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Rupert raises US$5.6M for near-mine exploration

Rupert Resources (TSXV:RUP) has raised C$7.4 million (US$5.6 million) through a private placement for exploration at its Pahtavaara gold project in northern Finland’s Central Lapland Greenstone Belt.
Rupert raises US$5.6M for near-mine exploration Rupert raises US$5.6M for near-mine exploration Rupert raises US$5.6M for near-mine exploration Rupert raises US$5.6M for near-mine exploration Rupert raises US$5.6M for near-mine exploration

Rupert Resources will use the funds raised to fund exploration at its Pahtavaara gold project in Finland

Staff reporter

Rupert issued 9.2 million common shares at C80c per share with a four-month hold period.

The company said it would pay $10,000 to Smaller Capital Company and $3,504 to Canaccord Genuity Limited as finders' fees for the placement. 

In October, Rupert announced regional exploration had identified an extensive gold anomaly 1km north-west of the Pahtavaara mine and mill.

In addition, in-mine exploration at the project has seen channel sampling results of 24g/t gold over 1m in the east of the mine's K-Zone, 4g/t gold over 3m in the western Whaleback Zone and 4.2g/t gold over 3m in the Karoliina East area.

Pahtavaara has an inferred mineral resource of 4.6 million tonnes at 3.2g/t gold for 474,000 ounces, with a 1.5g/t cutoff.