Endomines AB: New gold lodes discovered at Pampalo
STOCKHOLM, Sweden--(BUSINESS WIRE)--Regulatory News:
Endomines reports the results of the exploration drilling programme which has been completed at the Pampalo Gold mine mining concession area in 2013, in Ilomantsi municipality, in Eastern Finland.
The results include robust and encouraging intersections of gold bearing zones from the area north of the Pampalo open pits (P-299 31,6 m @2,6 g/t gold, P-306 11,0 m @2,4 g/t gold, P-312 10,0 m @2,3 g/t gold, P-319 8,7 m @ 3,1 g/t gold and P-322 6 m @4,1 g/t gold).
The mineral rights of the Pampalo mining area are fully owned by the Company.
The drillings have identified two previously unknown lode structures with significant grades. The eastern mineralisation is called the Lietoja-zone and the western mineralisation is called the D-zone. These new discoveries are the result of detailed drilling, structural investigation and surface mapping and do establish a new structural/gold-mineralisation model for the broader area of Pampalo. The results of the drillings together with images of the preliminary interpretation are published on the Company’s website.
The upper part of the Lietoja zone is located within the planned Pampalo East pit. The mineralization continues at least 120 m down dip. The D zone continues at least 80 m down dip. At the Pampalo mine mine the gold occurs within three zones that have been investigated by means of detailed diamond drilling down to approximately 550 m depth. Exploration drilling further down indicates that the mineralization continues to at least 700 m depth.
Results include all assays received until the 31st of January 2014. Totally 1,916 meters, 994 samples have been drilled and so far results from 558 samples have been received.
"These results are in accordance with what we have been expecting. We have been quite confident that there are more gold mineralisations in the Pampalo area that will strengthen the future development of the operations. The recently established structural model may yield additional resources and reserves at Pampalo and prolong the life expectancy of the mine", comments Markus Ekberg, CEO of Endomines.
Assay results and technical parameters of all presented holes can be found on Endomines website,
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’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 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.
The shares of Endomines AB are quoted on NASDAQ OMX Stockholm under ticker ENDO and on NASDAQ OMX Helsinki under ticker ENDOM. Pareto Öhman acts as Liquidity Provider.
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 discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication at 08:45 CET on February 17th, 2014.
This information was brought to you by Cision http://news.cision.com