Exceptional Continuity Of The Ikkari Resource And Potential Fro Expansion

TORONTO - James Withall, CEO of Rupert Resources, said, “We are now at the mid-point of the 2022/23 drilling campaign with winter conditions allowing drilling of Ikkari at depth. Initial results confirm the exceptional continuity of the Ikkari resource and the potential for resource expansions in the west and at depth. We have also identified further mineralization 7km east from Ikkari along the main regional structure on our land package at Koppelo.”

The 2022/2023 work program commenced in August 2022 and is planned to include up to 72,800m of drilling. Around 30,000m has been allocated to Ikkari infill and project drilling with the balance divided equally between Ikkari extension, potential satellites; and regional exploration across Rupert’s 634km2 land position, targeting additional discoveries of scale. Rupert is currently focused on near-term resource additions at Ikkari to ensure these can be included in future economic and environmental assessments and the eventual permitting application for the Project. Whilst drilling is possible year-round, winter drilling conditions are favorable for drilling deeper holes and prospective targets on softer ground.

The results reported today continue to show the consistent mineralization over broad widths that is a unique characteristic of the Ikkari deposit. Since the initial inferred resource was defined in September 2021, closer spaced infill drilling has steadily increased confidence in the resource. The goal of the next resource update, planned in the second half of 2023, will be to further increase resources in the indicated category and grow the overall footprint of the deposit.

Recent regional exploration has focussed to the east of the Ikkari and Heina discoveries along structures subparallel to the main regional ENE structural trend focussing on a series of base of till anomalies coincident with geophysical features of interest. Whilst drilling to date remains limited, results at Koppelo, located 7km east northeast of Ikkari have yielded 3.1m of 5.3g/t Au from 21m in #122161 and 3m of 3.3g/t Au in #122162. Mineralization in these holes is associated with albitised quartzites, similar in appearance to those present within the Ikkari deposit, and again provides supporting evidence of Rupert Resources ongoing methodical exploration approach.