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Finland
Ikkari and Pahtavaara Project

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 Location:
40Km W from Sodankylä, Finland
  Project Contacts:
Toivonniementie 1
Sodankylä
Finland
99600
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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit & Underground
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
  • Sub-level caving
  • Longhole open stoping
Production Start...
Mine Life24 years (as of Jan 1, 2022)
Rupert Lapland Project includes flagship Ikkari gold discovery and Pahtavaara mine and mill (on active care & maintenance).

The Ikkari PEA has identified the opportunity to develop Pahtavaara later in the life of the Ikkari operation as a satellite mine to a new central processing facility at Ikkari.

The Ikkari will be initially developed as an open pit with a target production rate of 3.5 Mtpa of plant feed. As the open pit reaches the end of its life the underground development will be completed so that the underground operation can continue. The mine at Pahtavaara will be re-developed as an open pit and underground mine to produce a high-grade concentrate which will then be hauled by road to the Ikkari plant for final processing.
Latest NewsRupert Resources Reports Updated Mineral Resource Estimate for Ikkari of Over Four Million Ounces of Gold in Indicated Category and Provides Details of Winter 2023/2024 Drilling Targets     November 28, 2023

Owners

Source: p. 29
CompanyInterestOwnership
Rupert Resources Ltd. 100 % Indirect
The Rupert Lapland Project area (Ikkari gold discovery and Pahtavaara mine) is 100% owned by Rupert Finland Exploration Oy & Rupert Finland Oy, wholly owned subsidiaries of Rupert Resources.

Contractors

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Deposit Type

  • Hydrothermal
  • Orogenic
  • Breccia pipe / Stockwork
  • Metamorphic
  • Vein / narrow vein

Summary:

The updated Mineral Resource Estimate for the Ikkari gold deposit, the Pahtavaara gold mine and the Heinä Central gold-copper deposit.

All three deposits set out here are considered to be orogenic-style with gold mineralisation associated with low sulphidation alteration.

PAHTAVAARA
The Pahtavaara gold deposit can be described as an orogenic, metamorphic, hydrothermal gold deposit. The Pahtavaara deposit has shown the deposit to lie within a mineralised envelope up to 500 m wide and up to 1.5 km longand that the deposit remains demonstrably open at depth and along strike. In the 1994 Feasibility Study the deposit was described as occurring in a gold-bearing alteration zone covering 100 m x 600 m, dipping 80° to 85° NNW (Davy, 1994).

Pahtavaara is hosted by ultramafic rocks (komatiites to high magnesian basalts). Gold mineralisation is structurally controlled and associated with low sulphidation, polyphase quartz-carbonate veining, multiple deformation phases varying from brittle to ductile and back to brittle and intense alteration, both prograde and retrograde.

Two phases of gold mineralisation have been observed; early fine grained and later, more coarse-grained. Both are ‘free’ gold, as the deposit does not exhibit refractory metallurgical characteristics.

IKKARI
Ikkari is a grassroots discovery, located under 10 to 25 m of transported glacial till cover.

The Ikkari deposit can be described as an o ........

Mining Methods

  • Truck & Shovel / Loader
  • Sub-level caving
  • Longhole open stoping

Summary:

The Ikkari will be initially developed as an open pit with a target production rate of 3.5 million tonnes per year (Mt/a) of plant feed. As the open pit reaches the end of its life (after 11 years) the underground development will be completed so that the underground operation can continue as the open pit is depleted. The transition point between open pit and underground operations was determined by operating costs as well as the limitation of the current exploration permit boundary. Open pit mining at Ikkari is expected to utilise a conventional shovel and truck configuration (140 t medium sized haul trucks matched with 300 t hydraulic excavators). Underground mining at Ikkari was modelled assuming the sub-level caving method. The mine at Pahtavaara will be re-developed as an open pit and underground mine (employing the long hole open stoping [LHOS] method) to produce a high-grade concentrate which will then be hauled by road to the Ikkari plant for final processing.

MINING METHOD – PAHTAVAARA OPEN PIT
The selected mining method for the Pahtavaara open pit is a conventional shovel and truck configuration that is similar to the previous mining operations. This will include medium sized (90 t) haul trucks matched with 100 t hydraulic excavators. The rock is relatively hard in this mine and will require drill & blast as well as presplit on the final walls to maximise the overall slope angle. The pit stages were evaluated using the 5 m x 5 m x 5 m regularised blo ........

Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Payable metal koz 1974,253
Gold Metal in doré koz 2004,257

Operational Metrics:

Metrics
Daily ore mining rate  ......  Subscription required
Annual ore mining rate  ......  Subscription required
Annual processing capacity  ......  Subscription required
Tonnes processed  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Total tonnes mined, LOM  ......  Subscription required
* According to 2023 study.
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Reserves at November 28, 2022:
The Mineral Resource Estimate at Ikkari is reported using a cut-off grade of 0.5 g/t Au for mineralisation potentially mineable by open pit methods and 1.0 g/t Au for mineralisation potentially extractable by underground methods.

The Mineral Resource Estimate at Pahtavaara is reported using a cut-off grade of 0.5 g/t Au for mineralisation potentially mineable by open pit methods and 1.5 g/t Au for mineralisation potentially extractable by underground methods.

The Mineral Resource Estimate at Heinä Central is reported at a 0.5 g/t Au cut-off grade for mineralisation potentially mineable by open pit methods and at 1.2 g/t Au for mineralisation potentially extractable by underground methods.

CategoryTonnage CommodityGradeContained Metal
Indicated 48,300,000 t Gold 2.5 g/t 3,860,000 oz
Inferred 20,400,000 t Gold 1.9 g/t 1,260,000 oz

Commodity Production Costs:

CommodityUnitsAverage
Total cash costs Gold USD  ......  Subscription required
All-in sustaining costs (AISC) Gold USD  ......  Subscription required
Assumed price Gold USD  ......  Subscription required
* According to 2023 study / presentation.
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2023 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
UG OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 868.8
Freight costs $M USD 10.6
G&A costs $M USD 186.2
Total OpEx $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
Net Operating Income (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Pipelines and Water Supply
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Proposed Heavy Mobile Equipment as of January 10, 2023:
HME TypeModelSizeQuantityLeased or
Contractor
ANFO Loader ....................... Subscription required ....................... Subscription required Leased
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Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jan 10, 2023
....................... Subscription required ....................... Subscription required Subscription required Jan 10, 2023
....................... Subscription required ....................... Subscription required Subscription required Jan 3, 2023
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Corporate Filings & Presentations:

DocumentYear
Preliminary Economic Assessment 2023
Press Release 2023
Corporate Presentation 2022
Press Release 2022
................................... Subscription required 2020
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News:

NewsDate
Rupert Resources Reports Updated Mineral Resource Estimate for Ikkari of Over Four Million Ounces of Gold in Indicated Category and Provides Details of Winter 2023/2024 Drilling Targets November 28, 2023

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