Announcement • Jun 17
Endomines Finland Plc Reports New Exploration Results from Ukkolanvaara at Southern Gold Line
Endomines Finland Plc reported new exploration results from Ukkolanvaara at the Southern Gold Line. The results and geological observations provide a comprehensive picture of a shallow, thick, and gold-rich deposit. The results obtained are industry-leading and exceptional both on the Karelian Gold Line and across Finland. The results support Endomines’ view of Ukkolanvaara as a cornerstone of the company’s future growth. The company estimates that one of its planned new mines will be located at Ukkolanvaara as part of its long-term expansion strategy. The objective is to commence production in the area around 2030, subject to the obtaining of the necessary permits. Based on the results of the ongoing resource drilling program, the company confirms its view that the UKKO deposit, discovered in 2025, is of world-class potential – Drilling results of this kind are exceptional within the Karelian Gold Line and in Finland. Drilling targeting the northwestern extension of the UKKO deposit has consistently returned thick, well mineralized intercepts: drill holes UKKO-056, UKKO-057, UKKO-058, UKKO-063, UKKO-066 and UKKO-068 have intersected thick, gold-bearing and strongly altered iron formation. Particularly significant results were obtained from drill holes UKKO-068 and UKKO-058. Drill hole UKKO-068 intersected a 49.35-metre-long zone with an average grade of 2.10 grams of gold per tonne. A similar 47.95-metre zone with an average grade of 1.98 grams of gold per tonne was intersected in drill hole UKKO-058. Shallow zones of such a wide thickness and robust grade have not previously been reported on the Karelian Gold Line exploration. In addition, drill holes west of UKKO-056 and UKKO-058 intersected similarly altered iron formation with scattered visible gold grains, indicating that gold mineralization continues also at depth. The results from the 2026 resource drilling campaign will support the calculation of a maiden resource estimate for the UKKO deposit in the second half of 2026. New highlights from the results of the Ukko drilling program: Drill hole UKKO-068 intersected 49.35 m @ 2.10 g/t gold from 116.25 m, including 1.10 m @ 4.83 g/t gold from 132.60 m, 0.80 m @ 8.69 g/t gold from 135.60 m, 3.70 m @ 4.37 g/t gold from 139.30 m, 2.30 m @ 4.80 g/t gold from 147.90 m, 5.80 m @ 4.37 g/t gold from 159.80 m, and 1.00 m @ 9.13 g/t gold from 162.00 m. Drill hole UKKO-058 intersected 47.95 m @ 1.98 g/t gold from 106.50 m, including 4.30 m @ 3.99 g/t gold from 114.50 m, 13.75 m @ 4.02 g/t gold from 135.65 m, 5.45 m @ 8.55 g/t gold from 135.65 m, and 1.20 m @ 4.73 g/t gold from 153.25 m. Drill hole UKKO-057 intersected 51.70 m @ 1.47 g/t gold from 18.00 m, including 5.05 m @ 3.05 g/t gold from 22.90 m, 1.70 m @ 3.88 g/t gold from 33.65 m, 11.70 m @ 3.21 g/t gold from 58.00 m, and 1.90 m @ 8.40 g/t gold from 66.15 m. Drill hole UKKO-063 intersected 28.00 m @ 1.98 g/t gold from 88.65 m, including 4.15 m @ 4.01 g/t gold from 88.95 m, 3.75 m @ 4.57 g/t gold from 95.00 m, and 0.90 m @ 4.79 g/t gold from 110.30 m. Drill hole UKKO-066 intersected 38.50 m @ 1.31 g/t gold from 26.25 m, including 2.65 m @ 3.72 g/t gold from 26.25 m, 1.00 m @ 2.63 g/t gold from 33.70 m, 1.15 m @ 3.82 g/t gold from 49.30 m, 2.00 m @ 4.11 g/t gold from 57.70 m, and 0.90 m @ 4.17 g/t gold from 61.50 m. The significant drill intersections from the Ukkolanvaara drilling program are presented in Attachment 1, and the location of the exploration drill holes are presented in Attachment 2. In 2026, 65 holes with a total length of 15,495 meters have been drilled in Ukkolanvaara. Drilling is still ongoing, and the analysis results for 38 drill holes are pending. Due to its significant potential, the Ukkolanvaara area is now the company's primary exploration target for the 2026 drilling, geophysical surveys, and geological mapping campaigns. A resource estimate for the deposit is planned for late 2026 or early 2027. The most intense gold mineralization has been observed within tightly folded iron formation (BIF, Banded Iron Formation) where pyrrhotite replaces magnetite bands. The alteration halo around the gold mineralization includes chlorite, carbonates, garnets, grunerite and iron sulphides, chiefly pyrrhotite. In 2026, visible gold grains have been observed in 41 out of 65 drill holes at Ukkolanvaara. All surface drilling has been carried out by MK Core Drilling Oy, using WL-76 tubes, resulting in a core of 57.5 mm in diameter. Drill hole locations will be surveyed after completion of the drilling program. A downhole survey of bearing and dip deviations has been completed with the DeviFlex survey tool. All cores have been oriented with the Reflex ACT3 equipment. The drill cores have been logged by Endomines’ own personnel. The drill cores have been cut in half by Palsatech Oy, prior to the shipping to CRS’ laboratory in Kempele. The samples were prepared (code PRP-929) and analysed at MS Analytical laboratory in Canada, 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. This statement has been prepared and approved 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 9,624 shares in Endomines.
