Rupert Resources’ Pahtavaara site, in Finland. Credit: Rupert Resources
Toronto – Rupert Resources has reported two new drill results from its recently discovered Ikkari target at its wholly owned Pahtavaara gold project, located in northern Finland’s Central Lapland Greenstone Belt, 150 km north-northeast of the town of Rovaniemi.
Drill hole 120059 intersected 15.2 g/t gold over 13 metres from 121 metres downhole including 36.6 g/t gold over 5 metres and 162 g/t gold over 1 metre. The hole was drilled 300 metres east of a previous drill hole, 120042.
Hole 120061 – drilled 70 metres east and 50 metres south of drill hole 120059 – cut 47 metres grading 4.1 g/t gold from 273 metres depth, including 13 metres grading 11.9 g/t gold and 1 metre grading 107 g/t gold.
Hole 120061 intersected several broad zones of mineralization and, the company says, suggests a complex structural system with multiple fluid flow events all contained within an intensive alteration zone that extends 193 metres starting at 167 metres downhole.
The results extend the Ikkari discovery 450 metres along strike and the mineralization remains open in all directions, the company says.
“These latest Ikkari holes show the gold mineralizing system remains broad and continuous towards the eastern end of the 500 metre initial base of till (BoT) anomaly,” James Withall, CEO of Rupert Resources, said in a press release.
“Drilling will recommence in the coming weeks to continue testing this target along with our on-going new target generation program.”
The Ikkari target was identified using base of till sampling at Area 1, a 5-km-long, highly prospective section of a regional domain-bounding structure, 20 km of which is contained within the property’s contiguous landholding.
The company has “begun extending the BoT sampling programme along structure towards the Saittä discovery some 5 km to the east,” Withall said, which it believes also lies along the same mineralizing structure as Ikkari.
Results from the drill holes have improved the company’s geological understanding of the deposit, it says, and will help plan more intensive follow-up programs.
The project contains inferred mineral resources of 4.6 million tonnes grading 3.2 grams gold for 474,000 contained oz. gold at a cut-off grade of 1.5 grams gold.
Rupert Resources acquired the Pahtavaara project for US$2.5 million in 2016.
At press time in Toronto, Rupert was trading at $2.94 per share within a 52-week trading range of 53¢ and $2.77. The company has 150 million common shares outstanding for a $457-million market capitalization.
This story originally appeared on www.northernminer.com.