Drill hole UKKO-001 intersected 30.95 m at 3.28 g/t gold from 45.55 m
Including 9.35 m at 7.08 g/t gold from 48.45 m
Drill hole UKKO-001 intersected 20.00 m at 1.60 g/t gold from 16.20 m
Including 1.75 m at 5.52 g/t gold from 18.95 m
Including 3.05 m at 4.07 g/t gold from 26.90 m
Drill hole UKKO-001 intersected 6.30 m at 2.67 g/t gold from 3.35 m
Including 1.20 m at 9.90 g/t gold from 5.00 m
“An excellent result was achieved with the very first drill hole. This result confirms the high gold potential of the Ukko deposit at Ukkolanvaara. Three such high-grade gold zones in the same drill hole are something we have never seen before in exploration. The plan was to conduct only a three-to-four-week exploration campaign in the area, but we have decided to continue the investigations for the time being. The Ukkolanvaara iron deposit is very extensive in size. Furthermore, observations of visible gold in several drill holes indicate that gold occurs over a wider area in connection with the iron deposit. We believe the gold discovery will prove significant," comments the company’s CEO, Kari Vyhtinen.
Aapeli has published a new company report following the latest gold news.
Endomines reported the first drilling results from its new exploration area in Ukkolanvaara. In our view, the result is among the best, if not the best, from the entire Karelian Gold Line to date, and we see it as having significantly increased the potential of the entire Southern Gold Line. At the same time, it is important to note that the studies in the area are at a very early stage, and mapping the potential will require significantly more research and time. However, with this result, we significantly increased the value of the exploration potential in our sum-of-the-parts model. Due to the increased potential and the company’s continued strong performance, we raise our recommendation to ‘add’ (previously ‘reduce’) and our target price to 19.5 euros (previously 16.2 euros).
At Ukkolanvaara, 12 drill holes with a total length of 2930 meters have currently been drilled. Drilling is still ongoing, and analysis results from other drill holes are awaited.
Could we get clarification on this, @Kari_Vyhtinen, what exactly does this mean? 12 holes drilled, excavations are still ongoing, results are awaited.
Are results from 11 drill holes awaited and drilling continues? Now in addition to these 12? What is the plan? How many holes will be made in total and how many meters?
Didn’t that announcement give the impression that drilling had been done for 3-4 weeks and 12 holes had been made? Visible gold was reported in the announcement in at least four holes. Between 1 and 5, the distance is about 400m when looking at the map, with other visible gold holes then a bit off to the side in that area. If compared to the Pampalo open pit mine, the drilling area roughly corresponds to it. I eagerly await the drilling results to be published soon from the remaining holes. If I have understood correctly, the Ukkolanvaara deposit is close to the surface and richer than the Pampalo open pit area…
The plan is to drill for about 3 more weeks and then take a short break. This means that by the start of the break, approximately 5000-6000 m of drilling will have been completed.
Regarding drilling results, we have usually published results once we have received analyses for about half of the amount, and then again when all analyses have come in. Preliminarily, we have estimated that we will have received analyses for approximately 2500-3000 meters by the end of June / July.
The number of holes is constantly changing in the plans, because we usually continue drilling a hole for as long as the rocks look interesting. It is therefore possible that we have planned a 200-meter hole and continue it up to 300 meters because the drill core suggests that the presence of gold cannot be ruled out.
These are just rough estimates and things can change.
In drilling results, we have generally published results when we have received analyses from about half of the samples, and then again when all analyses have arrived.
Regarding the above, a further supplementary question. Does this mean that you still receive the results from each drill hole individually?
So, in other words, do you send the samples individually for analysis as soon as they have been drilled, meaning the results also arrive individually? And when half of the planned drilling results have arrived, do you then announce the first results?
But in the case of UKKO-001, you only made an exception to this general practice of yours. Is that correct?
Here are Evli’s comments, partly related to Endomines updating its strategy for 2025–2029.
According to Evli, Endomines’ updated strategy is ambitious, but more realistic than the previous one. According to Evli, this is due to the company’s improved financial position, the growth rate of resources, and potential targets along the Karelian Gold Line. The goal of starting mining operations on the Southern Gold Line by 2030 is bold in Evli’s opinion, but Pampalo’s previous development and the progress of permit processes support its realization, according to this analysis firm.
Endomines’ convertible bond conversion progressed again, as the company announced yesterday that it had received a new conversion notice. As a result, approximately EUR 0.2 million will be exchanged for new shares of the company. The conversion price (EUR 3.51 per share) was determined in accordance with the convertible bond agreement from the daily average price calculated using the closing price of the share during the 15 trading days preceding the conversion request date, minus 15%.
As a result of the conversions, Endomines will issue a total of 70,647 new shares (~0.6% of the total number of shares after the registration of the new shares). The conversion now implemented was small in scale, and therefore has no material impact on the overall situation.
And research greetings from the drilling operations…gold veins everywhere and visible gold in drill samples with those readings. Plus, the readings are close to the surface, and costs are lower.
Highlights of Pampalo drilling results:
Drill hole T-1998 intersected 16.3 m at 5.6 g/t gold, including 1.0 m at 20.0 g/t gold from 108.0 m
Drill hole T-2042 intersected 2.9 m at 20.3 g/t gold (10.7 g/t when cut to 20 g/t) from 100.3 m, including 1.1 m at 44.2 g/t gold from 101.2 m
Drill hole T-2061 intersected 5.4 m at 7.0 g/t gold from 58.4 m, including 2.0 m at 16.0 g/t gold from 62.0 m
Drill hole T-2069 intersected 5.9 m at 9.0 g/t gold from 56.6 m, including 1.5 m at 19.7 g/t gold from 57.4 m
Drill hole T-2079 intersected 8.1 m at 5.8 g/t gold from 59.3 m, including 2.5 m at 13.3 g/t gold from 60.4 m
Drill hole T-2080 intersected 7.8 m at 5.7 g/t gold (5.1 g/t when cut to 20 g/t) from 57.2 m, including 1.0 m at 24.9 g/t gold from 59.2 m
Drill hole T-2090 intersected 4.0 m at 9.3 g/t gold (7.3 g/t when cut to 20 g/t) from 71.9 m, including 0.9 m at 29.0 g/t gold from 75.0 m
Here are Aapeli’s comments on Pampalo’s drilling results.
The company announced on Tuesday the results of the Pampalo drilling program conducted in January-June. The drilling program comprised a total of 60 drill holes, with a total length of 5482 meters. The drillings were targeted at an area representing the next 60 vertical meters below the current production area, and for which mining is planned for 2026–2027. The results practically confirmed the potential of the production area, and we also see prerequisites for increasing the area’s ore reserves in connection with the next reserve update. More detailed results of the drilling program can be read here.
00:00 Introduction
00:10 Development in the early part of the year
01:38 Production decrease from the previous quarter
02:34 Cost level
03:53 Power Mining acquisition
05:44 Production guidance
06:40 Increasing production
08:25 Ore drilling results in Pampalo
10:01 Ukkolanvaara deposit
18:20 Other drilling programs for this year
19:28 Investments in exploration
21:14 Bringing deposits into production
24:15 Financial situation
28:23 US assets
Aapeli has made a new company report on Endomines.
Endomines’ H1 operating result reached a record level, and the determined work to develop the company and increase production is starting to bear fruit. However, the result fell slightly short of our forecasts due to reasons related to revenue development. We have not made changes to our operational forecasts, apart from minor cost-side adjustments. However, we once again slightly increased the value of the exploration potential of the Karelian Gold Line (Karjalan kultalinja) in our sum-of-the-parts model, as the company has opened up the potential of the Ukkolanvaara deposit, even though studies in the area are still at a very early stage.
Quoted from the report:
For now, we kept the underlying logic of mineral exploration unchanged, which is based on the company’s goal to define 1.5–2.0 million ounces of gold reserves in the Karelian Gold Line (Karjalan kultalinja) by the end of 2030. With Ukkolanvaara’s large overall potential and promising results, we assume the company will reach the upper end of the range by the end of 2030. In turn, in line with the company’s recent comments, we raised the scale of exploration-related investments to EUR 6-7 million annually.
