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2024-06-13 15:00:00 CEST 2024-06-13 15:00:05 CEST REGULATED INFORMATION Endomines Finland Oyj - Inside informationInside Information: Endomines' exploration results from the deep drilling program at KuittilaEndomines Finland Plc – Stock Exchange Release, Inside Information – 13/6/2024, at 16:00 EET.
Inside Information: Endomines’ exploration results from the deep drilling program at Kuittila Endomines reports drill results from a deep drilling program carried out in February-March 2024 at Kuittila, in the Southern Gold Line. The program consisted of eight drill holes for a total of 5 076.8 meters. Based on the results, the known mineralized zone has been significantly extended downwards, with gold mineralization intersected with all drill holes.
Highlighted drill results include:
"Our exploration team continues their excellent work at the Southern Gold Line; all drill holes in the campaign intersected gold mineralization. Our target was to confirm that the Kuittila gold mineralization extends to deeper levels that have never been investigated before – and this target we clearly achieved. At the lower levels, we intersected very wide mineralized areas with high-grade gold lenses. At the same time drill holes 41 and 44 intersected gold mineralization West from the known Kuittila deposit, extending the deposit to the West. We will further investigate this area later this year. One interesting point is the molybdenum and tungsten levels in the results and tungsten being a strategic mineral in the European Union. Next, we will receive the results from the Korvilansuo (Southern Gold Line) and Kartitsa (North of Pampalo) drilling campaigns. Then our exploration focus will return to Southern Gold Line where the results we have now received will help us to plan our next exploration steps. Our exploration activities are proceeding at full speed during 2024” comments Kari Vyhtinen, CEO of the company.
The drilling program at Kuittila was aimed at extending and verifying the gold mineralization below the recently updated inferred 49 170-ounce mineral resource (press release 15/2/2024), which was largely based on drilling completed in 2023. The current drilling program targeted below the drill holes of the 2023 program, the hole lengths varied from 344 m to 540 m, the average length being 423 m. In addition to extending the gold mineralization downwards, holes KT-41 and KT-44 intercepted near surface gold mineralized intercept immediately West of the current resource outline. In addition to gold, elevated concentrations of molybdenum (Mo) and tungsten (W) were encountered in all the drill holes. In this report, Mo and W content are reported alongside gold with gold as the main commodity. Elevated concentrations of Mo and W have been identified outside of the gold mineralization. Such molybdenum and tungsten mineralization returned up to 1.10 % molybdenum for 0.85 m in drill hole KT-046 from 273.15 and up to 0.59 % tungsten for 1.05 m in drill hole KT-047 from 45.00m to 46.05m. The significance of the molybdenum and tungsten mineralization potential in the Kuittila area is currently under review. The significant gold drill intersections from Kuittila are presented in Table 1 and the locations of the new drill holes are presented in the map (Figure 1). An E-W Cross section (Figure 2) along the KT-045, KT-047 drilling profile (strike: 080, dip 90) is displayed in Figure 2.
Kuittila The Kuittila gold deposit is located 25 km south of Pampalo and was discovered originally by GTK in 1984 while exploring for molybdenum and tungsten in the area. The highest-grade gold intersection from Kuittila to date is in the drill hole KT-015 which has an intersection of 9.75 m at 17.4 g/t gold and was drilled by Endomines in 2023 (press release 13/9/2023). Kuittila has a JORC-compliant mineral resource of 814 700 tonnes at 1.88 g/t gold, totaling 49 170 oz in inferred category.
Figure 1: Location map of the 2024 drilling program drill holes collars in relation to existing holes prior to the 2024 drilling campaign and gold concentration in the base of till at Kuittila, Karelian Gold Line.
Figure 2: Cross section of the Kuittila deposit with drill holes KT-045 and KT-047 drilled in 2024 in relation to the current resource model and previously drilled diamond drill holes. Prior to 2024 drill-hole traces are displayed for all holes intersecting the section plane. The section plane is striking N-080 with a vertical dip.
Table 1: Diamond drilling results 2024 from Kuittila, Karelian Gold Line, Finland
Note: A lower cut-off of 0.4 g/t Au and a maximum 5 m consecutive internal dilution was used for reporting. No upper cut-off grade was applied, and all figures rounded up. True widths are not yet determined. VG=Visible Gold.
Karelian Gold Line The Karelian Gold Line is a 40-kilometer-long gold prospective part of the Ilomantsi greenstone belt located in Eastern Finland, approximately 500 kilometers northeast of Helsinki. The area hosts several gold deposits, the largest known being Pampalo. The Pampalo mine has produced 190,000 ounces of gold at an average grade of 3.6 g/t. Endomines controls 100% of the exploration rights covering over 100 km2 across the Karelian Gold Line.
Drilling technical All surface drilling has been carried out by Northdrill Oy, using WL-76 tubes, resulting in a core of 57.5 mm in diameter. Drill hole locations have been surveyed by using mine survey equipment. Downhole survey of bearing and dip deviations have been completed with the DeviGyro survey tool. All core have been oriented with DeviCore equipment.
Assay and QA/QC procedures The drill cores have been logged by Endomines own personnel. The drill cores have been cut in half by Palsatech Oy in Kemi prior to shipping to CRS’ laboratory in Kempele. Samples were sent to CRS' laboratory in Kempele for preparation (code PRP-926) and then sent to MS Analytical laboratory in Langley, Canada, where samples were analyzed by methods FAS-111 (Gold), and IMS-230 (multi-element). Gold over 10 g/t was re-analyzed with FAS-415. Molybdenum over 10,000 ppm was reassayed with the method ICF-6Mo.
Normal QA/QC (Quality Assurance/Quality Control) procedures have been adhered to on all the samples, with standards, blanks, and duplicates routinely submitted as part of the sampling program. The quality of sample preparation, security integrity, and chemical assays was equal to, or exceeded, current industrial standards and the requirements of the JORC code.
Competent Person This ore reserve and mineral resource update has been reviewed and approved by Eurogeologist Jani Rautio MSc (Geol) acting as a Qualified Person in compliance with the Fennoscandian Association for Metals and Mining Professionals, FAMMP, –standards. Jani Rautio is a full-time employee of Endomines and owns 2,000 shares Endomines shares.
Endomines Finland Plc
Further information: Kari Vyhtinen, CEO, kari.vyhtinen@endomines.com, +358 40 585 0050 Jani Rautio, Head Geologist, jani.rautio@endomines.com, +358 50 593 0812
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our mining operations in Pampalo, Ilomantsi region, focus on gold mining and processing, as well as exploration in the Karelian gold line, in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by transforming natural resources into wealth, an investment that withstands the volatility of global politics. We are a growing mining company that embraces new ways of thinking; we want to leave a positive footprint where we operate, which is why our goal is to grow the Karelian gold line into a significant, sustainable gold-producing region. Endomines is listed on the main list of OMX Helsinki (PAMPALO). www.endomines.com. |
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