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Rupert Resources Reports Further Drilling Results From Ikkari and Provides Update on Other Activities
TORONTO / Mar 21, 2023 / Business Wire / Rupert Resources (“Rupert” or “The Company”) is pleased to report drilling from its 2022-23 exploration program at its
About this update from Rupert Resources Ltd.
[{"type":"text","content":"TORONTO / Mar 21, 2023 / Business Wire / Rupert Resources (“Rupert” or “The Company”) is pleased to report drilling from its 2022-23 exploration program at its multi-million ounce Ikkari gold discovery at the 100% owned Rupert Lapland Project in Northern Finland and provides further project updates. In November 2022, the company published a preliminary economic assessment (“PEA”) for the project demonstrates the potential for a 24-year life of mine (LoM) at an average annual production of 200,000 troy ounce (“oz”) gold. After-Tax Net Present Value (“NPV”) (5% discount) of $1.6 billion with unlevered Internal Rate of Return (“IRR”) of 46% and payback after two years, assuming a gold price of $1,650 per oz. An expected lowest quartile all-in sustaining cost (“AISC”) of $759/oz is outlined over LOM, and $596/oz during the open-pit operation. Low sensitivity to cut-off grade and low initial strip ratio is also detailed. (see November 28, 2022 press release and footnotes 1&2). Highlights from infill drilling results (figure 1) aimed at further upgrading areas of inferred resources at Ikkari include: #122190 – 52.6m of 2.3g/t from 515m in the east adding confidence to the inferred resources at this depth #122206 – 25.3m of 3.2g/t Au from 291m and 141m of 3.6g/t Au from 322m (figure 2a) in the central portion of the deposit. The intercept extends to 100m below the open pit considered by the PEA, confirming the continuity of high-grade mineralisation. #122214 – 15.4m of 5.4g/t Au from 341m, 35m of 1.9g/t Au from 370m and 15m of 3.3g/t Au from 448m also in the centre of the deposit #122221 – 27m of 2.9g/t Au from 452m in the west of the deposit #123001 – 27m of 3.7g/t Au from 128m and 22m of 2.3g/t Au from 234m in the east of the deposit Significant results to date, outside of the current block model include: #123003 – 6m of 74.1g/t from 361m including 1m of 445g/t, suggesting high-grade mineralisation potential in the west #122269 – 14m of 1.5g/t from 816m, including 1m at 11.2g/t (figure 2b), 230m below the deepest intercept on this section and a 160m step-out west from the closest hole at a similar depth (#121036: 44m of 1.0g/t from 797m including 12m of 2.4g/t from 823m, see press release dated September 13, 2021) James Withall, CEO of Rupert Resources commented, “We are now at the mid-point of the 2022/23 drilling campaign with ...