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Rupert Resources Files NI 43-101 Preliminary Economic Assessment Report for Ikkari and Provides Outlook For 2023
TORONTO / Jan 11, 2023 / Business Wire / Rupert Resources Ltd (“Rupert” or the “Company”) is pleased to provide a 2023 outlook and recap on key 2022 highlights
About this update from Rupert Resources Ltd.
[{"type":"text","content":"TORONTO / Jan 11, 2023 / Business Wire / Rupert Resources Ltd (“Rupert” or the “Company”) is pleased to provide a 2023 outlook and recap on key 2022 highlights for the Company’s 100% owned Rupert Lapland Project, (“the Project”) including our flagship Ikkari gold discovery and Pahtavaara mine and mill located in Northern Finland. James Withall, Chief Executive of Rupert Resources said “We ended 2022 with several notable milestones including the announcement of PEA results for Ikkari, completion of a baseline sustainability report and graduation to the Toronto Stock Exchange. Exploration remains the key focus for us in the first quarter of 2023 remembering that the $1.6 billion Ikkari Project is still only three years out from its discovery drill hole.” Building on a compelling PEA for Ikkari The independent Preliminary Economic Assessment technical report (“PEA”) for Ikkari is now available on Rupert Resources’s website here and has been filed on SEDAR. The PEA demonstrates an After-Tax Net Present Value (“NPV”) (5% discount) of $1.6 billion, an unlevered Internal Rate of Return (“IRR”) of 46% and payback after only two years, assuming a gold price of $1,650 per troy ounce (“oz”). A long project life in excess of 20 years is envisaged by the study recovering 4.25 million ounces and with expected lowest quartile all-in sustaining cost (“AISC”) of $759/oz over LOM, and $596/oz during the Ikkari open-pit operation. (November 28, 2022 press release) Numerous technical programs have commenced across multiple disciplines towards completion of a pre-feasibility study (“PFS”) within 12 to 18 months. Near-term resource additions The 2022/2023 drill program, that began August 2022, is planned to include 72,800m of drilling. Around 30,000m will be allocated to Ikkari infill and project drilling. This past year, Rupert continued to intersect broad intervals of consistent high-grade gold mineralisation, including Hole #121160 that returned a record 103 metres (m) of 8 grams per tonne gold (g/t Au) from 155m in the central section of the resource, as well as a nearer surface interval of 2.5g/t Au over 80m from 48m. (February 1, 2022 press release). Rupert is particularly focused on near-term resource additions over the upcoming winter drilling season to ensure these can be included in future economic and environmental assessments and the even...