Karikkoselkä is located in Central Finland approximately 30 km east from the centre of Keurusselkä, a much older and larger impact crater.

Many shatter cones, rock formations that form under the extreme pressures of impact, have been found around the lake.

Further evidence comes from aeromagnetic maps, which show a clear magnetic anomaly in the impact crater area.

[3] In addition, samples collected from deep drillings into the lake bottom confirm the impact origin of the structure.

[3] Some sources give an unreasonably young age of 1.88 Ma,[4][5] which is likely a misquotation – the discovery paper mentions that the bedrock in the region (known as the Central Finland Granite Complex) formed about 1.88 Ga (thousand million years ago), in the late Paleoproterozoic era.