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| Land | Finland |
|---|---|
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| Sektor | Råvaror |
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Endomines Finland Plc – inside information – 7.3.2025 at 10:00 EET
Inside Information: Endomines reports updated Mineral Resource estimate for Korvilansuo, Southern Gold Line – Gold resources more than doubled
Endomines reports the results of an updated mineral resource estimate for Korvilansuo deposit, located in the southern part of the Karelian Gold Line. According to the estimate Korvilansuo has inferred total mineral resources of 2,727,000 tonnes with a grade of 1.58 g/t Au, containing a total of 138,800 ounces of gold. The resource estimate indicates that the gold resources at Korvilansuo have increased by 107 % compared to the 2024 estimate. In 2024, the resource estimate for Korvilansuo was 67,200 ounces. The new resource estimate includes the results from the diamond drilling completed in 2024.
According to the resource estimate, the tonnage of gold-bearing material near the surface within the optimized open-pit model increased by 436 %. This supports Endomines's plan to develop low cost open pit mines in the Southern Gold Line. There is no underground resource defined for Korvilansuo, all the material is reported as an open pit resource.
“I am extremely pleased with the results achieved. We have now conducted large-scale exploration for two full years, and during this time the gold resource at Korvilansuo has grown from 16 500 ounces to 138 800 ounces, which is an increase of 740 %. Besides Korvilansuo, the Southern Gold Line includes also Kuittila and Muurinsuo deposits. We have now updated the resources for Kuittila and Korvilansuo and the Southern Gold Line resources have increased to approximately 270,000 ounces in total. In addition to gold, the Southern Gold Line contains tungsten, a critical mineral defined by the EU, as well as molybdenum. Due to recent geopolitical events, the interest in tungsten used in the defense industry has surprised us. Our plan is to bring the Southern Gold Line area into production around the year 2030. Our goal is to increase our gold production to 70,000–100,000 ounces per annum. At the same time, we aim to start the production of tungsten and molybdenum in the gold line area,” commented the company’s CEO Kari Vyhtinen.
The mineral resource estimate was independently prepared by AFRY Finland Oy in accordance with the JORC reporting standard with an effective date of 7 March 2025. The mineral resource Estimate for Korvilansuo is presented in Table 1.
Table 1: JORC Mineral Resource Estimate for Korvilansuo
| Korvilansuo | Resource Class | Tonnes (t) | Au (g/t) | Material Content k troy oz |
| Open Pit | inferred | 2,727,000 | 1.58 | 138.8 |
Mineral Resource Information
(1) The mineral resource estimate has an effective date of March 7th, 2025.
(2) Mineral resources do not have demonstrated economic viability.
(3) The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC 2012). (4) High gold assays were capped at 14 g/t Au.
(5) Exchange rate used: USD/EUR 0.94.
(6) Open pit mineral resources are reported at a cut-off grade of 0.3 g/t Au and constrained by an optimised pit shell
(7) Following economical and operational parameters were used in open-pit optimization and break-even cut-off calculations: Assumed gold price of US$ 2,050/oz, Metallurgical recovery for gold 85%, opex costs were used from Pampalo process plant and from similar sized open pit and underground operations.
(8) A bulk density value of 2.76t/m³ was assigned to all materials (ore and waste).
(9) Endomines is not aware of any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.
The Ordinary Kriging method (“OK”) algorithm for grade interpolation was used for the Korvilansuo Mineral Resource using experimental variogram models created for Au. Samples within the wireframes were composited to 2.0 m interval. The estimate is based on a block size of 5 m (X) by 5 m (Y) by 5 m (Z), with minimum sub-block size of 1 m (X) by 1 m (y) 1 m (Z).
The resource estimate has been verified by a Competent Person
The information in this release that relates to Mineral Resources is based on information compiled by Mr. Ville-Matti Seppä, EurGeol, of AFRY Finland Oy and by Mr. Eemeli Rantala, P.Geo, of AFRY Norway As. Mr. Seppä and Mr. Rantala have sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves”. Mr. Seppä and Mr Rantala have reviewed, verified, and approved the contents of this news release as they relate to the mineral resource estimate. Mr. Seppä or Mr Rantala own no shares in Endomines Oy.
This statement has been controlled 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.
Further information:
Kari Vyhtinen
CEO
kari.vyhtinen@endomines.com
+358 40 585 0050
Jani Rautio
Chief 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.
The Karelian Gold Line is 40 kilometers long, a gold prospective portion 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. Endomines controls extensively exploration rights across the Karelian Gold Line.