Rupert Resources provides update on Pahtavaara in Finland

Underground at Rupert Resources' Pahtavaara mine. Credit: Rupert Resources.

Rupert Resources (TSXV: RUP) has reported new drill results from the Ikkari prospect at its 100%-owned Pahtavaara project, about 1,200 km north of Helsinki in Finland’s Central Lapland greenstone belt.

Highlights include drillhole 121019, which intersected 110.4 metres grading 6.1 grams gold per tonne starting from 183.6 metres, including 3 metres of 28.7 grams gold; and drillhole 121016, which returned 122 metres grading 1.6 grams gold from 15 metres.

James Withall, Rupert Resources’ CEO, noted in a press release that the latest drill results “indicated good continuity of high-grade core at Ikkari, with the intercept from hole 121019 over double the average grade at Ikkari.” 

Withall also noted that the company continues to “de-risk the Ikkari discovery both from a geological and engineering perspective as we work towards a maiden resource this summer.” 

Inside the mill at Rupert Resources’ Pahtavaara mine. Credit: Rupert Resources.

So far, the company has drilled 78 holes (26,500 metres) at Ikkari, which remains open at depth and along strike to the east and west.

The project has an inferred resource estimate from 2018 of 4.6 million tonnes grading 3.2 grams gold per tonne for 474,000 ounces. The resource estimate used a 1.5 gram gold cut-off grade. 

Pahtavaara is about 20 km from Boliden’s Kevitsa nickel, copper, PGM mine, which produced 9.2 million tonnes of milled material in 2020, and Anglo American’s (LSE: AAL; US-OTC: AAUK) Sakatti copper-nickel-PGM project.

Pahtavaara previously churned out more than 420,000 oz. gold over a 16-year period, and last operated in 2014. 

At press time in Toronto, Rupert Resources was trading at $4.10 per share within a 52-week trading range of 66¢ and $6.20. The company has around 165 million common shares outstanding for a $677.7-million market capitalization.


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