Kurs & Likviditet
Beskrivning
| Land | Finland |
|---|---|
| Lista | Small Cap Helsinki |
| Sektor | Råvaror |
| Industri | Gruvdrift & metaller |
Endomines Finland Plc – Stock Exchange Release, Inside Information – March 13th 2024, at 13.00 EET.
Inside information: Endomines reports 72% increase and over 310,000 ounces in gold resources at the Karelian Gold Line
Endomines is pleased to announce its 2024 gold reserve and resource estimates for its Pampalo mine and the resources along the Karelian Gold Line in Finland, as of 31 December 2023, and the gold and silver resource estimates for its gold deposits in Idaho and Montana, USA.
For the Karelian gold line, including Pampalo, a total of 310,300oz of gold in the measured, indicated and inferred categories for mineral resources additional to ore reserves, are estimated according to JORC (2012), corresponding to a 72% (129,800 oz) increase compared to the previous resource estimate made in 2023.
Endomines ore reserves and mineral resources have increased primarily due to successful drilling campaigns during 2023 at Pampalo, Korvilansuo and Kuittila. There have been no changes in the reported mineral resources for the deposits in the US.
"We are constantly discovering new potential areas and the drilling results have repeatedly exceeded our expectations. The journey towards our strategic goal of identifying the one-million-ounce gold reserve in the Karelian gold line is off to a good start. This larger reserve base makes it possible to increase the long-term planned production volume to a much higher level than it is today. We believe this is the right way to take the company to a completely new scale. Although we are reporting discoveries in new areas, these deposits are located very close to each other and could therefore share the same production unit in the future. Our understanding of the huge potential on the Karelian gold line has been strengthened by these drilling programmes. At the same time, we have started zoning and other permitting activities in the Southern Gold Line area," says Kari Vyhtinen, the company's CEO.
Gold reserves and resources at the Pampalo mine and resources along the Karelian Gold Line in Finland
The updated ore estimate for the Pampalo mine has a total ore reserve of 349,000 tonnes with a grade of 2.90 g/t gold for 32,200 ounces of gold. The updated ore reserve represents an 8.7 % increase in tonnes and 9.5 % increase in ounces when compared to the ore reserve estimate as of 31 December 2022. The updated ore reserve estimate includes the underground area and the open pit. The underground area of Pampalo has a proven ore reserve of 189,000 tonnes with a grade of 3.36 g/t gold for 20,000 ounces of gold and a probable ore reserve of 81,000 tonnes with a grade of 3.52 g/t gold for 9 200 ounces of gold. Most of the increase in ore reserves comes from the underground drilling program completed in 2023, where a total of 74 drill holes were drilled in the planned mining area between levels 875 and 955. This resulted in several high-grade intersections (release 4 September 2023 and 10 January 2024) which are included in the current updated estimate.
The Pampalo open pit was re-started in summer 2022. The mineral resource estimate was updated, and part of the resources were converted into ore reserves based on the open pit optimization results and pit planning. The updated estimate for the Pampalo open pit area has a probable ore reserve of 79,000 tonnes with a grade of 1.17 g/t gold for 3,000 ounces of gold.
In addition to the ore reserves at the Pampalo deep extension area, a measured mineral resource of 117,000 tonnes at a grade of 3.52 g/t including 13,200 ounces of gold, indicated mineral resource of 56,000 tonnes at a grade of 3.20 g/t including 5,800 ounces of gold, and inferred mineral resource of 152,000 tonnes at a grade of 3.81 g/t including 19,400 ounces of gold, has been reported. These are located below the reported ore reserves. The Pampalo deposit remains open at depth and the company is planning to continue underground drilling in 2024. An additional inferred mineral resource of 465,000 tonnes with a grade of 1.43 g/t gold for 21,400 ounces gold has been reported for the Pampalo open pit. The deposit mined in the Pampalo open pit remains open at depth and towards northeast and the company is planning to complete a surface drilling program in 2024 to test further potential of these areas.
The Korvilansuo and Kuittila deposits at the Southern gold line were the target of exploration drilling during 2023, and high-grade intercepts were reported from both, which are included in the updated mineral resource estimates. The updated mineral resource estimate for Korvilansuo has an inferred resource of 838,000 tonnes with a grade of 2.49 g/t gold for 67,200 ounces of gold. The updated resource represents an 307 % increase in gold ounces when compared to the previous estimate. The updated mineral resource estimate for Kuittila has an inferred resource of 814,700 tonnes with a grade of 1.88 g/t gold for 49,170 ounces of gold. The updated resource represents an 114 % increase in gold ounces when compared to the previous estimate.
The mineral resources of the suspended Rämepuro satellite mine were updated during 2023. The updated mineral resource estimate for Rämepuro has a measured resource of 23,000 tonnes with a grade of 2.66 g/t gold for 1,900 ounces of gold, indicated resource of 412,000 tonnes with a grade of 1.53 g/t gold for 20,200 ounces of gold and inferred resource of 381,000 tonnes with a grade of 1.35 g/t gold for 16,500 ounces of gold. The total resource represents a 290 % increase in gold ounces when compared to the previous estimate. The mineral resources have increased primarily due to expanding the resource model north, south and at depth from the existing open pit.
The estimates for the Pampalo mine and the resources along the Karelian Gold Line in Finland have been prepared according to the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (Joint Ore Reserve Committee - JORC-code).
Gold resources in Idaho, USA
There have been no changes in the reported mineral resources of the deposits in the Idaho project. At the beginning of 2022 Endomines carried out an underground drilling campaign. The campaign produced very encouraging drill results (press release May 31, 2022) as out of 8 holes, 5 drill holes intersected high-grade (over 8g/t) gold mineralization. More drilling is needed to better define the continuities and dimensions of the high-grade zones. The company intends to continue development in the US in line with its strategy through a partnership model.
The mineral resources reported for the Friday Underground and Buffalo Gulch projects in Idaho, USA, are classified in accordance with standards defined by Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”), “CIM Definition Standards - For Mineral Resources and Mineral Reserves”, prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council on May 10, 2014.
The mineral resources currently quoted regarding the Deadwood, Rescue, and Kimberly exploration projects, are per definition historical, made before the introduction of today’s disclosure standards. Endomines cautions that while the presented historic resources for Kimberly, Rescue, and Deadwood appear to be in general accordance with those set out in NI 43-101 Sections 1.2 and 1.3, a qualified person has not done sufficient work to classify the historical estimates as current mineral resources, and Endomines is not treating the historical estimates as current or reliable.
Gold and silver resources in Montana, USA
The US Grant is a high-grade, underground gold and silver project with a historical resource totaling 165,700 ounces of gold and 4.47M ounces of silver contained in 346 000 tonnes of mineralized material. The US Grant mine has had gold and silver mined periodically between 1867 and 1984. The Kearsarge project is a high-grade, underground gold project with a historical resource totaling 380 700 ounces of gold contained in 4.1 million tonnes of mineralized material.
The addition of the US Grant and Kearsarge gold projects adds a historical total of 546,400 ounces of gold and 4.47 million ounces of silver with considerable potential for additional resources to be discovered through exploration of the district.
Endomines is not treating the US Grant and Kearsarge historic estimates as either a mineral resource or mineral reserve as defined in NI 43-101.
Table 1. Gold reserves and resources at Pampalo and the Karelian Gold Line, Finland
| Ore reserves - Karelian Gold Line (status Dec 31, 2023) | |||||||
| Deposit | Tonnes | Grade Au g/t | Oz | kg | Classification | Prepared by | |
| Pampalo - Underground | 189 000 | 3.36 | 20 000 | 635 | Proven | Endomines | (1) |
| Pampalo - Underground | 81 000 | 3.52 | 9 200 | 285 | Probable | Endomines | (1) |
| Pampalo - Open pit | 79 000 | 1.17 | 3 000 | 92 | Probable | Endomines | (2) |
| Pampalo Reserves total | 349 000 | 2.90 | 32 200 | 1 013 | |||
| Grand total | 349 000 | 2.90 | 32 200 | 1 013 | |||
The mineral resources are additional to the Ore reserves. | |||||||
Mineral Resources – Karelian Gold Line, Finland (status Dec 31, 2023) | |||||||
| Deposit | Tonnes | Grade Au g/t | Oz | kg | Classification | Prepared by | |
| Pampalo Resources | |||||||
| Pampalo - Underground | 117 000 | 3.52 | 13 200 | 412 | Measured | Endomines | (3) |
| Pampalo - Underground | 56 000 | 3.20 | 5 800 | 179 | Indicated | Endomines | (3) |
| Pampalo NW | 29 000 | 2.45 | 2 300 | 71 | Indicated | Endomines | (5) |
| Measured + Indicated Total | 202 000 | 3.28 | 21 300 | 662 | M+I | ||
| Pampalo - Underground | 155 000 | 3.81 | 19 400 | 591 | Inferred | Endomines | (3) |
| Pampalo D-zone | 164 000 | 1.88 | 9 900 | 308 | Inferred | Endomines | (3) |
| Pampalo - Open pit | 465 000 | 1.43 | 21 400 | 664 | Inferred | Endomines | (4) |
| Pampalonlammit | 103 000 | 1.80 | 6 000 | 185 | Inferred | Endomines | (5) |
| Inferred Total | 887 000 | 1.97 | 56 700 | 1 748 | Inferred | ||
| Pampalo Total | 1 089 000 | 2.21 | 78 000 | 2 410 | |||
Southern Gold Line Resources | |||||||
| Muurinsuo | 354 000 | 1.94 | 22 100 | 687 | Indicated | Endomines | (6) |
| Measured + Indicated Total | 354 000 | 1.94 | 22 100 | 687 | M+I | ||
| Muurinsuo | 231 000 | 1.40 | 10 400 | 323 | Inferred | Endomines | (6) |
| Korvilansuo | 838 000 | 2.49 | 67 200 | 2 087 | Inferred | Endomines | (7) |
| Kuittila | 814 700 | 1.88 | 49 200 | 1 532 | Inferred | AFRY Finland | (8) |
| Inferred Total | 1 883 700 | 2.09 | 126 800 | 3 942 | Inferred | ||
| SGL Total | 2 237 700 | 2.07 | 148 900 | 4 628 | |||
Other Karelian Gold Line Resources | |||||||
| Hosko | 35 000 | 4.05 | 4 500 | 142 | Measured | Geocons. Parkkinen | (9) |
| Hosko | 675 000 | 1.19 | 25 800 | 801 | Indicated | Geocons. Parkkinen | (9) |
| Rämepuro | 23 000 | 2.66 | 1 900 | 61 | Measured | GeoUkko Oy | (10) |
| Rämepuro | 412 000 | 1.53 | 20 200 | 630 | Indicated | GeoUkko Oy | (10) |
| Kuivisto East | 37 000 | 3.20 | 3 800 | 118 | Indicated | MAPTEK | (11) |
| Measured + Indicated Total | 1 182 000 | 1.48 | 56 200 | 1 753 | M+I | ||
| Hosko | 240 000 | 0.78 | 6 000 | 187 | Inferred | Geocons. Parkkinen | (9) |
| Rämepuro | 381 000 | 1.35 | 16 500 | 514 | Inferred | GeoUkko Oy | (10) |
| Kuivisto East | 145 000 | 1.00 | 4 700 | 145 | Inferred | MAPTEK | (11) |
| Inferred Total | 766 000 | 1.11 | 27 200 | 847 | Inferred | ||
| Other KGL Total | 1 948 000 | 1.33 | 83 400 | 2 599 | |||
| Ore reserves and mineral resources estimated according to the 2012 JORC-code edition, all figures independently rounded. | |||||||
(1) The underground ore reserve estimate is based on stope and development designs; cut-off grade 1.5 g/t Au; waste rock dilution 10-30%; ore loss in stoping 5%, drifting not modelled separately
(2) The open pit ore reserve estimate based on pit optimization studies and stope designs; cut-off grade 0.5 g/t; wasterock dilution 15%
(3) Underground mineral resources; cut-off 1,5 g/t; top cut 10-20 g/t gold; preliminary stope desings completed for Pampalo Deep resource
(4) Open pit mineral resources (above -115m mine level): Cut-off 0,5 g/t; top cut 7 g/t gold. Underground mineral resources (below -115m mine level): Cut-off 1,5 g/t; top cut 7 g/t gold.
(5) Mineral resources; cut-off 0,5 g/t; top cut 10 g/t gold
(6) Mineral resources; cut-off 0,5 g/t, top cut 10 g/t gold
(7) Open pit mineral resources reported inside optimized pit shell based on assumed gold price of US$1,850/oz and mining, processing and G&A costs from the Pampalo operations and transportation ore to the Pampalo mill, metallurgical recovery for gold is 85%; cut-off 0,5 g/t; top cut 14 g/t gold. Underground mineral resources reported at cut-off of 1,4 g/t gold.
(8) Open pit mineral resources are reported at a cut-off grade of 0.65 g/t Au and constrained by an optimised pit shell. Underground mineral resources are reported at a cut-off grade of 0.95 g/t Au. The assumed gold price of US$1,886/oz, Metallurgical recovery for gold 85 %, opex costs were used from Pampalo process plant and from similarly sized open pit and underground operations. High gold assays were capped at 19 g/t Au. The mineral resource estimate has an effective date of January 9th, 2024.
(9) Mineral resources; cut off 0,5 g/t; top cut 11g/t (low-grade domain) or 50 g/t gold (high-grade domain)
(10) Mineral resources; cut-off 0,5 g/t, top cut 40 g/t gold. The estimate has an effective date of December 11, 2023. Mineral resource validated by Endomines.
(11) Mineral resources; cut-off 0,5 g/t top cut 20 g/t gold
Troy ounce = 31.1034768 g
Table 2. Gold resources in Idaho and Montana, USA
| Mineral Resources – Idaho/Montana, USA (status Dec 31, 2023) | |||||||
| Deposit | Tonnes | Grade Au g/t | Oz | kg | Classification | Prepared by | |
| Friday Resources | |||||||
| Measured | 245 000 | 6.88 | 54 200 | 1 686 | Measured | Hard Rock Consulting | (1,2) |
| Indicated | 217 000 | 6.16 | 43 000 | 1 337 | Indicated | Hard Rock Consulting | (1,2) |
| Measured + Indicated | 462 000 | 6.54 | 97 200 | 3 023 | M+I | Hard Rock Consulting | (1,2) |
| Inferred | 296 000 | 4.91 | 46 700 | 1 453 | Inferred | Hard Rock Consulting | |
| Buffalo Gulch Resources | |||||||
| Measured | 3 515 000 | 0.57 | 64 800 | 2 016 | Measured | Hard Rock Consulting | (1,3,4) |
| Indicated | 3 230 000 | 0.48 | 49 900 | 1 552 | Indicated | Hard Rock Consulting | (1,3,4) |
| Measured + Indicated | 6 745 000 | 0.53 | 114 700 | 3 568 | M+I | Hard Rock Consulting | (1,3,4) |
| Inferred | 2 128 000 | 0.38 | 25 700 | 799 | Inferred | Hard Rock Consulting | (1,3,4) |
| Historic Resources | |||||||
| Rescue | 67 000 | 21.35 | 45 980 | 1 430 | Historic | Kimberly Mines, (2004) | (5) |
| Kimberly | 261 000 | 19.18 | 160 930 | 5 005 | Historic | Laczay, (2010) | (5) |
| Deadwood | 2 375 000 | 0.77 | 58 601 | 1 823 | Historic | BEMA Gold Corporation, (1989) | (5) |
| US Grant | 346 000 | 14.89 | 165 700 | 5 152 | Historic | McLeod, (1990) | (5) |
| Kearsarge | 4 100 000 | 2.98 | 381 000 | 12 218 | Historic | Transatlantic Mining, (2019) | (5) |
| Historic Total | 7 149 000 | 3.58 | 812 211 | 25 628 | (5) | ||
| (1) Measured, Indicated and Inferred mineral classifications are assigned according to CIM Definition Standards. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability and there is no guarantee that mineral resources will be converted to mineral reserves. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding. |
| (2) The mineral resource estimate was prepared by HRC based on data and information available as of March 1, 2016. The Measured, Indicated and Inferred mineral resources are reported considering a base case estimate that applies a cutoff grade of 3.4 g/t Au based on the estimated operating costs, recoveries, and a $1,300/oz gold price. |
| (3) The mineral resource estimate was prepared by HRC based on data and information available as of December 10, 2017. The Measured, Indicated and Inferred mineral resources are reported considering a base case estimate that applies a cutoff grade of 0.14 g/t Au based on the estimated operating costs, recoveries, and a $1,300/oz gold price. |
Table 3. Silver resources in Montana, USA
| Mineral Resources – Montana, USA (status Dec 31, 2023) | |||||||
| Deposit | Tonnes | Grade Ag g/t | Oz | kg | Classification | Prepared by | |
| US Grant | 346 000 | 402 | 4 470 000 | 139 033 | Historic | McLeod, (1990) | (1) |
| Historic Total | 346 000 | 402 | 4 470 000 | 139 033 | |||
| (1) Endomines caution that while the historic resources presented appear to be in general accordance with those set out in NI 43-101 Sections 1.2 and 1.3, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, and Endomines is not treating the historical estimate as current nor reliable. | |||||||
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 in Endomines.
Endomines Finland Plc
Contact 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 operations are focused on gold production and 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 turning natural resources into wealth, and we also create value by transforming natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.