TORONTO, Nov. 16, 2017 (GLOBE NEWSWIRE) -- Rupert Resources Ltd. (“Rupert” or the “Company”) (TSX-V:RUP) (FSE:R05) announces that drilling has recommenced at Pahtavaara with an initial 6,210m program targeting near mine resources and new areas of potential mineralisation within 4km of the Pahtavaara mill.
James Withall, Chief Executive of Rupert said, “Drilling is now underway at Pahtavaara focussed on in-mine resource targets to test our refined geological model and near mine exploration targets defined by our reappraisal of historical data, 2017 fieldwork and the 2016 IP survey. Initial modelling work based on the existing 300,000m of drill data indicates that Pahtavaara is potentially a much larger system than had been previously considered. We expect to extend this campaign, subject to results.”
A surface drilling program totalling 6,210m is underway with 3,760m targeting in-mine infill or extension targets, and a further 2,450m on nine ranked exploration targets, all within 4km of the Pahtavaara mill. Resource modelling work continues with an internationally recognised consultant. Initial work has defined the existing mineralisation at Pahtavaara in a mineralised envelope with 1,400m of strike, 450m of depth and 400m width. The limits of the envelope are unconstrained and the new drilling is intended to extend strike and to define higher grade structurally controlled shoots that are thought to contain the bulk of economic mineralisation at Pahtavaara. Two of these structures, Samurai and DB, mined by previous operators, produced the majority of the 350koz of gold in concentrate over the 16 years of the mine’s operations. Rupert has identified the potential for a further three of these structures in the Karoliina and NFE zones. The nine exploration targets have been ranked according to their prospectivity based on geochemical and geophysical data.
Review by Qualified Person
In compliance with National Instrument 43-101, Mr. Mike Sutton, P.Geo. is the Qualified Person who supervised the preparation of the scientific and technical disclosure in this news release.
About Rupert
Rupert is a Canadian based gold exploration and development company that is listed on the TSX Venture Exchange under the symbol “RUP”. The Company owns the Pahtavaara gold mine, mill, and exploration permits and concessions located in the Central Lapland Greenstone Belt in Northern Finland (see the Company’s November 9, 2016 press release). The Company also holds a 100% interest in the Gold Centre property, which consists of mineral claims located in the Balmer Township, Red Lake Mining Division of Ontario.
For further information, please contact:
| James Withall Chief Executive Officer jwithall@rupertmining.com | Thomas Credland Head of Corporate Development & Investor Relations tcredland@rupertmining.com | |
Rupert Resources Ltd
82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1
Tel: +1 416-304-9004
Web: http://rupertresources.com/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
This press release contains statements which constitute ”forward-looking statements”, including the statements with respect to those that address potential quantity and/or grade of minerals, potential for minerals and statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future drilling and geological activities, business activities and operating performance of the Company. 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, 2017 available at 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. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.