To main content
To main content

Gold reser­ves and resources 31.12.2022

Gold reserves and resources at the Pampalo mine and resources along the Karelian Gold Line


Pampalo

The updated ore estimate for Pampalo has a total ore reserve of 321 000 tonnes with a grade of 2.86 g/t gold for 29 400 ounces of gold. The updated ore reserve represents a 99 % increase in tonnes and 60 % increase in ounces when compared to the ore reserve estimate as of 31 December 2021.

The updated ore reserve estimate includes the Pampalo Deep extension area and the Pampalo East open pit. The deep extension area of Pampalo has a proven ore reserve of 219 000 tonnes with a grade of 3.64 g/t gold for 25 600 ounces of gold. Most of the increase in ore reserves comes from the underground drilling programme completed in 2022, where a total of 117 drill holes were drilled in the planned extraction area between levels 815 and 875. This resulted in several high-grade intersections (release 26 August 2022 and 27 February 2023) which are included in the current updated estimate. In addition, 49 990 tonnes of identified ore reserves were verified in the current extraction area between levels 755 and 815.

The Pampalo East open pit was re-started in summer 2022. The mineral resource estimate was updated, and part of the mineral resources were converted into ore reserves based on the open pit optimization results and pit planning. The updated estimate for the Pampalo East pit area has a probable ore reserve of 102,000 tonnes with a grade of 1.17 g/t gold for 3,800 ounces of gold.

In addition to the ore reserves at the Pampalo Deep hole, a potential mineral resource of 117,000 tonnes at a grade of 5.92 g/t, including 22,000 ounces of gold, has been reported. These are located below the reported ore reserves (Pampalo Deep). The Pampalo deposit remains open at depth and the company is planning to continue underground drilling in 2023. An additional inferred mineral resource of 281 000 tonnes with a grade of 1.51 g/t gold for 13 600 ounces of gold has been reported for the East open pit. The East deposit remains open at depth and towards northeast and the company is planning to complete a surface drilling program in Spring 2023 to test further potential of these areas.

Further updates and changes to the other reported mineral resources in the Karelian gold line will be made later as drilling and exploration progresses and are not yet included in this update. For some of the Karelian gold deposits, the update and validation of the reserve estimates is planned for later in 2023.

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 the 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

In October 2020 Endomines completed the purchase of US Grant and Kearsarge gold projects in Montana, USA. The US Grant is a high-grade, underground gold and silver project with a historical resource totalling 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 totalling 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. An update and validation of the US Grant and Kearsarge mineral resource estimates is planned for 2022.

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.

Ore reserves at Karelian Gold Line 31/12/2022

DepositTonnesGrade
Au g/t
OzkgClassificationPrepared by
Pampalo Deep – Underground219 0003,6425 600797ProvenEndomines(1)
Pampalo East – Open pit102 0001,173 800119ProbableEndomines(2)
Pampalo Reserves total321 0002,8629 400917
Grand total321 0002,8629 400917

The mineral resources are additional to the Ore reserves.

Mineral Resources – Karelian Gold Line, Finland 31/12/2022

DepositTonnesGrade
Au g/t
OzkgClassificationPrepared by
Pampalo Resources
Pampalo NW29 0002,452 30071IndicatedEndomines(5)
Pampalo Indicated Total29 0002,452 30071Indicated
Pampalo Deep117 0005,9222 000693InferredEndomines(3)
Pampalo D-zone164 0001,889 900308InferredEndomines(3)
Pampalo East281 0001,5113 600424InferredEndomines(4)
Pampalonlammit103 0001,806 000185InferredEndomines(5)
Pampalo Inferred Total665 0002,4251 5001 610Inferred
Karelian Gold Line Resources
Hosko35 0004,054 500142MeasuredGeoconsulting Parkkinen(6)
Hosko675 0001,1925 800801IndicatedGeoconsulting Parkkinen(6)
Muurinsuo354 0001,9422 100687IndicatedEndomines(7)
Kuivisto East37 0003,203 800118IndicatedMAPTEK(8)
Karelian Measured + Indicated Total1 101 0001,5956 2001 748Measured + Indicated
Hosko240 0000,786 000187InferredGeoconsulting Parkkinen(6)
Rämepuro136 0002,279 900309InferredGeoconsulting Parkkinen(7)
Muurinsuo231 0001,4010 400323InferredEndomines(8)
Kuivisto East145 0001,004 700145InferredMAPTEK(9)
Korvilansuo256 0002,0016 500512InferredOutotec (Finland) Oy(10)
Karelian Inferred Total1 008 0001,4647 5001 476Inferred
Karelian Gold Line Historic Resources
Kuittila275 0002,6023 000715HistoricGeological Survey of Finland (1990)(11)
Karelian Historic Total275 0002,6023 000715Historic
Mineral resources estimated according the JORC-code (except Kuittila), 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 drifting 0% and in stoping 5%.
(2) The opet pit ore reserve estimate is based on pit optimization studies and stope designs. Cut-off grade 0.5 g/t; Wasterock dilution 15%.
(3) Cut-off 1,5 g/t; top cut 10-20 g/t gold
(4) Cut-off 0,5 g/t; top cut 7 g/t gold
(5) Cut-off 0,5 g/t; top cut 10 g/t gold
(6) Cut off 0,5 g/t; top cut 11g/t (low grade domain) or 50 g/t gold (high grade domain)
(7) Cut-off 0,5 g/t, top cut 40 g/t gold
(8) Cut-off 0,5 g/t, top cut 10 g/t gold
(9) Cut-off 0,5 g/t top cut 20 g/t gold
(10) Cut-off 0,5 g/t gold; no top cut
(11) The estimate is historical in nature and not reported in accordance with the JORC Code
Troy ounce = 31.1034768 g
Mineral Resources – Idaho/Montana, USA (status Dec 31 2022)
DepositTonnesGrade
Au g/t
OzkgClassificationPrepared by
Friday Resources
Measured245 0006,8854 2001 686MeasuredHard Rock Consulting(1,2)
Indicated217 0006,1643 0001 337IndicatedHard Rock Consulting(1,2)
Measured + Indicated462 0006,5497 2003 023M+IHard Rock Consulting(1,2)
Inferred296 0004,9146 7001 453InferredHard Rock Consulting
Buffalo Gulch Resources
Measured3 515 0000,5764 8002 016MeasuredHard Rock Consulting(1,3,4)
Indicated3 230 0000,4849 9001 552IndicatedHard Rock Consulting(1,3,4)
Measured + Indicated6 745 0000,53114 7003 568M+IHard Rock Consulting(1,3,4)
Inferred2 128 0000,3825 700799InferredHard Rock Consulting(1,3,4)
Historic Resources
Rescue 67 00021,3545 9801 430HistoricKimberly Mines, (2004)(5)
Kimberly261 00019,18160 9305 005HistoricLaczay, (2010)(5)
Deadwood2 375 0000,7758 6011 823HistoricBEMA Gold Corporation, (1989)(5)
US Grant346 00014,89165 7005 152HistoricMcLeod, (1990)(5)
Kearsarge4 100 0002,98381 00012 218HistoricTransatlantic Mining, (2019)(5)
Historic Total7 149 0003,58812 21125 628(5)

Mineral resources estimated according to the JORC-code (except Kuittila), 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 drifting 0% and in stoping 5%.

(2) The open pit ore reserve estimate is based on pit optimization studies and stope designs. Cut-off grade 0.5 g/t; Wasterock dilution 15%.

(3) Cut-off 1,5 g/t; top cut 10-20 g/t gold

(4) Cut-off 0,5 g/t; top cut 7 g/t gold

(5) Cut-off 0,5 g/t; top cut 10 g/t gold

(6) Cut off 0,5 g/t; top cut 11g/t (low-grade domain) or 50 g/t gold (high-grade domain)

(7) Cut-off 0,5 g/t, top cut 40 g/t gold

(8) Cut-off 0,5 g/t, top cut 10 g/t gold

(9) Cut-off 0,5 g/t top cut 20 g/t gold

(10) Cut-off 0,5 g/t gold; no top cut

(11) The estimate is historical in nature and not reported in accordance with the JORC Code

Troy ounce = 31.1034768 g

Mineral Resources – Idaho/Montana, USA  31/12/ 2022

DepositTonnesGrade
Au g/t
OzkgClassificationPrepared by
Friday Resources
Measured245 0006,8854 2001 686MeasuredHard Rock Consulting(1,2)
Indicated217 0006,1643 0001 337IndicatedHard Rock Consulting(1,2)
Measured + Indicated462 0006,5497 2003 023M+IHard Rock Consulting(1,2)
Inferred296 0004,9146 7001 453InferredHard Rock Consulting
Buffalo Gulch Resources
Measured3 515 0000,5764 8002 016MeasuredHard Rock Consulting(1,3,4)
Indicated3 230 0000,4849 9001 552IndicatedHard Rock Consulting(1,3,4)
Measured + Indicated6 745 0000,53114 7003 568M+IHard Rock Consulting(1,3,4)
Inferred2 128 0000,3825 700799InferredHard Rock Consulting(1,3,4)
Historic Resources
Rescue 67 00021,3545 9801 430HistoricKimberly Mines, (2004)(5)
Kimberly261 00019,18160 9305 005HistoricLaczay, (2010)(5)
Deadwood2 375 0000,7758 6011 823HistoricBEMA Gold Corporation, (1989)(5)
US Grant346 00014,89165 7005 152HistoricMcLeod, (1990)(5)
Kearsarge4 100 0002,98381 00012 218HistoricTransatlantic Mining, (2019)(5)
Historic Total7 149 0003,58812 21125 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.

(4) Mineral Resources captured within the pit shell meet the test of reasonable prospect for economic extraction and can be declared a Mineral Resource. Pit optimization is based on assumed gold price of US$1,300/oz. and mining, processing and G&A costs of US$15.20 per ton processed Metallurgical recoveries for gold are 90%.

(5) 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.

Troy ounce = 31.103

Silver Mineral Resources – Montana, USA 31/12/ 2022

DepositTonnesGrade
Ag g/t
OzkgClassificationPrepared by
US Grant346 0004024 470 000139 033HistoricMcLeod, (1990)(1)
Historic Total346 0004024 470 000139 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.