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19.12.2011 12:15
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Endomines intersects 3.1 g/t gold over 28 meters: confirms potential of the Karelian Gold Line
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The press release including tables can be downloaded from the following link:
Press release (PDF)
Endomines AB (the "Company") is pleased to report preliminary results from the exploration campaign undertaken during 2011 in the vicinity of the Pampalo mining area and along the Karelian Gold Line ("KGL"), in the Hosko, Rämepuro and Korvilansuo areas. The Karelian Gold line is a 40 km long gold critical Archean greenstone belt located near Ilomantsi, Eastern Finland, where Endomines controls all currently known gold deposits and owns 100% of all mineral rights.
Several new drilling targets have been generated during the exploration campaign. Two of the new targets have been tested by drilling and in both places gold bearing zones have been intercepted.
The most significant intersection was obtained from the newly discovered Korvilansuo target (some 20 km south from Pampalo processing plant) and yielded 3.07 g/t gold over 27.95 meters, including 4 m with 13.7 g/t gold (true width not determined, no top cut has been applied).
The other highlights of drilling campaign are as follows: 11.5 m with 2.7 g/t gold including 4.5 m with 8.2 g/t gold at Pampalo North West-target (true width not determined, no top cut has been applied).
Just over half of the assays have been analyzed so far, with the remaining results still pending. The delay is due to the scarce availability of laboratory capacity in the face of the recent strong growth of the exploration and mining industry.
Final results of the whole drilling campaign will be released once all assay results have been received.
Highlights:
- Airborne low-altitude [VTEM] geophysical surveys were completed over the entire permit area. Several new drilling targets have been discovered all over the claimed areas. Two of the new targets have been tested by drilling and both places have yielded gold-bearing intersections.
- During the summer and autumn, a total of 5,400 meters of the planned 7,000-meter drilling campaign 2011 has been completed, with a total of forty-four drill holes. Results are still pending for eighteen of these. A further 2,000 meters of drilling is scheduled to be completed in the near future.
- Core drilling at Porkonen, Finnish Lapland is ongoing. About 400m of the planned 1000 m program has been drilled.
- The mining authorities granted 50 new claim reservations, totaling 36 069 ha, all located on the Karelian Gold Line
- 86 new exploration licenses, totaling 6 977 ha, have been applied for to secure further exploration possibilities along the Karelian Gold Line.
- A 60 ha extension of the Pampalo mining concession area has been applied for with a view to preparing the Pampalo NW deposit for production
- An Environmental Impact Assessment (EIA) program for the known gold deposits along Karelian Gold Line has been initiated. This process is expected to be completed during the third quarter 2012.
Initial results of the drilling campaign are as follows:
Hosko
| Drill- hole | Coord. Nord (m) | Coord. East (m) | Coord. Z (m) | Length (m) | AZI (deg) | Dip (deg) | Mineralization from to (m) | Inter- val length (m) | Gold (g/ton) | |
| HOS-38 | 6997100 | 4559590 | 199 | 135.7 | 90.0 | -45.0 | 84.25 | 93.4 | 9.2 | 2.4 |
| incl. | 92.4 | 93.4 | 1 | 14.6 | ||||||
| 98.25 | 99.25 | 1.0 | 1.4 | |||||||
| HOS-39 | 6997130 | 4559590 | 199 | 129.2 | 90.0 | -45.0 | 84.8 | 87.95 | 3.15 | 0.4 |
| 97.0 | 100.0 | 3.0 | 2.5 | |||||||
| 106.0 | 109.0 | 3.0 | 0.5 | |||||||
| HOS-40 | 6997160 | 4559590 | 199 | 130.0 | 90.0 | -45.0 | 105.6 | 106.6 | 1.0 | 0.7 |
| 113.2 | 115.2 | 2.0 | 0.5 | |||||||
| HOS-41 | 6997190 | 4559600 | 197 | 129.5 | 90.0 | -45.0 | 102.9 | 105.9 | 3.0 | 0.4 |
| HOS-42 | 6997210 | 4559600 | 198 | 129.3 | 90.0 | -45.0 | 101.2 | 103.75 | 2.55 | 0.7 |
Note: Due to the known influence of a nugget effect in the Hosko mineralization, all samples from Hosko mineralized zones have been sent to Als Chemex for 1 kg screen fire assay testing (Als code Au-SCR24) in order obtain more reliable assay results.
Pampalo NW
| Drill- hole | Coord. Nord (m) | Coord. East (m) | Coord. Z (m) | Length (m) | AZI (deg) | Dip (deg) | Mineralization from to (m) | Interval length (m) | Gold (g/ ton) | |
| P-156 | 6988710 | 4563410 | 207 | 94.5 | 270.0 | -45.0 | 35.5 | 36.55 | 1.1 | 1.0 |
| P-156 | 6988710 | 4563410 | 207 | 94.5 | 270.0 | -45.0 | 39.55 | 40.55 | 1 | 1.6 |
| P-157 | 6988730 | 4563379 | 207 | 80.0 | 270.0 | -45.0 | 17.1 | 18.15 | 1.05 | 1.8 |
| P-158 | 6988750 | 4563379 | 207 | 50.1 | 270.0 | -45.0 | 14.1 | 15.1 | 1 | 0.8 |
| 45.05 | 47.1 | 3.05 | 2.6 | |||||||
| P-159 | 6988770 | 4563400 | 207 | 80.0 | 270.0 | -45.0 | 40.35 | 41.65 | 1.3 | 1.1 |
| P-160 | 6988800 | 4563400 | 208 | 73.9 | 270.0 | -45.0 | 47.5 | 49.5 | 2 | 1.8 |
| P-161 | 6988800 | 4563380 | 208 | 52.7 | 270.0 | -45.0 | 31.85 | 43.3 | 11.45 | 2.7 |
| or | 5.7 | 4.9 | ||||||||
| P-162 | 6988820 | 4563361 | 208 | 61.1 | 270.0 | -45.0 | 38.6 | 39.8 | 1.2 | 0.3 |
| 49.8 | 50.8 | 1 | 0.3 | |||||||
| P-163 | 6988840 | 4563381 | 208 | 70.8 | 270.0 | -45.0 | No significant intersections | |||
| P-164 | 6988840 | 4563360 | 208 | 82.6 | 270.0 | -45.0 | 51.4 | 52.8 | 1.4 | 2.2 |
| P-165 | 6988860 | 4563360 | 208 | 65.0 | 270.0 | -45.0 | No significant intersections | |||
| P-166 | 6988780 | 4563371 | 207 | 41.0 | 270.0 | -45.0 | 13 | 14.7 | 1.7 | 1.0 |
| 18 | 22 | 4 | 1.1 | |||||||
| P-176 | 6988750 | 4563360 | 209 | 49.4 | 270.0 | -45.0 | No significant intersections | |||
Poikopää
| Drill- hole | Coord. Nord (m) | Coord. East (m) | Coord. Z (m) | Length (m) | AZI (deg) | Dip (deg) | Mineralization from to (m) | Interval length (m) | Gold (g/ ton) |
| POI-1 | 6988440 | 4561860 | 185.0 | 150.0 | 270.0 | -40.0 | No significant intersections | ||
| POI-2 | 6988440 | 4561780 | 185.0 | 150.1 | 270.0 | -40.0 | No significant intersections | ||
Juttuhuuhta
| Drill- hole | Coord. Nord (m) | Coord. East (m) | Coord. Z (m) | Length (m) | AZI (deg) | Dip (deg) | Mineralization from to (m) | Interval length (m) | Gold (g/ ton) | |
| P-191 | 6987395 | 4564455 | 211 | 191.8 | 270.0 | -40.0 | 179.75 | 182.75 | 3 | 0.4 |
| P-192 | 6987335 | 4564435 | 211 | 152.7 | 270.0 | -40.0 | 115.85 | 119.85 | 4.0 | 0.6 |
| P-193 | 6987435 | 4564455 | 212 | 155.8 | 270.0 | -40.0 | 61.3 | 62.8 | 1.5 | 0.6 |
| 64.8 | 65.8 | 1 | 0.6 | |||||||
| P-194 | 6987395 | 4564475 | 211 | 162.4 | 270.0 | -40.0 | No significant intersections | |||
| P-195 | 6987395 | 4564430 | 209 | 138.1 | 270.0 | -45.0 | 62.65 | 64.15 | 1.5 | 0.5 |
Rämepuro
| Drill- hole | Coord. Nord (m) | Coord. East (m) | Coord. Z (m) | Length (m) | AZI (deg) | Dip (deg) | Mineralization from to (m) | Interval length (m) | Gold (g/ ton) | |
| HA-120 | 6977430 | 4564530 | 168 | 109.7 | 90.0 | 55.0 | assays pending | |||
| HA-121 | 6977580 | 4564550 | 168 | 88.3 | 90.0 | 55.0 | assays pending | |||
| HA-122 | 6977640 | 4564530 | 168 | 100.3 | 90.0 | 55.0 | assays pending | |||
| HA-123 | 6977680 | 4564520 | 168 | 100.0 | 90.0 | 50.0 | assays pending | |||
| HA-124 | 6977745 | 4564509 | 168 | 107.2 | 90.0 | 55.0 | assays pending | |||
| HA-125 | 6977620 | 4564540 | 168 | 79.0 | 90.0 | 45.0 | assays pending | |||
| HA-126 | 6977660 | 4564530 | 168 | 94.5 | 90.0 | 55.0 | assays pending | |||
| HA-127 | 6977714 | 4564520 | 168 | 104.2 | 90.0 | 55.0 | assays pending | |||
| HA-128 | 6977760 | 4564510 | 168 | 97.3 | 90.0 | 48.0 | assays pending | |||
| HA-129 | 6977820 | 4564520 | 168 | 85.0 | 90.0 | 50.0 | assays pending | |||
| HA-130 | 6977900 | 4564510 | 168 | 115.8 | 90.0 | 55.0 | assays pending | |||
| HA-131 | 6977880 | 4564510 | 168 | 94.9 | 90.0 | 45.0 | assays pending | |||
| HA-132 | 6977902 | 4564581 | 168 | 43.0 | 90.0 | 41.0 | No significant intersections | |||
| HA-133 | 6977740 | 4564576 | 168 | 42.6 | 90.0 | 45.0 | 19.0 | 20.6 | 1.6 | 2.7 |
| HA-134 | 6977640 | 4564600 | 168 | 31.9 | 90.0 | 45.0 | assays pending | |||
Korvilansuo
| Drill- hole | Coord. Nord (m) | Coord. East (m) | Coord. Z (m) | Length (m) | AZI (deg) | Dip (deg) | Mineralization from to (m) | Interval length (m) | Gold (g/ ton) | |
| KVS-1 | 6966760 | 4559680 | 182 | 180.4 | 90.0 | -45.0 | 16.0 | 17.1 | 1.1 | 4,5 |
| 145.2 | 146.2 | 1.0 | 5,8 | |||||||
| 167.1 | 167.8 | 0.7 | 7,3 | |||||||
| KVS-2 | 6966760 | 4559790 | 182 | 168.4 | 90.0 | -45.0 | 26.6 | 29.6 | 3.0 | 1,3 |
| 38.4 | 43.3 | 4.9 | 0,6 | |||||||
| 60.6 | 62.6 | 2.0 | 0,6 | |||||||
| 66.8 | 70.8 | 4.0 | 0,4 | |||||||
| 88.5 | 90.0 | 1.5 | 0,8 | |||||||
| 100.0 | 127.95 | 27.95 | 3,1 | |||||||
| or | 100.0 | 104.0 | 4.0 | 13,7 | ||||||
| 140.95 | 142.45 | 1.5 | 1,0 | |||||||
| 146.4 | 148.4 | 2.0 | 1,6 | |||||||
| 160.4 | 162.4 | 2.0 | 1,6 | |||||||
| KVS-3 | 6966700 | 4559700 | 182 | 204.5 | 90.0 | -45.0 | assays pending | |||
| KVS-4 | 6966700 | 4559780 | 182 | 159.1 | 90.0 | -45.0 | assays pending | |||
| KVS-5 | 6966625 | 4559800 | 182 | 129.5 | 90.0 | -45.0 | assays pending | |||
Note 1: No "top cut" has been applied when calculating intersection grades.
Note 2. It is unclear if any mineral resource can be derived from these drilling results.
Airborne geophysical surveys were undertaken out by SkyTEM Surveys ApS ,Denmark, and the interpretation of the results, by Astrock Oy, Finland.
All drilling has been carried out by Pöyry Finland Oy using WL-66 (~NQ2) tubes, resulting in cores of 50,5 mm in diameter. The locations of the drill holes have been surveyed using GNSS-GPS equipment. Azimuth and dip deviations have been measured using the Reflex Maxibor Borehole Survey System.
The preparation and assaying of the sawn half-core samples has been in part carried out at the Endomines laboratory at Pampalo, with the rest sent to the ALS Chemex laboratories in Rosia Montana, Romania and Vancouver, Canada. The preparation of the half- core samples for ALS Chemex was undertaken at the ALS Chemex facility in Outokumpu, Finland.
The sample procedures used were PAL-1000 with FAAS finishing at the Endomines laboratory, and Au-AA26 (50g) at the ALS Chemex laboratory. Any assays with gold grades exceeding 3 g/t were re-assayed using the AU-GRA22 method. All gold grades obtained at the Endomines Pampalo mine site laboratory have been or will be re-checked at the ALS Chemex laboratory.
Normal QA/QC (Quality Assurance/Quality Control) procedures were followed for 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 JORC-code.
This statement has been prepared by Jaakko Liikanen (MSc Geol), who is acting as a Qualified Person in compliance with SveMin-FinnMin rules. Mr Liikanen owns 1 221 556 (1.54%) Endomines AB shares and is employed by the Company as Chief Technical Officer. The data supporting this news release has been included in a Surpac database and has been verified against the original laboratory assay certificates.
A map showing the drill hole locations will be posted on the Company's website at: http://www.endomines.com/depositmap.php
For further information, please contact:
Markus Ekberg, CEO of Endomines AB
tel. +358 40 706 48 50
Or visit the Company's website at www.endomines.com
About Endomines AB
Endomines AB is a Nordic mining and exploration company with its first operating gold mine in production since February 2011. The mine is located in Eastern Finland, on the Karelian Gold Line, a 40 km long gold critical belt, where Endomines controls all currently known gold deposits.
The company has several other gold and industrial mineral properties at various stages of development. All Endomines' mineral assets are located in Finland, which is politically stable, has a highly developed infrastructure and is ranked as one of the most favorable jurisdictions for the mining industry.
Endomines aims to increase shareholder value by developing its strong portfolio of assets, as well as exploring new deposits on the Karelian Gold Line and in Finnish Lapland. The company will also consider new opportunities and acquisitions for further growth.
The company's business practices and mining operations are based on sustainable principles and on minimizing the impact on the environment.
Endomines applies SveMin's & FinnMin's respective rules for reporting (public mining & exploration companies). It has also chosen to report mineral resources and ore reserves according to the JORC-code, which is the internationally accepted Australasian code for reporting ore reserves and mineral resources.
Endomines applies International Financial Reporting Standards (IFRS) as approved by the European Union.
The shares of Endomines AB are quoted on the First North Premier segment in Stockholm under ticker ENDO.ST. Erik Penser Bankaktiebolag acts as Certified Adviser and Liquidity Provider.
Read more about Endomines on www.endomines.com
This news release may contain forward-looking statements, addressing future events and conditions which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include the availability of funds, the timing and content of work programs, results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles, project cost overruns or unanticipated costs and expenses, fluctuations in metal prices, currency fluctuations and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Endomines AB via Thomson Reuters ONE
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Endomines AB via Thomson Reuters ONE
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