REG-Karelian Diamond Res.: Highly anomalous amounts of chromite reported

Karelian Diamond ResourcesAnnouncement

10/11/2021 07:05

Karelian Diamond Resources plc

(“Karelian Diamonds” or “the Company”)

10 November 2021

HIGHLY ANOMALOUS AMOUNTS OF CHROMITE IN SAMPLING PROGRAMME REPORTED BY
KARELIAN
* Highly anomalous amounts of chromite and forsterite olivine encountered  
* Metamorphic massive sulphide indicator minerals also identified
* Local sampling programme confirms and builds on previous regional studies
* Significant implications for additional targets in Karelian’s Northern
Ireland licence  
Karelian Diamond Resources plc (AIM: KDR) is pleased to announce results from
its stream sediment sampling programme focused in Northern Ireland. Ten
samples were collected and shipped to Overburden Drilling Management Limited
in Canada for mineral concentration, picking and analysis for indicator
minerals.

The sampling programme was being carried out in relation to the reported
discovery of a diamond in the Colebrooke River and previous reported recovery
of chromite minerals which can be associated with the presence of
diamondiferous kimberlites.

Results prove the presence of chromite in all samples with nine samples being
interpreted as either anomalous or highly anomalous. The best sample contained
over 1,800 chromite grains in the 0.25 – 2.0mm size fraction.  The samples
also showed the presence of forsterite olivine and metamorphic massive
sulphide indicator minerals (“MMSIM’s”), chalcopyrite and low chrome
diopside.

Initial interpretation of the chromite grains and forsterite olivine together
with the MMSIM’s is suggestive of a non-kimberlite source rock which is
indicative of additional targets for mineralisation within Karelian’s
licence area.

Relating these results to the Tellus geochemical and geophysical programmes,
carried out by the Northern Ireland Government in the mid 2000s, provides
insight to possible sources of the chromite mineralisation.  The Tellus
project proved the presence of elevated levels of nickel, copper, chromium,
platinum and palladium in the area of the Company’s licence. Interpretation
suggests these geochemical enrichments are associated with Palaeocene dykes
which crosscut the area. 

Relating these results with other sampling programmes in known areas of
Nickel–Copper–Platinum mineralisation globally indicates the Company’s
data should be considered as highly anomalous.

This release has been approved by Kevin McNulty PGeo, who is a member of the
Company’s technical staff and holds a BSc/MSc in Geology and Remote Sensing,
in accordance with the guidance note for Mining, Oil and Gas Companies issued
by the London Stock Exchange in respect of AIM Companies, which outlines
standards of disclosure for mineral projects.

Notes

Platinum, Palladium and Chromium are classified as ‘Critical metals
(Minerals, Critical Minerals and the US Economy, National Research Council,
2008)

Nickel and Copper are important metals in the energy transition (International
Monetary Fund, 2021)

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

“These exciting results heighten the prospectivity of the Company’s
exploration programme in Northern Ireland and add an additional dimension to
the Company’s exploration interests.”

Further Information:

 Karelian Diamond Resources plc  Professor Richard Conroy, Chairman  +353-1-479-6180   
 Allenby Capital Limited (Nomad)  Nick Athanas / Nick Harriss        +44-20-3328-5656  
 First Equity Limited (Broker)  Jason Robertson                      +44-20-7330-1883  
 Lothbury Financial Services  Michael Padley                         +44-20-3290-0707  
 Hall Communications  Don Hall                                       +353-1-660-9377   

http://www.kareliandiamondresources.com



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