A tough estimate of Karelian gold from the Helsinki Stock Exchange – the share is tilted

Mining- And Endomines, an exploration company, again tells about a significant gold find in Karelia. This time the finding concerns the Korvilansuo area in Ilomantsi, North Karelia.

According to the company, Korvilansuo is currently estimated to have more than 2.7 million tonnes of any mineral reserves. The gold content of reserves is 1.58 grams per tonne.

In general, gold content is considered significant in the mining industry if the concentration is more than 1 gram of gold per tonne.

According to the company, Korvilansuo would have 138,800 ounces in total. According to a recent estimate, there is more than twice the number of gold in the area compared to the estimate last year. Until last year, the company estimates that there would be about 67,200 ounces in gold in the area.

The ounce is a unit used in the gold trade. One ounce is about 31 grams. The market price of gold has risen to a record high and on Friday morning the price was over $ 2,920.

After the news, the company’s share started to rise. At noon, the share was more than 7 % increasing.

Korvilansuo Located on the so -called southern gold line. In addition to Korvilansuo, the line includes the deposits of Kuittila and Muurinsuo. The company estimates that the entire line has about 270,000 ounces.

Endomines CEO Kari Vyhtinen says in the bulletin that he is very pleased with the discovery.

“We have now implemented a large -scale exploration of two full years, and in this time, Korvilansuo’s gold reserve has grown from 16,500 ounces to 138,800 ounces, or 740 percent,” says Vyhtinen.

The company aims to get the Southern Gold Line area into production in 2030. The company aims to raise its gold production to 70,000-100,000 ounces per year.

Endomines It also says that in the southern gold line you can find volphram and molybdenum in addition to gold. Vungsten can be used in the weapon industry, for example, to make armor steel and to make the battle parts of the bullets that pierce the armor.

“As a result of recent geopolitical events, interest in the Vungsten in the military industry has surprised us,” Vyhtinen says in the release.

“Our goal is to launch the production of Volfram and molybdeen in the Karelian Gold Line.”

Endomines He said in February that he had found references to the new gold zone in Ukkolanvaara in Ilomantsi.

Endomines collected a total of 73 bedrock samples in Ukkolanvaara’s rock exposure. 30 % of these included more than 0.1 grams of gold per tonne.

The highest gold content in the area was 1.75 grams of gold per tonne. It was found in a rock exposure at the north end of a large 25 square kilometer area.

The Endomines stock has been on the rise lately. The company’s share has risen by almost 50 per cent this year alone. Over the past year, the share has risen by more than 100 %.

Correction 7.3. 11:22am: Endomines Gold Mine is located in Ilomantsi, not in Ilmonts.