Toronto-based gold miner Rupert Resources (TSXV: RUP) on Tuesday reported results from the first 1,200 metres of the planned 7,000-metre drill program at the Pahtavaara mine in Finland.
Exploration was planned by the company to test extensions to the known resource at the Harpoon area and the extent of a number of high-grade shoots at the NFE zone that have had limited historical drilling. Highlights of the initial drilling include 62.7 g/t Au Over 11.9 m and 220 g/t Au Over 5 m.
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Rupert Resources’ stock jumped over 11% on Tuesday morning to a 4-week high of C$0.77 per share. The company’s market capitalization is approximately C$103.9 million.
“These extremely exciting results highlight the resource expansion potential that still exists at the Pahtavaara mine, adding new zones at Harpoon and extending a very high grade zone at NFE,” Rupert Resources CEO James Withall said in a press release.
“The drilling, planned using our latest geological model for the deposit, is demonstrating a far higher hit rate than in previous campaigns and has identified significant new mineralisation, near to surface and close to the mine infrastructure.”
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.