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Report on explo­ra­tion results from Korvi­lan­suo and Kuitti­la

Results from exploration drilling programs carried out in the summer-autumn 2023 at Korvilansuo and Kuittila, in the Karelian Gold Line. All the assay results from Korvilansuo have now been received and assay results from Kuittila have been received for 17 drill holes (2475 m). Assay results for 16 drill holes (2597 m) from Kuittila are still pending.

Highlights of Korvilansuo

  • Drill hole KVS-66 intersected 15.2 meters at 3.4 g/t gold from 18.6 m, including 1.1 meters at 19.2 g/t gold from 19.7 and 1.0 meters at 15.4 g/t gold from 32.0 m
  • Drill hole KVS-100 intersected 3.8 meters at 8.4 g/t gold from 99.2 m, including 1.1 meters at 20.0 g/t gold from 100.9 m
  • 31 out of 35 drill holes completed in 2023 intersected gold bearing zones with gold grade above the lower cut-off level, 0.4 g/t gold. This indicates that the gold mineralized system in the area is large.

Highlights of Kuittila exploration results for the 17 out of 33 drill holes analyzed

  • Drill hole KT-023 intersected 5.2 meters at 8.3 g/t gold and 0.02 % molybdenum from 134.9 meters, including 1.0 meters at 37.9 g/t gold and 0.02 % molybdenum from 135.7 m. Abundant visible gold observed in drill core.
  • Drill hole KT-021 intersected a multi-metal mineralized zone with 4.4 meters at 2.08 g/t gold, 84.75 g/t silver, 0.01 % molybdenum, 0.67 % zinc, 0.78 % lead and 0.06 % copper
  • Drill hole KT-016 intersected 8.7 meters at 2.3 g/t gold and 0.02 % molybdenum, including 0.8 meters at 14.6 g/t gold and 0.01 % molybdenum

Results of KT-007 and KT-015 have already been reported on July 24, 2023, and September 13, 2023

  • Drill hole KT-007 intersected 18.0 meters at 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 meters at 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 meters 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 KT-015 intersected 9.75 meters at 17.4 g/t gold and 0.12 % molybdenum from 84.95 m

Including 0.9 meters at 157 g/t gold and 0.05 % molybdenum from 92.8 m

  • Drill hole KT-015 also intersected 3.9 meters at 6.7 g/t gold and 0.01 % molybdenum from 38.8 m

Including 1.1 meters at 19.7 g/t gold, 0.01 % molybdenum from 40.8 m

100 % of the drill holes from the Kuittila area that have been analyzed from the current exploration campaign intersected gold bearing zones with gold grade above the lower cut-off level, 0.4 g/t gold. This indicates that the gold mineralized system in the area is large.

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.

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.

Additional information on Korvilansuo

The drill program at Korvilansuo consisted of 35 diamond drill holes for a total of 5 076.8 m. Results of 4 drill holes (609.2 m) were already reported on May 22, 2023, and this release contains results of the remaining 31 drill holes (4467.6 m)

The KVS-66 drill hole was testing possible south-east extensions of the known mineralization. The KVS-100 drill hole was testing a geochemical gold anomaly in base of till sampling, approximately 60 m north-east of the deposit. The other drill holes were targeted to a 1.5 km by 1 km area south-east of the Korvilansuo deposit. The area had several untested promising gold anomalies in historical base of till sampling completed by Geological Survey of Finland (GTK) in the 1990’s. Also, some of the historical drill holes in the area have interesting gold intersections and they have not been followed up earlier.

Altogether, 31 out of 35 drill holes completed in 2023 intersected gold bearing zones with gold grade above the lower cut-off level, 0.4 g/t gold, used in the reporting. This indicates that the gold mineralized system in the area is large and further exploration is planned along the structure continuing south-east from Korvilansuo, towards the Kuittila gold deposit, located 3 kms away.

The drilling database have been updated, a new a resource estimation is being prepared and the resource estimate will be published in due course. The updated estimate will include, in addition to 2023 drilling, 3 900 meters of resource definition drilling from 2013-2015, completed after the previous resource update in 2013 by Outotec (Finland) Oyj.