The Oijärvi Gold Project is an advanced exploration project located approximately 350 kilometers (km) south of Agnico’s Kittilä Mine and 85 km east of the city of Kemi, Finland. On March 22, 2021 EMX and Agnico Eagle Mines Ltd. executed an agreement to sell the Oijärvi gold project in Finland to Gold Line Resources Ltd. (see EMX news release dated March 22, 2021). In February 2024, Gold Line Resources Ltd. completed a merger with Barsele Minerals Corp., which then became First Nordic Metals Corp. in March 2024.

The project is located within an Archean-age greenstone belt (known as the Oijärvi Greenstone Belt), very similar to those found elsewhere in Finland and in the Canadian Shield. The project contains several zones of gold mineralization highlighted by the drill-defined Kylmäkangas deposit, with its historical inferred mineral resource. The Kylmäkangas zone remains open at depth and along strike towards the southwest and northeast, and there is evidence of other parallel gold mineralized trends elsewhere on the project.

The Oijärvi Greenstone Belt extends for a further 20 kilometers northeast of Kylmäkangas, and a further five kilometers to the southwest. EMX and First Nordic believe the entirety of this belt to be highly prospective for further discoveries. Notably, reconnaissance drilling 1.8 km to the southwest of the Kylmäkangas deposit also intersected gold mineralization in the same stratigraphic position as Kylmäkangas with little to no drilling in between. This same stratigraphic horizon remains untested further to the southwest within the Oijärvi Extension Property.

Together with the Oijärvi Gold Project and the newly acquired Oijärvi Extension Property, First Nordic now wholly controls an emerging gold belt in Finland.

CLASS Mtonnes AuEq g/t Au g/t Ag g/t AuEq Oz’000 Au Oz’000 Ag Oz’000
Indicated 1.07 4.6 4.1 35.4 159 143 1220
Inferred 1.63 2.9 2.7 15.2 152 142 795

Gold Line Resources announced their maiden resource estimate (“MRE”) for the Oijärvi Gold Project on June 10, 2022 in the NI 43-101 technical report titled:Mineral Resource estimate NI 43-101 Technical Report - Kylmäkangas Gold Project. Effective date July 25, 2022 

The Qualified Persons for the current MRE are Mr. Eemeli Rantala, M.Sc., P.Geo and Mr. Ove Klavér M.Sc., EurGeol both of AFRY. The MRE follows 2014 CIM Definition Standards and the 2019 CIM MRMR Best Practice Guidelines. 

The MRE is reported at a 1.5 g/t cut-off grade for an underground mining scenario. The AuEq cut-off grade was determined using a gold price of USD $1,657 and silver price of USD $21.52 based on the May 31, 2022 Long-Term CIBC consensus pricing for precious Metals. Recoveries for gold estimated at 85% and 83% for silver.

Comments on Historical Drill Results and Resource Estimate, and Nearby Mines and Deposits: EMX has not performed sufficient work to verify the projects’ historical drill results and the Kylmäkangas historical resource estimate, but considers this information as reliable and relevant based upon independent field review, including inspection and resampling of historical drill core. Agnico’s Kylmäkangas Au-Ag historical resource estimate was based upon: angle core drilling and fire assaying of half-core samples, a 3D model of the geologic controls (e.g., shear-hosted steeply dipping quartz veining and brecciation) to the Au-Ag mineralization based upon reconciled interpretations on section and plan, inverse distance squared interpolation with controls to assay outliers that included grade capping, and reporting based upon a 2 g/t cutoff grade.

*Nearby mines and deposits provide context for the project, but do not necessarily indicate similar size, styles or grade of mineralization within the project.


Geological map of Oijarvi Gold Project and extension. Click to Enlarge