Business
Rupert Resources Reports Results for Third Quarter 2019
TORONTO--(BUSINESS WIRE)--Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has today published unaudited financial results for the three and n
About this update from Rupert Resources Ltd.
[{"type":"text","content":"TORONTO--(BUSINESS WIRE)--Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has today published unaudited financial results for the three and nine months ending November 30, 2019 together with Management’s Discussion and Analysis for the same period. Both of the above will be published on the Company’s website www.rupertresources.com and will also be available on SEDAR at www.sedar.com. Operating highlights at the Company’s projects in Finland for the period are provided below. During the nine months ended November 30, 2019, the Company spent $6,017,803 (nine months ended November 30, 2018: $4,937,215) on exploration and evaluation assets. As at November 30, 2019, the Company had cash and cash equivalents of $5,075,754. James Withall, Chief Executive of Rupert Resources commented: \"Rupert intensified its activities over the quarter with the commencement of a 7,000m drilling program at the Pahtavaara mine in October immediately yielding spectacular results in the Harpoon and NFE zones, confirming the effectiveness of the new geological model for the mine. The first results from the 15,000m regional program were also reported over the quarter with the Heina Central gold and copper discovery now shown to strike over 350m, with mineralised widths of between 10m and 75m. We are now approximately 50% through the planned regional and mine drilling campaigns.” Operating Highlights The Company continues to progress two parallel work programs to demonstrate the potential of the Pahtavaara project: 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 297km2 contiguous land package around the Pahtvaara mill. In Q3 2019, two drill programs were commenced: (1) a circa 7,000m drilling campaign outside of the current known resource at the Pahtavaara mine, in areas of limited historic drilling and in close proximity to the existing open pits and; (2) a 15,000m program focussing on new regional targets identified by an updated geological model derived from historical data combined with new geophysics and extensive base of till sampling. Pahtavaara Mine Drilling at the mine recommenced in October 2019 with the initiation of a circa 7,000m program predominantly targeting areas adja...