Rupert Resources Reports New Drilling From Ikkari and Heina South Extending Known Limits

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 new drilling from its Ikkari and Heinä South discoveries (figures 1 and 2).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220511005495/en/

Figure 1. Location of Area 1 discoveries (Photo: 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. Over 44,000 metres (“m”) of drilling has now been completed at Ikkari since the maiden resource statement in September 2021 (location of new holes see figure 3), focused on upgrading and expanding the Ikkari resource estimate. Elsewhere, regional exploration continues with around 25,000m drilled on targets excluding Ikkari since September 2021.

Highlights

New drilling at Ikkari extends to the west a previously identified zone of mineralisation at depth (figure 4a):

• #122031 returned
  • 31m of 1.1g/t Au from 173m
  • 16m of 2.2g/t Au from 271m
  • 13m of 5.8g/t Au from 431m, including 1m of 51.7g/t Au
  • 30m of 2.8g/t Au from 471m (378m vertical)

In central Ikkari, further high-grade results were received, and mineralisation was intersected at depth beyond the limits of previous drilling (figure 4b):

• #121071 returned
  • 33m of 6.5g/t Au from 299m
  • and 16m of 3.0g/t Au from 445m (413m vertical)

Infill drilling in the west of the Ikkari deposit continues to confirm broad gold intercepts from surface (beneath till), as well as at depth at the margin of September 2021’s maiden resource estimate):

• #122066 returned 72m of 2.2g/t Au from 10.4m (9m vertical, sub-crop under till cover)
• #122058 returned 53m of 2.2g/t Au, from 10m (9m vertical)
• #122053 returned 41m of 2.5g/t Au, from 207m (152m vertical) and 19m of 2.7g/t Au, from 493m (377m vertical)
• #122025 returned 61m of 1.7g/t Au, from 98m (73m vertical) and 20m of 3.6g/t Au, from 321m (241m vertical)

Drilling at Heinä South, 300m south of the main Heinä South trend and 800m northwest of Ikkari (figure 5), has intersected the following new mineralisation:

• #122072 returned 2m of 4.9 g/t Au from 131m, 15m of 1.1 g/t Au from 142m and 3m of 2.5 g/t Au from 204m

James Withall, CEO of Rupert Resources commented “The new drilling at Ikkari continues to expand the mineralised envelope with the infill drilling undertaken this winter season essential to improving resource confidence and maintaining the permitting timeline for the project.  We continue to increase our understanding of the broader mineralising system through drilling and a recently completed geophysical survey. This will inform our next round of step out drilling at Ikkari and our exploration programmes to make further discoveries of scale in the region.  Ikkari remains the cornerstone discovery in a potential new mining camp in a tier one jurisdiction.”

New Ikkari drill results

Results from a further 18 holes (figures 1 and 2) continue to define broad mineralised zones, from surface, within the Ikkari orebody. A further 26 holes for over 8,000m remain pending. New results are mostly from the west of the deposit and demonstrate consistently mineralised intercepts at shallow depths e.g. #122066 returned 72m of 2.2g/t Au from 10.4m (9m vertical, sub-crop under till cover) as well as identifying deeper zones of mineralisation e.g. 47m of 1.9g/t Au from 168m, suggesting continuity to depth. Similarly, hole #122031 returned 30m of 2.8g/t Au from 471m (378m vertical).

Hole 122071, in the central part of the deposit confirms the main high-grade zone (33m of 6.5g/t Au from 299m) and further extends mineralisation to depth in the south (16m of 3.0g/t Au from 445m, 413m vertical and 6m of 2.0g/t Au from 503m, 465m vertical). These results extend the mineralised zone by up to 80m depth on this section.

New Heinä South drill results

At Heinä South, infill drilling along the 1km long mineralised trend further confirms mineralisation, with results from #122050 of 7m of 4.5g/t Au from 153m, #122063 of 4m of 4.0g/t Au from 112m and 3m of 2.1g/t Au from 205m, and hole #122054 with results of 5m of 2.7g/t Au from 109m.

A further 300m to the south of the Heinä South trend, initial results from a second, similarly-mineralised zone, parallel to the trend, indicate multiple mineralised zones. #122072 returned 2m at 4.9 g/t Au from 131m, 15m at 1.1 g/t Au from 142m and 3m at 2.5 g/t Au from 204m (figure 5). Results from several additional holes in this area are still pending.

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 4a. Cross section showing location of drill holes 122042, 122031 and 122025
• Figure 4b. Cross section showing location of drill hole 122071
• 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

Notes to table: The coordinates are in ETRS89 Z35 and all holes are surveyed at 3m intervals downhole and all core is orientated. * Hydrogeological test hole. ** Hole collapsed and did not reach target depth

Table 2. New Intercepts from Ikkari

No upper cut-off grade and a 0.6g/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. NSI – No significant intercept * Intercept includes 25m of core loss due to intensely weathered rock, core loss recorded as zero g/t Au. ** Geotechnical samples removed, core not assayed and recorded as zero g/t Au.

Table 3. New Intercepts from Heinä South

No upper cut-off grade and a 0.6g/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. NSI – No significant intercept

View source version on businesswire.com: https://www.businesswire.com/news/home/20220511005495/en/