Endomines AB released updated reserves and resources estimates for its Pampalo gold mine in Finland. The update reflects mining depletion as of Dec. 31, 2016, while removing the Hosko and Muurinsuo deposits from reserves due to current gold prices.
Proven and probable reserves contain 14,283 ounces of gold within 192,000 tonnes grading 2.3 g/t of gold, and indicated and inferred resources contain 177,721 ounces of gold within 3.1 million tonnes grading 1.8 g/t of gold.
The JORC-compliant estimate uses various cutoff grades with reserves reported in addition to resources, according to a Jan. 27 statement. The update also incorporates data from 21,000 meters of drilling completed in 2016.
The company noted that nearly all the reserves and resources mined at the underground Pampalo mine in 2016 were replaced by new ore.
"We can certainly be satisfied that new resources Pampalo NW and Pampalonlammit — although modest at this stage — have been discovered and developed during the year 2016," Endomines CEO Markus Ekberg said.