Further Drilling From Ikkari Extending Mineralization

TORONTO - Rupert Resources Ltd reported new drill results from its Ikkari prospect, the focus of its ongoing exploration program at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland. The mineralized strike length at Ikkari is at least 650m in total with mineralization on all sections intersected to a depth of at least 300 to 500m.

Highlights: Hole 121063 demonstrated multiple zones of higher grade gold mineralization re-emerging at depth in the western section of Ikkari contained within a broad intercept of 1.9g/t gold over 142m; Hole 121028 intersected 3.1g/t gold (“Au”) over 76m from 248m as part of the infill program in the central portion of the discovery and a step back hole 121030 beneath this intersected two strongly mineralized zones of 3.7g/t gold over 77m from 245m and 2.8g/t Au over 65m from 346m; Hole 121029 is a shallow step out hole to the northwest and intersected 2.1g/t Au over 25m from 124m; Hole 121032 intersected mineralization both at surface and in multiple zones including 1.6g/t Au over 74m from 396m, with mineralization extending to >450m vertical meters; and Mineralized system at Ikkari remains open in all directions.

James Withall, CEO, said, “The infill holes reported today confirm the exceptional widths and continuity of grade at Ikkari with hole 121032 and 121063 indicating that the system remains open at depth with higher grade material re-emerging in the west below hitherto weaker mineralization reported in January 2021. As previously announced, we expect to report a maiden mineral resource estimate for Ikkari this summer although drilling continues with the aim of further expanding the resource inventory over time as we refine our geology model and commence work to understand the full economic potential of the Ikkari Discovery.”

Partial results from hole 121063 (assays pending from the upper and lower parts of the hole) demonstrate increasing grade with depth in this western part of the deposit. Shallower holes previously drilled on this section, suggested narrowing of the mineralized zone (hole 120100 - 2.4g/t Au over 22m from 265m (200m vertical) and 2.4g/t over 32m from 333m (255m vertical), but these results from 121063 indicate that the mineralized zone widens again at depth and includes high-grade intercepts: 2.1g/t Au over 19m, from 328m; 6.4g/t Au over 10m from 367m (including 57g/t Au over 1m), 7.9g/t Au over 14m from 412m (including 18g/t Au over 4m), and 1.0g/t Au over 43m from 514m. The vertical depth of the mineralized zone now extends to 445m on this section and remains open.

Further results from infill sections in the central part of Ikkari confirm continuity of grade to depths of ~350m vertical. Infill holes 121028 and 121030 reinforce mineralization to these depths, beneath previously reported holes 121024, 121025 and 121026. Similarly, hole 121032 extends mineralization to nearly 400m vertical on the adjacent section, with 1.6g/t Au over 74m from 396m including high-grade parts such as 8.4g/t Au over 6m and including 21.4g/t Au over 1m at 445m.

Hole 121029 further confirms mineralized intercepts in the west of the Ikkari deposit to a depth of 100m vertical, with further drilling planned in this area to extend mineralization further west and to depth. Hole 121033 was drilled to validate shallow grade in the centre part of Ikkari and successfully demonstrated a well-mineralized zone at only 40m below glacial till cover. Hole 121035 also tracked shallow mineralization in the eastern part of the deposit, with 1.0g/t Au over 18m at 50m below till cover sediments.

Mineralization at Ikkari is characterized by intense alteration and deformation. Gold is associated with fine-grained disseminated pyrite within planar quartz-carbonate veins and / or disseminated in the host rocks, commonly as fine-grained visible gold. Mineralization is hosted by sedimentary rocks overprinted by albite-sericite alteration, and strongly foliated chlorite-altered mafic-ultramafic rocks. A broader, variably mineralized alteration zone comprising magnetite ± hematite ± tourmaline ± K-feldspar ± fuchsite is also present. Holes demonstrate strong foliation, shearing, and veining that is predominantly parallel to the dominant structural fabric and gold appears to be concentrated in sedimentary intercalations associated with zones of structural disruption at lithological boundaries, represented by irregular, cross-cutting vein associations and brittle fracture in albite-altered rocks. The regional structural data collected so far suggest a subvertical, broad and linear structure, within which cross-cutting fractures and variably dipping lithologies, as well as possibly folded bedding, appear to have controlled the introduction of gold-bearing fluids and associated alteration zones. In general, alteration and structure appear to be sub-vertical, with lithologies generally dipping ~70 degrees north.