Endomines AB publishes complete exploration results for 2011
(Thomson Reuters ONE) -
The press release can be downloaded from the following link:
Endomines AB publishes complete exploration results for 2011
Endomines AB (the "Company") is pleased to report the final results from the
exploration campaign undertaken during 2011 along the Karelian Gold Line
("KGL"), in the vicinity of the Pampalo mining area, in the Hosko, Rämepuro and
Korvilansuo areas, as well as the Porkonen area in Finnish Lapland. The Karelian
Gold line is a 40 km long gold critical Archean greenstone belt located near
Ilomantsi, Eastern Finland, where Endomines controls all currently known gold
deposits. All the properties drilled are fully owned by Endomines.
The exploration drilling campaign along on the Karelian Gold Line was designed
to extend and verify the previously known gold mineralizations as well as
discovering new targets using low altitude airborne geophysical surveys. The
purpose of the exploration program carried out in on the Porkonen area was to
verify the local bedrock stratigraphy, and only consisted of two holes totaling
686.6 meters.
All the assays from the drilling campaign have now been analyzed. Complete
results are published on the Company web-site:
http://www.endomines.com/depositmap.php. with highlights below.
Pampalo: The results derived from the Pampalo mining area are of significance,
and the mineralized zones will be further explored by surface drilling during
the summer.
Rämepuro: The deposit has yielded drill core intercepts of 10.8 m (at) 3.4 g/t
gold, 5.0m (at) 3.4 g/t gold and 5.4 m (at) 3.4 g/t gold. The results are from a 14-
hole core drill program, totaling 1,294 meters. The drill program was designed
to test the strike and depth extensions of identified mineralized zones outside
the previous open pit design at Rämepuro. These drilling results will be
included in the new revised resource and reserve estimate, which is currently
being prepared by Outotec Oyj. Further exploration drilling will be continued
during the coming summer, and Rämepuro is likely to be the first satellite
deposit for development on the Karelian Gold Line.
Korvilansuo: The first diamond drilling results at the newly discovered
Korvilansuo mineralization have yielded significant gold-bearing intersections,
including a previously reported intersection of 3.1 g/t gold over 28 m (true
width not determined, no top cut has been applied). These drilling results,
together with the geology of the area and previous findings, support the
decision by Endomines to focus its forthcoming main exploration efforts at
Korvilansuo in addition to Rämepuro.
Hosko: The drilling campaign (653.7 m) carried out in 2011 on the Hosko deposit
resulted to intercepts of 17 m (at) 1.7 g/t gold and 3.0 m (at) 2.5 g/t gold. The
program consisting of five drill holes was designed to investigate previously
not-tested potentially mineralized parts along strike and towards the depth of
the gold-bearing zone. In most places, the gold mineralization continues along
predicted levels even if gold grades are not very high. Previous works have
shown that the mineralization at Hosko is often complex and erratic. This style
of mineralization is often referred to as "nuggetty", or possessing a high
nugget effect. It's obvious that further exploration, by using sampling methods
like RC-drilling (reverse circulation) and bulk sampling is needed once the
mineralization has been delineated by core drilling to enable an adequate
estimate of the gold grade at Hosko.
Pampalo NW: Further drilling (895.5 m) at Pampalo NW has yielded drill core
intercepts of 11.5 m (at)2.7 g/t gold and 3.1 m (at)2.6 g/t gold. The gold
mineralization could be followed in all in strike-drilled holes. A new mineral
resource estimate will be available during the summer. An application for mining
license extension to cover the Pampalo NW area has been filed.
"The exploration results from last summer's campaign have confirmed the
significant potential for gold deposits along the Karelian Gold Line", says
Markus Ekberg, Chief Executive of Endomines. "The geophysical aerial surveys
discovered several new drilling targets. The diamond drilling results,
particularly at Korvilansuo, showed some significant gold bearing intersections.
With the final assay results, we are now preparing to start test-production at
Rämepuro in 2013".
For further information, please contact:
Markus Ekberg '
CEO of Endomines AB
tel. +358 40 706 48 50
or visit the Company's website at www.endomines.com
About Endomines AB:
Endomines AB is a Nordic mining and exploration company with its first operating
gold mine in production since February 2011. The mine is located in Eastern
Finland, on the Karelian Gold Line, a 40 km long gold critical belt, where
Endomines controls all currently known gold deposits.
The company has several other gold and industrial mineral properties at various
stages of development. All Endomines' mineral assets are located in Finland,
which is politically stable, has a highly developed infrastructure and is ranked
as one of the most favorable jurisdictions for the mining industry.
Endomines aims to increase shareholder value by developing its strong portfolio
of assets, as well as exploring new deposits on the Karelian Gold Line and in
Finnish Lapland. The company will also consider new opportunities and
acquisitions for further growth.
The company's business practices and mining operations are based on sustainable
principles and on minimizing the impact on the environment.
Endomines applies SveMin's&FinnMin's respective rules for reporting (public
mining & exploration companies). It has also chosen to report mineral resources
and ore reserves according to the JORC-code, which is the internationally
accepted Australasian code for reporting ore reserves and mineral resources.
Endomines applies International Financial Reporting Standards (IFRS) as approved
by the European Union.
The shares of Endomines AB are quoted on the First North Premier segment in
Stockholm under ticker ENDO.ST. Erik Penser Bankaktiebolag acts as Certified
Adviser and Liquidity Provider.
Read more about Endomines on www.endomines.com
-----
This news release may contain forward-looking statements, which address future
events and conditions, which are subject to various risks and uncertainties. The
Company's actual results, programs and financial position could differ
materially from those anticipated in such forward-looking statements as a result
of numerous factors, some of which may be beyond the Company's control. These
factors include: the availability of funds; the timing and content of work
programs; results of exploration activities and development of mineral
properties, the interpretation of drilling results and other geological data,
the uncertainties of resource and reserve estimations, receipt and security of
mineral property titles; project cost overruns or unanticipated costs and
expenses, fluctuations in metal prices; currency fluctuations; and general
market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the
Company's management on the date the statements are made. The assumptions used
in the preparation of such statements, although considered reasonable at the
time of preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
Endomines AB publishes complete exploration results for 2011:
http://hugin.info/138043/R/1605293/508333.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Endomines AB via Thomson Reuters ONE
[HUG#1605293]
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Datum: 24.04.2012 - 03:40 Uhr
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