Endomines completes exploration drilling program at Korvilansuo and reports first drill results

Endomines Finland Ltd – Stock Exchange Release, May 22, 2023, at 17.00 EET

Endomines is pleased to announce the first results from the Korvilansuo exploration drilling program completed on the 15th of May, 2023. The program consisted of thirtyfive (35) diamond drill holes for a total of 5 076.8 m. Assay results have been received for four (4) diamond drill holes for a total of 609.2 m.

Highlights:

• A 5 000 m exploration diamond drilling program completed at Korvilansuo

• The first results include 0.80 m @ 15.1 g/t gold in the drill hole KVS-69 from 80.50 m

• Drilling will continue in the Kuittila area where a 2 000 m program is planned. After Kuittila the exploration drilling continues at Kartitsa and Korvilansuo areas in 2023.

“The company’s exploration activities are progressing according to plan. First phase of Korvilansuo exploration drilling program was completed on schedule, we are currently waiting to receive the final results. Initial results received from the first 609.2 m are seen to present a promising start for Korvilansuo drilling program. Korvilansuo-Kuittila area is seen to be extremely interesting area, where Kuittila’s historical 23000 oz resource forms a solid base for exploration work”, says Kari Vyhtinen, CEO of the company.

The drill holes were targeted to a 1.5 km by 1 km area south-east of the Korvilansuo deposit. The area had multiple untested promising gold anomalies in historical base of till sampling completed by Geological Survey of Finland (GTK) in the 1990’s. Also, some of the historical drill holes in the area with elevated gold intersections have not been followed up earlier. Korvilansuo is located approximately 20 km South of Pampalo.

This was the phase 1 drilling program at Korvilansuo and when all the results are received, the area will be modelled in 3D and the drilling will resume at Korvilansuo at the end of 2023. Further exploration is planned along the structure extending from Korvilansuo, towards South East, to the Kuittila gold deposit. The size of the exploration target area is approximately 3 km by 1 km.  Drilling is continuing in the Kuittila area where a 2 000 m drilling program is planned.

The first most interesting drill intersections are presented in Table 1 and locations of the drill holes completed in 2023 are presented in the map (Figure 1). Assays from a further 31 drill holes will be received in the coming weeks.

 Table 1 - Diamond drilling results 2023 from Korvilansuo, Karelian Gold Line, Finland

Note: A lower cut-off of 0.4 g/tonne Au and a maximum 2m internal dilution was used for reporting. No upper cut-off grade was applied, and all figures rounded up. True widths are not yet determined.

Figure 1 - Location of drill holes completed in 2023 at Korvilansuo, Karelian Gold Line.

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 Pampalo mine has produced 190,000 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 completed with SPT GyroMaster survey tool. All core has been oriented with SPT CoreMaster 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 by Palsatech Oy in Kemi. Samples were sent to CRS' laboratory in Kempele for preparation (code PRP-926) and then sent to MS Analytical laboratory in Langley, Canada, where samples were analyzed 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.

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 and owns 2 000 shares in Endomines.

Endomines Finland Plc

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

About Endomines

Endomines is a mining and exploration company with its primary focus on gold. Endomines is engaged in mining operations at the Pampalo mine in Ilomantsi, and in exploration activities along the Karelian Gold Line in Eastern Finland. Endomines also owns rights to several gold deposits in Idaho and Montana, US, where Endomines aims to continue the development work through partnership agreements. www.endomines.com