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Rupert Resources Reports Results for First Quarter 2018
TORONTO, July 27, 2018 (GLOBE NEWSWIRE) -- Rupert Resources Ltd (“Rupert” or the “Company”) (TSX-V:RUP) (FSE:R05) announces its results for the first quarter en
About this update from Rupert Resources Ltd.
[{"type":"text","content":" TORONTO, July 27, 2018 (GLOBE NEWSWIRE) -- Rupert Resources Ltd (“Rupert” or the “Company”) (TSX-V:RUP) (FSE:R05) announces its results for the first quarter ending May 31, 2018 and provides an update on exploration and development at its permitted Pahtavaara gold project in the Central Lapland Greenstone Belt (\"CLGB\") of Northern Finland. During the three months ended May 31, 2018, the Company spent $896,010 (three months ended May 31, 2017 - $2,651,254) on exploration activities at Pahtavaara. As at May 31, 2018, the Company had cash and cash equivalents of $6,176,736. James Withall, Chief Executive of Rupert Resources, said, \"Rupert continues to advance its properties in Finland both at its Pahtavaara Project in Northern Finland as well as at Hirsikangas in Central Finland. Notable events in Q1 2018 were the completion of a CAD4.9M private placement, a 43-101 compliant base line resource for Pahtavaara and the acquisition of two advanced exploration properties in Central Finland. We are well advanced with the summer fieldwork as well as with the programs to assay unsampled core and sampling of underground development.” Discussion of Operations Pahtavaara, Northern Finland Geology and Exploration The geology program at Pahtavaara is comprised of two main work streams. Firstly, the definition of new resources in close proximity to underground mine infrastructure and at surface within 1km of the Pahtavaara mill. Secondly, evaluation of the resource potential on the wider claims held by Rupert in the region Pahtavaara project. On March 1st 2018 the Company provided an exploration update, highlighting the significant advances in the understanding of the structural controls, chronology of alteration, veining and gold mineralisation of the Pahtavaara gold deposit. This understanding contributed to the development of a new geological model that was used to inform resource modelling. New NI 43-101 compliant mineral resource estimate for Pahtavaara On April 16th 2018 the Company announced a Mineral Resource Estimate for Pahtavaara, prepared in accordance with NI 43-101 and comprising 4.64 million tonnes in the Inferred Category, grading 3.2 g/t Au for 474,000 oz Au at a cut off of 1.5 g/t Au. During the period, exploration activities at the Pahtavaara mine to validate the geological model and potentially expand the ...