Ad hoc-Mitteilungen

Endomines intersects 3.1 g/t gold over 28 meters: confirms potential of the Karelian Gold Line

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

Press Release PDF






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


HUG#1572314

Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.