Significant new gold deposit discovered in Ilomantsi

A mining company has uncovered a major new gold deposit in eastern Finland, with plans to begin production by 2030, reports national broadcaster Yle.

Endomines, a Finnish mining firm, announced the discovery in Ilomantsi’s Ukkolanvaara area, where exploratory drilling between autumn 2025 and winter 2026 confirmed multiple gold findings. One deposit was located nearly six kilometres from a previously identified site, with three others found in between, indicating a large, continuous mineralised zone.

According to Jani Rautio, technical director of Endomines Finland, the deposit spans approximately seven kilometres—unusually extensive for Finnish conditions. “Gold here occurs in association with iron, a geological feature rare in Finland but more common in Australia and Canada,” Rautio noted.

The company has completed 52 drill holes in the area this year, with further resource estimation drilling underway. Ukkolanvaara is part of the so-called Southern Gold Line, where zoning and environmental impact assessments are currently in progress. Endomines aims to commence mining operations by 2030.

Preliminary estimates suggest the deposit’s gold reserves exceed €500 million in value, based on earlier company reports.