Monta­na: A Land of Many Oppor­tu­ni­ties

At its core, Endomines is a Finnish company with deep roots in the bedrock of Ilomantsi. While the company’s growth strategy is centered on the exceptional potential of the Karelian Gold Line, Endomines also owns a number of intriguing gold assets on the other side of the Atlantic, in the spectacular mountain landscapes of Montana and Idaho.

The rise in gold prices has increased interest in re-evaluating historical deposits, making the opportunities in Montana particularly timely. For this reason, the Endomines team recently visited Montana to take a closer look at the Kearsarge and US Grant properties.

“Our growth will come from Finland, but before we make decisions on how to move forward, we need to better understand the true potential of these assets. The Montana deposits have seen relatively limited exploration, and if further studies were to uncover something significant, they could also contribute to our long-term growth opportunities,” says Kari Vyhtinen, CEO of Endomines.

Montana’s Gold Heritage Continues to Spark Interest

Endomines’ assets in Montana are located in a region with an exceptionally rich gold mining history. The nearby town of Virginia City rose to prominence during the gold rush of the 1860s and became one of the most significant gold-producing areas in North America.

Stories of remarkable gold discoveries from those gold rush years have endured through the generations. According to one account, a prospector found a gold nugget as large as a tennis ball in the area.

Although the most famous discoveries were made more than a century ago, advances in geological understanding, analytical methods, and exploration technology now allow historic mineral occurrences to be evaluated from an entirely new perspective. As a result, these historic gold districts continue to attract interest today.

“A hundred years ago, exploration focused on what could be seen at the surface. Today, we have a much deeper understanding of geological structures and can assess large-scale mineral systems in a completely different way,” says Loïc Salesses, Exploration Manager at Endomines.

Kearsarge May Hold Significant Potential

Among Endomines’ Montana assets, Kearsarge is currently attracting the greatest interest. It is a relatively large target, with multiple parallel gold bearing zones extending for approximately two kilometers in length and up to 50 m in place.

Geologically, the Kearsarge deposit is situated within a major shear zone, where the bedrock has undergone extensive alteration and deformation. Such structures can host gold within large volumes of rock, making them particularly attractive from both exploration and mining perspectives.

The area is also known for high-grade gold veins, as illustrated by the stories of exceptionally large gold nuggets. From an economic standpoint, however, the greatest interest lies in the extensive mineralized rock mass.

“In the past the mining focused on following individual quartz veins. However, if I pick a rock in Kearsarge I can see that the alteration and deformation of the rock mass extend for tens of meters. This is typical of a much larger system. That is exactly what we are investigating at Kearsarge,” Salesses explains.

If future geological studies confirm current assumptions and permitting conditions prove favorable, Kearsarge could develop into a significant gold project for the region.

US Grant Offers Synergies and Silver Potential

Kearsarge’s attractiveness is further enhanced by its proximity to the US Grant mining area. In addition to gold, US Grant hosts substantial silver mineralization, adding to the property’s overall potential.

The site also includes a historic processing plant that could potentially support the future development of both projects.

“The high gold price has changed the way assets like these are evaluated. What is now worth investigating is a much larger opportunity than what was previously considered realistic,” Vyhtinen says.

What Comes Next?

Endomines holds an option to acquire ownership of Kearsarge. Before making any decisions, however, additional information is needed.

The company is currently evaluating the possibility of launching a roughly 3,000-meter drilling program next year. The objective would be to better define the size, grade and economic potential of the deposit. At the same time, the program would also investigate the presence of minerals other than gold.

“Historical exploration has focused primarily on gold. We now want to assess the occurrence of minerals such as antimony and tungsten as well. If significant quantities were identified, they could represent highly attractive additional potential,” Vyhtinen says.

A decision on whether to proceed with a drilling program is expected during the second half of 2026.

Keeping All Options Open

No decisions have yet been made regarding the future of the Montana assets. Several alternatives remain under consideration. Endomines may:

• continue developing the projects independently
• seek a joint venture partner
• divest part of its ownership or sell the assets entirely

As we evaluate different options, we remain guided by the principle that Endomines’ growth platform is in Finland and along the Karelian Gold Line. Any future plans must ensure that our strategic focus remains firmly in Finland,” Vyhtinen concludes.

Fact Box

• Endomines holds rights to two gold projects in Idaho and two in Montana.
• In Idaho, the company manages the Rescue and Kimberly properties. In Montana, Endomines’ assets are located at US Grant and Kearsarge.
• At US Grant, the company owns a small underground mine and a processing plant. The area also benefits from a valid Small Miner Exclusion Statement (SMES), which allows small-scale mining operations at US Grant.