Rupert Resources Confirms Continuity and Grade at Ikkari Along 550m Strike Length, With 3.6g/t Gold Over 181m From Surface (incl. 5.7g/t Over 84m) and 3.0g/t Gold Over 188m From 60m Vertical

Rupert Resources Ltd (“Rupert” or “the Company”) reports new drill results from its ongoing exploration programme at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland.

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Figure 1. New discoveries and base of till anomalies at Area 1 (Graphic: Business Wire)

The Company has confirmed high grades and scale of intercepts across the gold-hosting structural zone at the Ikkari discovery. The new results released here demonstrate that the broad thickness of mineralisation as well as the high grades persist across the entire zone (as identified to date).

Highlights

• Hole 120075 intersected 3.6g/t gold over 181m from 17m (10m vertical) including 5.7g/t gold over 84m*. 21 individual assays are greater than 10.0g/t gold. The hole targeted strike continuity between previously reported east and west zones (see release October 01, 2020) and confirms the high-grade mineralised zone over thick widths (full assay log of this intercept in table 4).
• Hole 120081 intersected 4.4g/t gold over 106.7m from 13.3m (8m vertical), and is a scissor hole to 120075, confirming grade continuity across a broad zone.
• Hole 120082 intersected 3.0g/t gold over 188m from 91m (60m vertical), drilled 50-60m below 120075 and confirming those results across the section
• Hole 120080 intersected 2.0g/t gold over 178.5 from 21.5m (17m vertical), on the adjacent section, 80m away from hole 120075, with width of the zone also confirmed by scissor hole 120076 that intersected 4.4g/t gold over 44m from 77m.
• The Ikkari mineralisation remains open in all directions.

* highlights only - see tables 3 and 4 for details

James Withall, CEO of Rupert Resources commented “These exceptional new results from Ikkari indicate a further increase in the grade and thickness of mineralisation across a confirmed strike extent of 550m. We have filled the gap between western and eastern drilling at 80m sections, as well as increased the depth by 50m to 265m vertical. Drilling is ongoing with the aim to increase the scale of the Ikkari discovery both along strike and at depth, assays are pending for 18 more holes.”

The target was identified using base of till sampling at Area 1, a 5km long highly prospective section of a regional domain-bounding structure (figure 1), 20km of which is contained within Rupert’s contiguous land holding.

Summary

Further drilling at the Ikkari discovery has demonstrated continuity of a broad mineralised envelope across 550m strike length (figure 2). These new results confirm a significant high-grade zone within the wider mineralised envelope, that is focused around the transition from mafic-ultramafic rocks to felsic sediments, as in holes 120075 and 120082 (figure 3a) and holes 120076 and 120080 on the adjacent section (figure 3b). Elsewhere, higher grades are spatially related to lithological contacts of sedimentary intercalations within the mafic-ultramafic package. Ongoing drilling has identified a laminated carbonaceous siltstone lithology in the north and this appears to define a hanging wall, with an overall dip towards the north (figures 3a and 3b). The dip of mineralization is thought to be vertical up against this hanging wall but is uncertain. The contact to felsic sediments is faulted and intensely brecciated in places but a discrete mineralised zone appears to be present at this contact (holes 120076 and 120083, figure 3b). The albitised felsic sediment may pinch out against this contact or plunge eastwards.

Access to the northern part of the Ikkari gold occurrence is currently limited by wet ground conditions, which has limited further investigation of the northern hanging wall contact by drilling. Full access is anticipated with the onset of winter conditions.

The Ikkari mineralisation remains open in all directions. Drilling is progressing towards the east, systematically stepping along predicted strike and targeting the trend indicated by base of till anomalies, which extends for more than 1 km in total (figure 2).

Table 1. Headline assay results from Ikkari

Notes to table: No upper cut-off grade and a 0.4g/t Au lower cut-off applied. Unless specified, true widths cannot be accurately determined from the information available. Full breakdown of new holes with “includings” in Table 3. Refer to previous releases at https://rupertresources.com/news/ for details of previously released drilling intercepts. EOH – End of Hole.

To date, 12,197 metres have been drilled at Ikkari in 44 holes, with results reported for 26 holes. Drilling continues to target expansion of the mineralised footprint at Ikkari in all directions, as well as other targets within Area 1.

Mineralisation at Ikkari is characterised by intense alteration and deformation. Gold is associated with fine-grained disseminated pyrite within planar quartz-carbonate veins and / or disseminated in the host rocks, commonly as fine-grained visible gold. Host rocks observed thus far include sedimentary rocks overprinted by albite-sericite alteration, and strongly foliated chlorite-altered mafic-ultramafic rocks. A broader, variably mineralised alteration zone comprising magnetite ± hematite ± tourmaline ± K-feldspar ± fuchsite is also present. Holes demonstrate strong foliation, shearing, and veining that is predominantly parallel to the dominant structural fabric and gold appears to be concentrated in sedimentary intercalations associated with zones of structural disruption at lithological boundaries, represented by irregular, cross-cutting vein associations and brittle fracture in albite-altered rocks. The regional structural data collected so far suggest a subvertical, broad and linear structure, within which cross-cutting fractures and variably dipping lithologies, as well as possibly folded bedding, appear to have controlled the introduction of gold-bearing fluids and associated alteration zones. In general, alteration and structure appear to be sub-vertical, with lithologies dipping ~70 degrees north.

Table 2. Collar locations of new Ikkari target drill holes

Notes to table: The coordinates are in ETRS89 Z35 and all holes are surveyed at 3m intervals downhole and all core is orientated. Hole 120076_1 collapsed at 35.5m and was re-drilled as 120076.

About the Pahtavaara Project

The Pahtavaara Project is located in the heart of the Central Lapland Greenstone Belt, Northern Finland where the company owns the permitted Pahtavaara mine that is on active care & maintenance and within a contiguous licence package of some 325km2. The Company acquired the project for just USD $2.5m in 2016 and is undertaking exploration both at the existing mine and across the region to demonstrate the potential for significant economic mineralisation.

Area 1 comprises a large part of a structural corridor that lies between Kittilä Group allochthon to the north and the younger Kumpu Group basin to the south. The zone is dominated by large E-W to ENE trending faults which have controlled broad to isoclinal folding within the sediment-dominated (Savukoski Group) rock package. A complex network of cross cutting structures has focused multi-stage fluid flow, with gold mineralisation associated with massive to fine-grained disseminated sulphides and concentrated at favourable structural intersections.

Review by Qualified Person, Quality Control and Reports

Mr. Mike Sutton, P.Geo. Director and Dr Charlotte Seabrook, MAIG, RPGeo. Exploration Manager are the Qualified Persons as defined by National Instrument 43-101 responsible for the accuracy of scientific and technical information in this news release.

Samples are prepared by ALS Finland in Sodankylä and assayed in ALS laboratories in Ireland, Romania or Sweden. All samples are under watch from the drill site to the storage facility. Samples are assayed using fire assay method with aqua regia digest and analysis by AAS for gold. Over limit analysis for >10 ppm Au is conducted using fire assay and gravimetric finish for assays over >100ppm Au. For hole 120071 all mineralised samples were submitted for screen fire assays with gravimetric finish. For multi-element assays Ultra Trace Level Method by HF-HNO3-HClO4 acid digestion, HCl leach and a combination of ICP-MS and ICP-AES is used. The Company’s QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at appropriate intervals. Approximately five percent (5%) of the pulps and rejects are sent for check assaying at a second lab.

Base of till samples are prepared in ALS Sodankylä by dry-sieving method prep-41, and assayed by fire assay with ICP-AES finish for gold. Multi-elements are assayed in ALS laboratories in either of Ireland, Romania or Sweden by aqua regia with ICP-MS finish. Rupert maintains a strict chain of custody procedure to manage the handling of all samples. The Company’s QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication.

- Ends –

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 (“Pahtavaara”). Pahtavaara previously produced over 420koz of gold and 474koz remains in an Inferred mineral resource (4.6 Mt at a grade of 3.2 g/t Au at a 1.5 g/t Au cut-off grade, see the technical report entitled “NI 43-101 Technical Report: Pahtavaara Project, Finland” with an effective date of April 16, 2018, prepared by Brian Wolfe, Principal Consultant, International Resource Solutions Pty Ltd., an independent qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects). The Company also holds a 100% interest in the Surf Inlet Property in British Columbia, a 100% interest in two properties in Central Finland - Hirsikangas and Osikonmäki; and a 20% carried participating interest in the Gold Centre property located adjacent to the Red Lake mine in Ontario.

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, other than statements of historical fact constitute “forward-looking statements” within the meaning of applicable securities laws, including statements with respect to: results of exploration activities, mineral resources. 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 29, 2020 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. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

APPENDIX

Table 3. New Intercepts at Ikkari

Table 3. New Intercepts at Ikkari (continued)

No upper cut-off grade and a 0.4g/t Au lower cut-off applied. Unless specified, true widths cannot be accurately determined from the information available. Bold intervals referred to in text of release. Refer to https://rupertresources.com/news/ for details of previously released drilling intercepts.

Table 4. Complete assay log of drill hole 120075

Table 4. Complete assay log of drill hole 120075 (continued)

Table 4. Complete assay log of drill hole 120075 (continued)

Table 4. Complete assay log of drill hole 120075 (continued)

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