The Finnish mining company Endomines Finland has identified significant gold resources in the northern part of Ilomantsi in eastern Finland. An initial estimate indicates that the Kartitsa deposit could contain gold worth more than €500 million at current market prices.
The discovery is located about 20 kilometres north of the Pampalo gold mine, where Endomines has operated a gold mining project since 2011. The company first identified gold mineralisation at Kartitsa in 2022 and has now published its first official resource estimate for the area.
More than 3,800 kilograms of gold
According to Endomines, the deposit contains approximately 2.5 million tonnes of potential mineral resources. These are estimated to include around 124,000 ounces of gold, equivalent to more than 3,800 kilograms.
At current gold prices, the resource would be valued at more than €550 million.
The estimate is based on 45 drill holes with a combined drilling length of roughly 11 kilometres. The drilling results indicate that the mineralisation forms part of the so-called Karelian Gold Line in Ilomantsi.
– The gold mineralisation extends beyond the area covered by the current resource estimate, Endomines CEO Kari Vyhtinen said, according to information released by the company.
For that reason, Endomines plans to continue exploration activities in the area during the year.
Part of a 40-kilometre gold belt
Kartitsa is located in the northern section of the Karelian Gold Line, a geological structure roughly 40 kilometres long that hosts several known gold occurrences.
The most prominent of these is Pampalo, where Endomines operates one of Finland’s few active gold mines. The mine has been in operation since 2011 and serves as the core of the company’s activities in the region.
Endomines is expected to publish an updated resource estimate for the entire Ilomantsi gold belt later in March.
At the end of 2024, the company estimated that the Pampalo mine and nearby deposits together contained around 493,000 ounces of gold.
Rising gold prices boost project value
Gold is widely regarded as a strategic metal during periods of economic uncertainty and geopolitical tension. Strong demand from investors and central banks has contributed to record-high prices on global markets in recent years.
At current price levels, the estimated gold resources at Pampalo and along the surrounding gold belt would be worth nearly $2.6 billion, equivalent to around €2.2 billion.
However, exploration and mining projects in northern Europe often face lengthy permitting procedures and environmental reviews. Such regulatory processes can affect how quickly new deposits are developed into producing mines.
For Endomines, the Kartitsa discovery could nevertheless become an important addition to its operations in Ilomantsi if further exploration confirms the full potential of the deposit.
Source: Yle
Fact check:
Finland is one of Europe’s key regions for gold exploration. The country’s geological structure, particularly in Karelia and Lapland, hosts several gold belts where smaller but economically viable deposits have been discovered over recent decades. The Pampalo mine in Ilomantsi remains one of the few active gold mines in Finland.
