Endomines discovers a new gold mineralized zone 20 km north from Pampalo

Endomines AB, stock exchange release 01th November 2022 at 13:00 CET

Endomines is pleased to report that it has discovered a new gold mineralized zone 5 km north of Hosko, in the northern part of the Karelian gold line. The Kartitsa drill program consisted of four (4) diamond drill holes for a total of 400.1 m. This was the initial drilling program in the area. The drilling program was a part of the regional exploration campaign started in August 2022.

Highlights:

• Drill hole KA-3 intersected 2.0 m @ 2.7 g/t gold, including 1.0 m @ 4.0 g/t gold
• The Kartitsa area is under-explored; the closest historical drill hole is located 4 km away, near the Hosko deposit
• More exploration drilling is planned to the area and follow-up drill holes along the strike of the discovered gold mineralized zone

” Exploration at the Karelian Gold line is a key part of our new strategy. We were expecting this area to have high exploration potential. I am very pleased to announce that this first, small campaign in Kartitsa area returned positive results. This creates a foundation for our next drilling campaign in the area which can be 5-10 times larger in size. Our plan is to perform large scale exploration drilling during years 2023-2024 and this is one of the key focus areas in our exploration planning” says CEO Kari Vyhtinen.

The drilled holes were testing the contact zone between the Kartitsa granite intrusion and the surrounding schist belt (Figure 1). In addition to the highlighted drill intersection broad gold mineralized zones (> 0.1 g/t) were detected in drill holes. The host rocks of the mineralization are weakly foliated granite and altered felsic volcanic rock. Gold seems to be associated with disseminated pyrite and occasional pyrite stringers.

Further exploration is planned along the contact zone of the Kartitsa granite intrusion and the structure continuing northwards of the Hosko deposit. The size of the exploration target area is approximately 5 km by 5 km.

The most interesting new drill intersections from exploration drilling are presented in the figure below and complete drill results area presented in Table 1.

Figure 1 - Location of new drill holes at Kartitsa, Karelian Gold Line

Table 1 - Diamond core drilling results 2022 from Kartitsa at Karelian Gold Line, Finland

Note: A lower cut-off of 0.2 g/tonne Au has used for reporting. No upper cut-off grade was applied. True widths are not yet determined.

The exploration results presented here confirm the high exploration potential of the Karelian Gold Line and especially highlight the possibility of finding new gold mineralizations in the area.

The exploration drilling program concentrating on targets along the Karelian Gold Line was started in August. Total amount of the planned drilling is approximately 4 000m for the year 2022. The rig is currently in the Pampalo mine area drilling the possible extensions of the Pampalo East deposit. Other exploration targets in 2022 are Pampalonlammit and Rämepuro. The Korvilansuo exploration program testing several historical geochemical till anomalies and following drill intersections from 1980's and 1990's is planned for early 2023.

In Pampalo one underground drill rig is drilling infill drill holes to the area between the 815 and 875 mine levels. The drilling program consisting of 4,000 meters is progressing as planned. To date approximately 1200 meters has been drilled, and the program is expected to be finished by the end of the year. The results of the drilling program will be used in updating the resource estimate and the mine plan accordingly.

Karelian Gold Line

The Karelian Gold Line is 40-kilometer-long, a gold prospective portion of the Ilomantsi greenstone belt located in Eastern Finland approximately 500 kilometers northeast of Helsinki. The area hosts several gold deposits, the largest known being Pampalo. The mine has produced 180,000 ounces of gold at an average grade of 3.6 g/t.  Endomines controls 100% of the exploration rights covering over 100 km2 across the Karelian Gold Line.

Drilling technical

All surface drilling has been carried out by KDC Oy, using WL-66 tubes, resulting in core of 50.5 mm in diameter. Drill hole locations, start azimuths and -dips have been surveyed by using mine survey equipment. Downhole survey of bearing and dip deviations have been done by using Reflex Gyro survey tool. All core has been oriented with Reflex ACT equipment.

Assay and QA/QC procedures

The drill cores have been logged by Endomines own personnel. The drill cores have been cut in half before preparation and assaying. The preparation and assaying of the core samples have been carried out at Endomines laboratory in Pampalo, Finland or at the CRS Minlab Oy in Kempele, Finland. The sample procedure used at the laboratory was MPC's PAL1000 PULVERISE AND LEACH machine with AAS finishing. The used sample size was 500 g of crushed core. Check-up samples will be sent to an outside laboratory for testing gold with Fire Assay method.

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.

Competent Person

This statement has been controlled 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.

For further information, please contact:

Kari Vyhtinen, CEO, kari.vyhtinen@endomines.com, +358 40 585 0050

Jani Rautio, Head Geologist, jani.rautio@endomines.com, +358 50 593 0812

The information was submitted for publication, through the agency of the contact persons set out above, at 13:00 CET on 01 November 2022.

About Endomines

Endomines is a mining and exploration company with its primary focus on gold. The Company operates a gold mine in Pampalo, Finland and performs exploration activities along the Karelian Gold Line in Eastern Finland. Endomines also holds rights to several gold assets in the USA where the company aims to continue development activities through partnership agreements.

The shares trade on Nasdaq Stockholm (ENDO) and Nasdaq Helsinki (ENDOM).

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