PRECIOUS METALS

Rupert's share price bounces after Ikkari results

After a week of falls, shares in Canada's Rupert Resources rose on February 1 following an announcement of new assays from infill drilling at its highly regarded Ikkari gold deposit in Northern Finland. 

Nathan Richardson
Rupert's share price bounces after Ikkari results

The company reported a record 103m of 8 grams per tonne gold from 155m in the central section of the resources, as well as a nearer surface interval of 2.5g/t Au over 80m from 48m. 

Rupert's other new drill highlights include 105m of 3.5g/t Au and 41m of 11.8g/t Au, including 30g/t Au over 7.4m. 

"Infill drilling at Ikkari continues to consolidate grade and ounces through the intersection of significantly broad intervals of high-grade gold mineralisation, which are likely to have a positive impact on the economics of the project," Rupert CEO James Withall said. 

"Our 2021/22 winter drilling season is building momentum with more rigs turning at Ikkari and other target areas with potential to deliver further discoveries of scale," he added. 

Rupert said results from a further seven primarily infill holes show the potential for "exceptionally" broad and high-grade mineralisation of the Ikkari orebody, with further incidences of grades in excess of what was modelled in the September 2021 mineral resource estimate. 

The MRE was based on 36,000m of drilling and used cut-off grades of 0.6g/t for the portion of the deposit minable by open-pit methods and 1.2g/t for the underground. 

Rupert is expecting to complete a preliminary economic assessment, along with an update to the MRE, during the July-September quarter of this year. 

On February 1, the company traded on the Toronto Stock Exchange at C$5.26/share, which was up 7% day-on-day. The share price had been C$5.49/share on January 25. The 52-week high/low was C$6.08/C$3.44. 

Rupert had a market capitalisation of C$938.9 million. 

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