Mineral prospecting licences granted in Norther...

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

Karelian Diamond Resources plc

(“Karelian Diamonds” or “the Company”)

6 October 2022

MINERAL PROSPECTING LICENCES GRANTED IN NORTHERN IRELAND

• Two licences covering approximately 500km² granted

• Total licence area now approximately 750km²

• Indications of possible presence of Nickel-Copper-Platinum Mineralisation in licence area

UPDATE ON LAHTOJOKI DIAMOND MINE DEVELOPMENT

Karelian Diamond Resources plc (“Karelian Diamonds”) (AIM: KDR) is pleased to state that the Company’s applications for two additional Mineral Prospecting Licences in Northern Ireland have been granted. The licences were applied for to allow us to explore for the presence of Nickel-Copper-Platinum mineralisation.

The licences, KDR-2 and KDR-3, are valid for a period of six years, and cover an area of approximately 500km² and are adjacent to the Company’s existing KDR-1 licence, giving a total exploration area of approximately 750km^2.  

The licences were applied for following the discovery, on the KDR-1 licence, of indicator minerals, including anomalous amounts of chromite, forsterite olivine and magmatic massive sulphide indicator minerals (MMSIMs), which are indicative of the possible presence of Nickel-Copper-Platinum mineralisation.

Ireland is already an established mining area, with a world class zinc mine, Tara, and other major zinc/lead discoveries in the Lower Carboniferous limestones, together with a series of significant orogenic gold discoveries in both Northern Ireland and the Republic of Ireland.

The exploration targets are based on the mafic and/or ultramafic dyke-sill complexes in the area which are similar to those that are known to host the world class Noril’sk Nickel-Copper-Platinum deposit.

In relation to the Company’s Lahtojoki Diamond Deposit the Company was informed yesterday by the Land Registration Office that it is their aim to hold the public closing meeting before the end of the calendar year and that they will be in contact when the precise timetable is known. A further announcement will be made by the Company when further information becomes available.

Professor Richard Conroy, Chairman of Karelian Diamond Resources plc, commented:

“I am very pleased that both these prospecting licences adjacent to the KDR-1 licence in Northern Ireland have been granted to the Company and look forward to what could be a highly exciting period leading to the discovery of Nickel-Copper-Platinum mineralisation in the area.”

Further Information

Karelian Diamond Resources plc Professor Richard Conroy, Chairman	[phone]
Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss	[phone]
First Equity Limited (Broker) Jason Robertson	[phone]
Lothbury Financial Services Michael Padley	[phone]
Hall Communications Don Hall	[phone]

http://www.kareliandiamondresources.com