heinä Central

Recent drilling from the regional program has been focused on the Heinä Central discovery, located 1 kilometre (“km”) north of Ikkari, as part of an ongoing definition drilling program (see Nov. 29, 2021, press release). Previous limited drilling at Heinä Central intersected not only broad intervals of gold mineralization, but also copper. New high-grade gold and copper results from Heinä Central support plunge potential to depth evidenced by:

• #121131 – 4.5 g/t Au and 2.1% Cu over 14.7m from 131m (109m vertical) and 2.9 g/t Au and 0.6% Cu over 10m from 153m (128m vertical)
• #121133 – 3.0 g/t Au and 0.7% Cu over 15m from 239m (208m vertical)

James Withall, CEO of Rupert Resources commented “The results reported today show there is not only value to be unlocked at Ikkari through resource growth, but strengthening the grade of what is already a high-quality asset. We are consistently drilling higher grades at Ikkari than the September 2021 resource estimate. We are also encouraged by new drilling from Heinä Central which has extended plunge of the target with drilling still at comparatively shallow depths. We are on an aggressive growth track: we now have six rigs turning at Ikkari and other targets with a plan to drill almost three times the number of metres in the key winter season than was achieved in the equivalent period last year. “

Ikkari and Heinä Central are two of six discoveries identified and drilled to date that are located on a 5km long highly prospective section of a 20km regional domain-bounding structure, located within the 735km² Rupert Lapland Project (figure 1). The six discoveries were made within one year (Q2 2019 to Q2 2020).

Ikkari – new drill results

Results from a further 17 primarily infill holes (figure 2) continue to highlight the exceptional mineralised continuity of the Ikkari orebody with several incidences of grades in excess of those modelled in the September 2021 mineral resource estimate. Further high-grade results include, in the central section, #121125 which returned 3.8g/t Au over 102m from 310m (240m vertical), including 6.9g/t Au over 42m and #121158 which returned 9.4g/t Au over 13m from 166m and 4.5g/t Au over 97m from 220m. In the eastern section, four new intersections indicated improved grade over a 300m vertical depth (figure 3) than estimated in the September 2021 resource block model.

Drilling has now recommenced from the north of Ikkari which will allow deeper step-out drilling of the western and central sections of the deposit.

Heinä Central – new drill results

Further drilling from the Heinä Central discovery (figure 4), located 1km north of Ikkari (figure 1), have further defined a plunging fold axis that contains significant grade and continuity of gold as well as copper, and remains open to depth (figure 5). Geological modelling of the fold indicates further exploration potential of as yet un-tested fold limbs and potential new hinge zones.

Deeper intercepts of the plunge zone in holes #121131, returning 4.5g/t Au and 2.1% Cu over 14.7m from 131m (110m vertical) and 2.9g/t Au and 0.6% Cu over 10m from 153m (128m vertical) (figure 5) and on the adjacent section (40m away) #121133 intersected 3.0g/t Au and 0.7% Cu over 15m from 239m (208m vertical) indicating that the mineralised zone extends to depth.

Further high-grade gold potential is demonstrated in recent results with 32.9g/t Au over 5m from 78m in hole #121141, including 101g/t Au over 1m (copper results pending), tracking the fold zone towards surface.

Drill testing of the depth extent is planned for Q1 2022.

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.

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.

For further information, please contact:

Rupert Resources Ltd
82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1
Tel: +1 416-304-9004
Web: http://rupertresources.com/

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.

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

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. * Holes 121135 and 121151 collapsed and did not reach target depth

Table 2b. New Intercepts from Heinä Central

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. No significant intercepts reported in hole 121137.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220118005670/en/