Rupert Resources Drills 4.3g/t Gold Over 158m From 152m, 3.9g/t Gold Over 141m From 239m and 7.5g/t Gold Over 52m at Ikkari

Rupert Resources Ltd. (TSX-V: RUP) (“Rupert” or “the Company”) reports new drill results of a further six holes from its ongoing exploration programme at the Ikkari discovery – part of the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland.

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The Company has confirmed extension to 290m depth of the central part of the Ikkari discovery (as identified to date) as well as demonstrating further broad zones of mineralisation in the east, with continuity of grade in these broad zones of mineralisation persisting towards surface, above previously reported results. Furthermore, multiple very high-grade mineralised gold zones have been identified.

Highlights

• Hole 120086 intersected 8.6g/t over 9m from 115m (89m vertical) and 4.3g/t gold over 158m from 152m (115m vertical) including 11.1g/t gold over 11.4m*. 17 individual assays are greater than 10.0g/t gold. The hole targeted near-surface mineralisation above previously reported hole 120061 and confirms high-grade mineralisation over thick widths towards surface
• Hole 120094 intersected 3.9g/t gold over 141m from 239m (182m vertical) including 9.8g/t gold over 24m from 355m* (274m vertical) which is the deepest intercept to date and demonstrates high-grade continuity to this depth
• Hole 120089 intersected 6.4g/t gold over 63m from 134m (121m vertical) including 7.5g/t over 52m from 147m* and is a scissor hole to 120086, again confirming grade continuity across a broad zone in an eastern section of the 550m strike length. The hole also intersected a further 65m grading 2.8g/t from 244m
• Hole 120059 extension intersected 3.1g/t Au over 68m from 273m (220m vertical) including 6.2g/t over 16m* further confirming a broad mineralised zone above previously reported hole 120071, which demonstrates thickness of the mineralised zone on this section (figure 3b)
  
  * highlights only - see tables 3 and 4 for details

James Withall, CEO of Rupert Resources commented “We continue to expand the mineralised envelope and the extremely high-grade results today over good widths at the eastern extent of the drilled strike of 550m demonstrate the robust nature of the Ikkari mineralising system. The higher-grade component at Ikkari is now shown to persist to at least 290m vertical. Drilling continues to test further step-outs at depth and to the east.”

Summary

Ikkari is located in 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. Table 1 summarises the headline assay results to date from this discovery. As the drilling has progressed, both the scale and grade of intercepts has continued to increase. Full results of the intersections in hole 120086, from the eastern most section released to date, are included in Table 4 of this release.

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. * Drilling extension to previously drilled and previously reported hole

Ongoing drilling at the Ikkari discovery has further demonstrated the continuity of a broad mineralised envelope across at least 550m of strike length (figure 2). In addition, these new results demonstrate some of the very high-grade mineralisation contained within the discovery. Hole 120094 (figure 3a) is a good example, with an intercept of 9.8g/t gold over 24m (as part of a broader mineralised envelope of 3.9g/t gold over 141m) commencing 262m below surface and 140m approximately vertically below the overlying intercept in hole 120080, that included intervals such as 7.3g/t gold over 15m. This high-grade zone is localised at the contact between albitised felsic sediments and altered mafic-ultramafic rocks, with broader mineralisation persisting throughout both the felsic sediment and mafic-ultramafic units, as seen in several previously reported drill holes from Ikkari.

Further drilling on the same section as previously reported hole 120061 (figure 3c), which intersected 4.1g/t Au over 47m, demonstrates broad zones of mineralisation towards surface (120086 – 4.3g/t Au over 158m and 120084 – 5.4g/t Au over 28m). The potential broad thickness of this zone is supported by scissor hole 120089 (6.4g/t Au over 63m). Also in hole 120089 a second zone of mineralisation at depth (2.8g/t Au over 65m) intersects with hole 120061 to confirm further significant mineralised thickness at 280m depth. This section is structurally complex, with narrow sediment units dismembered and displaced within the host rock package.

The mineralisation at Ikkari remains open in all directions. Drilling continues to progress, targeting depth extensions and systematically stepping out along the predicted strike indicated by base of till anomalies, which extends for more than 1 km in total (figure 2). To date, 14,356 metres have been drilled at Ikkari in 50 holes, with results reported for 31 holes.

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. ** Previously reported with EOH at 247.5m depth (29/06/2020) before hole was extended to current depth.

Mineralisation Description

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.

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 properties in Central Finland; 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. * Hole 120059 reported previously (June 30, 2020) with only results from the extension reported here.

Table 4. Complete assay table of drill hole 120086 from 115m to EOH

Table 4. Complete assay table of drill hole 120086 from 115m to EOH

Table 4. Complete assay table of drill hole 120086 from 115m to EOH

Table 4. Complete assay table of drill hole 120086 from 115m to EOH

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RUPERT RESOURCES DRILLS 4.3G/T GOLD OVER 158M FROM 152M, 3.9G/T GOLD OVER 141M FROM 239M AND 7.5G/T GOLD OVER 52M AT IKKARI

For further information, please contact:

James Withall
Chief Executive Officer
jwithall@rupertresources.com

Thomas Credland
Head of Corporate Development
tcredland@rupertresources.com

Rupert Resources Ltd.
82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1
Tel: +1 416-304-9004