Ore reserves and mineral resources
As of December 31, 2024, the Pampalo mine and the surrounding Karelian Gold Line are estimated to contain 492,800 ounces of gold, representing an increase of 59 % or 182,500 ounces compared to the 2024 resource estimate. The total resource of the Karelian Gold Line consists of 268,000 ounces of Southern Gold Line, 122,700 from Pampalo, 54,200 from Hosko and 47,100 from other deposits. Updated mineral resources also include ore reserves.
Total Ore Reserves of the Pampalo Mine
The updated ore reserve estimate for the Pampalo Mine (underground mine and open pit), as of December 31, 2024, includes total ore reserves of 588 000 tonnes with a grade of of 2.46 g/t, containing 46,600 ounces. The ore reserves increased by 68.5 % in tonnes and 44.7 % in ounces compared to the previous year’s estimate.
Ore Reserves and Mineral Resources of the Pampalo Underground Mine
The Pampalo Underground Mine has proven ore reserves of 274,000 tonnes with a grade of 2.95 g/t, containing 26,000 ounces of gold, and probable ore reserves of 129,000 tonnes with a grade of 3.56 g/t, containing 14,800 ounces of gold.
The majority of the increase in ore reserves comes from the underground drilling program carried out in 2024, which drilled a total of 47 drill holes with a total length of 4,872 meters in the planned mining area between levels 875 and 955, as well as in the deeper extensions of the deposit. The result was several high-grade intersections, which have now been included in the updated estimate.
In addition to the ore reserves, the Pampalo deposit has reported inferred mineral resources of 183,000 tonnes with a grade of 5.44 g/t, containing 32,000 ounces of gold. These resources are located below the reported ore reserves. The Pampalo deposit remains open at depth.
Ore Reserves and Mineral Resources of the Pampalo Open Pit
The updated ore reserve estimate for the Pampalo Open Pit includes probable ore reserves of 185,000 tonnes with a grade of 0.98 g/t, containing 5,800 ounces of gold. Additionally, the open pit has reported inferred mineral resources of 488,000 tonnes with a grade of 1.52 g/t, containing 23,800 ounces of gold.
The ore lenses mined in the Pampalo Open Pit remain open to the northwest and at depth.
Mineral Resources of the Karelian Gold Line
The Korvilansuo and Kuittila deposits, located on the Southern Gold Line, were the focus of exploration and definition drilling during 2024, and high-grade intersections were reported from both. These intersections are included in the updated mineral resource estimates.
The updated mineral resource estimate for Korvilansuo includes inferred resources of 2,727,000 tonnes with a grade of 1.58 g/t, containing 138,000 ounces of gold. The resources increased by 107 % in ounces compared to the previous estimate.
The updated mineral resource estimate for Kuittila includes inferred resources of 2,211,000 tonnes with a grade of 1,37 g/t, containing 97,490 ounces of gold. The resources increased by 98 % in ounces compared to the previous estimate.
The Hosko deposit on the Northern Gold Line was the focus of definition drilling during 2024. The updated mineral resource estimate for Hosko includes indicated resources of 98,000 tonnes with a grade of 3.08 g/t, containing 9,700 ounces of gold, and inferred resources of 945,000 tonnes with a grade of 1.46 g/t, containing 44,500 ounces of gold. The total resources in the Hosko area increased by 49 % in ounces compared to the previous estimate.
The mineral resources of the Rämepuro satellite mine were updated in 2023. The mineral resource estimate for Rämepuro includes measured resources of 23,000 tonnes with a grade of 2.66 g/t, containing 1,900 ounces of gold, indicated mineral resources of 412,000 tonnes with a grade of 1.53 g/t, containing 20,200 ounces of gold, and inferred mineral resources of 381,000 tonnes with a grade of 1.35 g/t, containing 16,500 ounces of gold. The Rämepuro satellite mine is currently not in operation.
The ore reserve and mineral resource estimates for the Pampalo Mine and the Karelian Gold Line have been prepared in accordance with the Australian Code for Reporting of Mineral Resources and Ore Reserves, JORC 2012 (Joint Ore Reserve Committee).
Mineral Resources of Gold Deposits in the United States
Endomines owns the rights to seven gold deposits in the United States. Five of the deposits are located in Idaho and two in Montana. In 2024, there were no changes to the reported mineral resources of these deposits.
In Idaho, the mineral resources of the Friday Mine and Buffalo Gulch deposit are classified according to the standards of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM). The mineral resources for the Deadwood, Rescue, and Kimberly exploration projects are classified as historical, as they were determined before the current standards came into effect.
In Montana, the US Grant Mine has defined gold resources of 165,700 ounces and silver resources of 4.47 million ounces in 346,000 tonnes of mineralized rock. The Kearsarge deposit has total resources of 380,700 ounces of gold in 4.1 million tonnes of mineralized rock. The mineral resources for the US Grant and Kearsarge deposits are also classified as historical, as they were determined before the current standards came into effect.
The US Grant and Kearsarge deposits contribute 546,400 ounces of gold and 4.47 million ounces of silver to Endomines’ historical resources. Additionally, they offer significant potential for discovering additional resources in the area through exploration.
