Rupert Resources Ltd (“Rupert” or the “Company”)
announces that it has published its audited financial results for
the twelve months ending February 28, 2023 and accompanying
Management’s 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 12 months ending February 28, 2023, the Company spent
$29,078,639 (twelve months ended February 28, 2022 - $23,798,498)
on general exploration costs and purchase of property, plant and
equipment. As of February 28, 2023, Rupert held cash or cash
equivalents of $70,499,292. The Company recorded a net loss and
comprehensive loss for the year of $(10,673,487) (12 months ended
February 28, 2022 - $(12,096,620)) and a net loss per share of
$(0.07) (12 months ended February 28, 2022 - $(0.05)).
All references to currency in this press release are in Canadian
dollars. James Withall, Chief Executive Officer of Rupert Resources
said, “We exited the year with C$70 million dollars in the treasury
and are well set to execute our work programmes including advancing
with the prefeasibility study for Ikkari as well as permitting
matters and continuing with our exploration programs to delineate
further resources and discoveries of scale at our core Rupert
Lapland Project.”
Operating Highlights
During the 2022/23 financial year 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.
Rupert Lapland Project Area
Regional Exploration Program, including Ikkari
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 Central Lapland
Greenstone Belt.
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 through base of till (“BoT”) sampling,
which continues across the Rupert Lapland Project Area and
specifically over geophysical anomalies of interest.
Ikkari Preliminary Economic Assessment and Related Studies
Following publication in September 2021 of a maiden Mineral
Resource Estimate (“MRE”) for Ikkari, and further to
on-going regional diamond and BoT drilling and sampling programs,
the Company initiated the NI 43-101 compliant Ikkari Preliminary
Economic Assessment¹² (“Ikkari PEA”), including an updated
mineral resource Estimate, the principal results of which were
announced by the Company in November 2022, with the relevant NI
43-101-compliant technical report filed on Sedar in January
2023.
The Ikkari PEA served inter alia to better define the optimum
parameters that will be used in a Pre-feasibility Study
(“Ikkari PFS”) that is being initiated as at the date
of this document.
Near-term resource additions
A 2022/23 drill program comprising some 68,000 metres
(“m”) of drilling, with circa 30,000m allocated to Ikkari
infill drilling. Near-term resource addition is a point of
particular focus for the Company in order to ensure inclusion in
future economic and environmental assessments and the eventual
permitting of Ikkari.
Continuing exploration
On-going exploration is a further key focus, with the
mineralised limits of the Ikkari deposit untested and the broader
mineralising system that hosts surrounding discoveries only tested
at shallow depths. There are six known targets to be tested and new
target generation continues on other properties within the Rupert
Lapland Project Area through Base of Till sampling, geophysical
programs and eventual scout diamond drilling.
Advancing permitting and environmental work
Permitting, specifically the progression of the Environmental
Impact Assessment (“EIA”) Program works and Land Use
Planning is also a key focus of the Company. The EIA Program was
presented to the respective authorities on November 30, 2022 and
formally started the environmental permitting process, with the aim
of securing an environmental permit and thereafter a mining licence
for Ikkari in addition to those already held at Pahtavaara. The
Company filed an EIA Program with authorities during the second
calendar quarter of 2023 and plans to file EIA documents by the
summer of 2024. The Ikkari pre-feasibility study (“PFS”)
will draw from this process as appropriate.
Pahtavaara Mine
The Ikkari PEA has identified the opportunity to develop
Pahtavaara later in the life of the Ikkari operation as a satellite
mine to a new central processing facility at Ikkari. This would
allow Pahtavaara to benefit from cost synergies and shared
infrastructure (see “Description of Business”). In the meantime,
the Company is placing Pahtavaara under long term care and
maintenance, while maintaining the relevant operational
permits.
Heinä Central
The MRE disclosed in the Ikkari PEA included a maiden MRE for
the Heinä Central deposit, located approximately 1km to the north
of the Ikkari deposit. This deposit was not included in the mineral
inventory for the economic analysis of the PEA and will require
further diamond drilling to convert inferred resources to the
indicated resource category prior to inclusion in the Ikkari
PFS.
About Rupert Resources
Rupert Resources is a gold exploration and development company
listed on the TSX Exchange under the symbol “RUP.” The Company is
focused on making and advancing discoveries of scale and quality
with high margin and low environmental impact potential. The
Company’s principal focus is Ikkari, a new high quality gold
discovery in Northern Finland. Ikkari is part of the Company’s
“Rupert Lapland Project,” which also includes the Pahtavaara gold
mine, mill, and exploration permits (“Pahtavaara”). The Company
also holds a 20% carried participating interest in the Gold Centre
property located adjacent to the Red Lake mine in Ontario.
Neither the TSX Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
1Cautionary Note Regarding Forward Looking Statements
This press release contains statements which, other than
statements of historical fact constitute “forward-looking
statements” within the meaning of applicable securities laws,
including statements with respect to: results of exploration
activities and mineral resources. The words “may”, “would”,
“could”, “will”, “intend”, “plan”, “anticipate”, “believe”,
“Estimate”, “expect” and similar expressions, as they relate to the
Company, are intended to identify such forward-looking statements.
Investors are cautioned that forward-looking statements are based
on the opinions, assumptions and Estimates of management considered
reasonable at the date the statements are made, and are inherently
subject to a variety of risks and uncertainties and other known and
unknown factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include the general risks of the mining industry, as
well as those risk factors discussed or referred to in the
Company's annual Management's Discussion and Analysis for the year
ended February 28, 2023, available on the Company’s website
www.rupertresources.com and on SEDAR www.sedar.com. Should one or
more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, Estimated or
expected. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
information, there may be other factors that cause actions, events
or results not to be as anticipated, Estimated or intended. There
can be no assurance that such information will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company does not
intend, and does not assume any obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise.
2November 2022 Preliminary Economic Assessment and resource
Estimate for the Ikkari and Pahtavaara Projects.
The Mineral Resource Estimate included in the Preliminary
Economic Assessment (“Study” or “PEA”) is reported according to the
clarification criteria set out in the Canadian Institute of Mining,
Metallurgy, and Petroleum Definition Standards for Mineral
Resources and Reserves (“CIM Definition Standards”). These
standards are internationally recognized and allow the reader to
compare the Mineral Resource with that reported for similar
project.
The results of the PEA are set forth in an independent technical
report prepared in accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects (“NI 43-101”) and
filed on SEDAR under the Company’s profile.
Readers are cautioned that the PEA is preliminary in nature and
is intended to provide an initial assessment of the project’s
economic potential and development options. The PEA mine schedule
and economic assessment includes numerous assumptions and is based
on both Indicated and Inferred Mineral Resources. Inferred
Resources are considered too speculative geologically to have the
economic considerations applied to them that would enable them to
be categorized as mineral reserves, and there is no certainty that
the PEA results will be realized. Mineral Resources are not Mineral
Reserves and do not have demonstrated economic viability.
Additional exploration will be required to potentially upgrade the
classification of the Inferred Mineral Resources to be considered
in future advanced studies.
The Mineral Resource Estimate for the Project is reported in
accordance with National Instrument 43-101 (“NI 43-101”) and has
been Estimated using the Canadian Institute of Mining, Metallurgy
and Petroleum (“CIM”) “Estimation of Mineral Resources and Mineral
Reserves Best Practice Guidelines”. The independent and qualified
person for the Mineral Resource Estimates as defined by NI43-101 is
Brian Wolfe, Principal Consultant, International Resource Solutions
Pty Ltd. These are mineral resources not mineral reserves as they
do not have demonstrated economic viability. Results are presented
in situ. Ounce (troy) = metric tonnes x grade / 31.103475.
Calculations used metric units (meters, tonnes, g/t). Any
discrepancies in the totals are due to rounding effects.
The effective date of the 2022 Mineral Resource Estimate for
Ikkari is 28 November 2022. The Mineral Resource Estimate at Ikkari
is calculated using the multiple indicator kriging (MIK) method and
is reported both within a designed open pit and as a potential
underground operation outside that. The Mineral Resource Estimate
at Ikkari is reported using a cutoff grade of 0.5g/t Au for
mineralisation potentially mineable by open pit methods and 1.0g/t
Au for mineralisation potentially extractable by underground
methods. The potential open pit mine and cut off-grade is
calculated using a gold price at $1650 per ounce, 5% mining
dilution, 95% Au recovery. Open pit mining costs at $2.5/t, process
costs at $11.3/t, other costs (including co-disposal, water and
closure) at $4.0/t and G&A, including royalties and refining at
$3.2/t. The calculated cutoff grade is rounded up to 0.5g/t for
reporting. The underground cutoff grade is calculated at
underground mining cost $21.8/t and underground mining dilution at
8% based on sub level caving. The calculated underground cutoff
grade is rounded up to 1.0g/t as the resource is not constrained
within mineable shapes.
The effective date of the 2022 Mineral Resource Estimate for
Pahtavaara is 28 November 2022 and the is calculated using the
multiple indicator kriging (MIK) method. The Mineral Resource
Estimate is reported both within a designed open pit and as a
potential underground operation outside that. The Mineral Resource
Estimate at Pahtavaara is reported using a cutoff grade of 0.5g/t
Au for mineralisation potentially mineable by open pit methods and
1.5g/t Au for mineralisation potentially extractable by underground
methods. The potential open pit mine and cut off-grades are
calculated using a gold price at $1650 per ounce, 20% mining
dilution, 89% Au recovery, and a mining cost at $2.6/t. process
cost at $10.2/t (concentration at Pahtavaara and transport to
Ikkari), other costs (including TSF costs and closure) at $1/t and
G&A including royalties and refining at $3.1/t. The calculated
cutoff grade is rounded up to 0.5g/t for reporting. The underground
cutoff grade is calculated at an underground mining cost $49.6/t
and underground mining dilution at 10% based on long hole open
stoping. The calculated underground cutoff grade is rounded up to
1.5g/t for reporting.
The effective date of the 2022 Mineral Resource Estimate for
Heinä Central is 28 November 2022 and is calculated using the
ordinary kriging (OK) method. The Mineral Resource Estimate is
reported both within an optimised open pit and as a potential
underground operation outside that. The Mineral Resource Estimate
is reported at a 0.5g/t Au cutoff grade for mineralisation
potentially mineable by open pit methods and at 1.2g/t Au for
mineralisation potentially extractable by underground methods. The
potential open pit mine and cutoff grade are calculated using a
gold price at $1650/oz, 5% mining dilution, 78% Au recovery. Open
pit mining costs at $2.5/t, process costs at $10.01/t (concentrate
production at Heinä and transport to Ikkari), other costs
(including TSF and closure) at $3.20/t and G&A including
royalties and refining at $1.66/t. The calculated open pit cutoff
grade is rounded up to 0.5g/t for reporting. The underground cutoff
grade is calculated at underground mining cost $30/t and
underground mining dilution of 5%. The calculated underground cut
of grade is rounded up to $1.2g/t for reporting. The Heinä Central
deposit also contains potentially recoverable copper. At the 0.5g/t
Au cut-off grade for mineralisation potentially mineable by open
pit methods Heinä Central also contains 12,000 tonnes of in situ
copper. At the 1.2g/t Au cut-off grade for mineralisation
potentially mineable by underground methods, Heinä Central also
contains 1,800 tonnes of in situ copper. No economic value is
applied to the copper content when designing the optimised open pit
or calculating the potential cut-off grade at Heinä Central.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230529005068/en/
James Withall Chief Executive Officer
jwithall@rupertresources.com
Thomas Credland Head of Corporate Development
tcredland@rupertresources.com
Rupert Resources Ltd 82 Richmond Street East, Suite
203, Toronto, Ontario M5C 1P1 Tel: +1 416-304-9004
Web: http://rupertresources.com/
Rupert Resources (TSX:RUP)
Historical Stock Chart
Von Dez 2024 bis Jan 2025
Rupert Resources (TSX:RUP)
Historical Stock Chart
Von Jan 2024 bis Jan 2025
