Business
Rupert Resources Reports Results for 3 Months Ending May 31, 2022
TORONTO / Jul 29, 2022 / Business Wire / Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its unaudited financial results for th
About this update from Rupert Resources Ltd.
[{"type":"text","content":"TORONTO / Jul 29, 2022 / Business Wire / Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its unaudited financial results for the three months ending May 31, 2022 and accompanying Managements Discussion and Analysis for the same period. Both of the above have been posted on the Company’s website www.rupertresources.com and on Sedar at www.sedar.com. Financial highlights During the 3 months ending May 31, 2022, the Company spent $8,716,489 (3 months ended May 31, 2021 – $5,947,360) on its exploration projects. As of May 31, 2022, Rupert held cash or cash equivalents of $45,755,018. The Company recorded a net loss and comprehensive loss for the quarter of $(5,144,977) (3 months ended May 31, 2021 – $(3,479,066)) and a net loss per share of $(0.01) (3 months ended May 31, 2021 – $(0.01)). Operating Highlights During quarter to end-May 2022 and up to the date of this document, Rupert’s operational activities have been primarily focussed on the Rupert Lapland Project Area and Ikkari in particular, located in the Central Lapland Greenstone Belt (“CLGB”) together with more limited exploration activity at Hirsikangas in Central Finland. Rupert Lapland Project Area, CLGB, Northern Finland The regional exploration program at the Rupert Lapland Project Area is designed to identify and evaluate the mineral potential contained in Rupert’s land package in the CLGB. Since July 2020 the Company has been engaged in a diamond drill program to further evaluate discoveries made within the Rupert Lapland Project Area, including Ikkari, as well as continuing to generate new targets. Excluding the Pahtavaara Mine, some 73,100m had been drilled during 2021/22, including 46,500m at Ikkari. A similar amount of diamond drilling is anticipated in 2022/23 – some sixty percent of drilling is budgeted for infill and extension drilling at Ikkari with the balance allocated to regional exploration. Base of till (“BoT”) sampling continues across the Rupert Lapland Project Area, specifically over geophysical anomalies of interest and programs will begin on recently granted permits in the coming months. Ikkari Preliminary Economic Assessment and Related Studies Following publication in September 2021 of the Ikkari Technical Report, and the on-going regional diamond and BoT drilling and sampling programs, a NI 43-101-compliant Prelimi...