Toronto-based gold miner Rupert Resources’ (TSXV: RUP) shares jumped 25% on Monday after the company reported new drill results from its ongoing exploration program at the 100% owned Pahtavaara gold project in Finland.
Intercepts include 3.0g/t gold over 171.2m from 19.8m (15m vertical) including 6.0g/t gold over 20m and 18.1g/t over 1m at Hole 120069. Hole 120070 intersected a broad mineralised zone, 2.1g/t gold over 143.6m from 70.4m (52m vertical). Hole 120072 intersected continuous mineralisation towards the north, with 1.5g/t Au over 200.9m from 9.1m (6m vertical),extending potential width up to 200m.
“These are the best results so far from Ikkari and indicate potential for a very wide zone of gold mineralisation which, if sub-vertical, could be up to 200m horizontal width in the first complete section of the main zone, and with evidence of a higher-grade component,” said James Withall, CEO of Rupert Resources.
“Ongoing drilling will attempt to further define the extent of the mineralised envelope at Ikkari which remains open in all directions with mineralisation shown to commence at surface to a vertical depth of at least 230m (the limit of current drilling).”
Pahtavaara was first discovered by the Geological Survey of Finland in 1986, when high gold grade and visible gold were found in outcrop. The property is located within the Central Lapland Greenstone Belt (CLGB), which also hosts Agnico Eagle’s Kittila mine.
In the first five years of operation over 2 million tonnes of ore was mined from three open pits at Pahtavaara, but from 2006 to 2014 mining was from underground with ramp access.
There has been some 35km of underground 5m x 5m tunnelling developed since operations started. Pahtavaara has a working mill with capacity of over 1400tpd.
Rupert’s market capitalization is approximately C$563 million.