5 Licences in Karelia

The target is a composite of 5 licensed fields covering over 3200 square km – Kostomuksha, Vugozerskoe, Semcha, Khelula and Taloveis with combined inferred gold resources of 273 tons (9.75 million ounces). There are 5 licenses 4 license are 5 year exploration for 4 sites and additional license is 25 year extraction license for a site with proven reserves(Russian category). 17 gold occurrences have been discovered with gold content ranging from 2.5 to 25 g/tone. The sites represent two main metallogenic epochs with associated gold mineralisation: Neoarchean (2.8-2.5 Ga), represented by the Lopiy greenstone belts, Paleoproterozoic (1.9-1.8 Ga), represented by Paeleoproterozoic greenstone belts and svecofennides. The most common genetic types of gold deposit found within the Fennoscandian Shield are: Orogenic mesothermal, Intrusion-related, VMS, Epithermal.
Around 500 tons of gold has been extracted throughout the history of gold mining on the Fennoscandian Shield, including from Sweden - 400t, Finland - 100 tones, Norway - 20 t, and Karelia - 150 kg. The resources of gold (P1 - Russian category) are estimated to be 1500 tons, from which 1000 is located within Sweden, Finland and Norway.
During recent years in Finland, 150 gold occurrences have been discovered, with the most well known of them being Pampala, having resources of 8.2 tons of gold with an average grade of 7.8 g/t. Recently Suurikuusikko occurrence has been discovered with resources of 200 tone, currently been developed by a Canadian company. Suurikuusikko is the biggest gold deposit in Europe and is sharing same geology with our licensed sites as well as close physical proximity.
There are no currently working gold mines Karelia. However, analyses of the geological information and a comparison of the main geological features with analogous structures allow the consideration of the region to be prospective for the discovery of industrial gold deposits.