Inside information: Endomines reports significant finding from Karelian Gold line exploration

Endomines Finland Ltd, Inside information, July 24, 2023, at 09.00 EEST

Inside information: Endomines reports significant finding from Karelian Gold line exploration

Endomines has made a significant finding of mineralization zone from the Kuittila area in the Karelian Gold line. The findings concern drill hole KT-007 which intercepted 18.0 m at 5.0 g/t gold, 173.6 g/t silver, 1.2 % lead and 0.8 % zinc, 0.1 % copper and 0.02 % molybdenum.

Highlights of the KT-007 drill hole results:

• 18.00 m @ 5.0 g/t gold, 173.6 g/t silver, 1.2 % lead, 0.8 zinc, 0.1 % copper and 0.02 % molybdenum
  • Including 4.3 m @ 12.2 g/t gold, 413.4 g/t silver, 3.2 % lead, 2.1 % zinc, 0.3 % copper and 0.01 % molybdenum
  • Including 1.2 m 19.8 g/t gold, 481.0 g/t silver, 4.5 % lead, 1.7 % zinc, 0.2 % copper and 0.02 % molybdenum
• Drill hole intercepted the mineralization from 12.9 m to 30.9 m, approximately 10 vertical meters from the surface
• Endomines has decided to extend the planned 2000 m Kuittila drilling program to further define the mineralization in the area.

“Our exploration team hit a bullseye. We have not seen this kind of mineralization in the strategically relevant Karelian Gold line before. On top of the very high gold grade, the area contained extremely high grade of silver, significant grades of lead, zinc and molybdenum and even promising grade of copper. The mineralization is located close to surface level which makes it easier to perform additional investigations and hence expedites the possible start of the production in the area” says Kari Vyhtinen, CEO of the company, and continues, “This further strengthens our vision that the exploration potential at Karelian Gold line is huge. Kuittila’s historical 23000 oz resource forms a solid base for exploration work. Still the area has not been properly investigated for over 20 years. Now we will continue our activities to further define what we have found and to investigate what else can be interesting in the area”, says Vyhtinen.

Endomines is currently working on defining the geometry of this multi-metal mineralisation. The possible down-plunge continuity of this intercept represents a significant exploration potential that will be investigated during the coming weeks.

The Kuittila gold deposit was discovered by GTK in 1984. There are no significant silver-zinc-lead-copper results reported from any of the historical drill holes. The highest grade historical gold intersection from Kuittila is in the drill hole M424486R309 that has an intersection of 1.0 m at 19.4 g/t gold. Kuittila has a historical mineral resource of 275 000 tonnes at 2.6 g/t gold, totaling 23 000 oz (GTK 1989). Kuittila is located 25 km south of Pampalo.

Significant intercept from the multi-element assay results for the drill hole KT-007 are shown in table 1 and the location of the hole in figure 1.

Table 1 - Diamond drilling results 2023 from Kuittila, Karelian Gold Line, Finland

Note: A lower cut-off of 0.4 g/tonne Au and a maximum 2m internal dilution was used for reporting. No upper cut-off grade was applied, and all figures rounded up. True widths are not yet determined. The interval at 12.9 - 30.9 m includes 1.05 m of core loss from 22.05 m which was attributed a grade of 0 g/t Au, 0 g/t Ag, 0% Pb, 0% Zn.

Figure 1 - Location map of the current planned drillholes collars in relation to existing holes prior to 2023 drilling campaign and gold concentration in base of till at Kuittila, Karelian Gold Line

Karelian Gold Line

The Karelian Gold Line is 40-kilometer-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. 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 KDC Oy, using WL-66 tubes, resulting in core of 50.5 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 SPT GyroMaster survey tool. All core has been oriented with SPT CoreMaster 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 the 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-analysed with FAS-415 silver, zinc, and lead above IMS-230 upper detection limits were re-assayed with respectively ICF-6Ag, ICF-6Zn, ICF-6Pb.

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 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.

Endomines Finland Plc

For further information, please contact:

Kari Vyhtinen, CEO, kari.vyhtinen@endomines.com, +358 40 585 0050

Jani Rautio, Head Geologist, jani.rautio@endomines.com, +358 50 593 0812

About Endomines

Endomines is a mining and exploration company with its primary focus on gold. Endomines is engaged in mining operations at the Pampalo mine in Ilomantsi, and in exploration activities along the Karelian Gold Line in Eastern Finland. Endomines also owns rights to several gold deposits in Idaho and Montana, US, where Endomines aims to continue the development work through partnership agreements. www.endomines.com