REG-Karelian Diamond Resources Plc: Positive results from sampling programme

Karelian Diamond ResourcesAnnouncement

12/10/2023 07:15

 

PRIOR TO PUBLICATION, THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT WAS
DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF
REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED
TO BE IN THE PUBLIC DOMAIN.

 

 


 

Karelian Diamond Resources plc

("Karelian Diamonds" or "the Company")

 

12 October 2023

 

POSITIVE RESULTS FROM NICKEL-COPPER-PLATINUM SAMPLING PROGRAMME

 
* Mineral indicator analyses of stream sediment samples indicate prospectivity
for nickel, copper and platinum mineralisation
 
* Results of microprobe analysis show high zinc oxide values
 
* Chromites with Fe-Ni-S inclusions observed
 
* Highly anomalous area outlined
 

 

Karelian Diamond Resources PLC (AIM: KDR) is pleased to announce that
indicator mineral and microprobe analysis results from a stream sampling
programme in Northern Ireland confirms the prospectivity of the Company's
licence area for nickel, copper and platinum group metals. The sampling
programme was a follow up to an earlier sampling programme which suggested the
potential of the area for these metals (the results of which were announced by
the Company on 10 November 2021). 

Thirty three stream sediment samples, with an average weight of circa 18kg per
sample, were collected across the three licences, totalling an area of
approximately 750km2, now held by the Company in Northern Ireland. The samples
were despatched to Overburden Drilling Management Limited ("ODM") in Canada
for mineral concentration, picking and analysis for indicator mineralogy using
ODM's trade-marked metamorphic/magmatic massive sulphide indicator minerals
(MMSIM'S) technique. ODM has been a key contributor to numerous discoveries
worldwide, including the Voisey's Bay nickel-copper-cobalt deposit in
Labrador, Canada.

The results of this programme, taken in conjunction with results from the
previous programme, indicate a highly anomalous river catchment area. This
area has yielded five samples each having over 1,000 indicator minerals.  The
indicator minerals are primarily Chromite and Forsterite with some
Chalcopyrite and gold grains.

In addition, microprobe analysis on a number of Chromite grains from samples
taken from this area during the original sampling programme in 2021 showed
that four samples had Chromites with high zinc oxide values. Such high zinc
oxide values can be a signature of sulphide rich Nickel-Copper Group Elements
deposits. It was also noted that a number of the Chromites have inclusions of
iron, nickel, sulphur as well as on the Chromite margins, which is significant
as it indicates the presence of nickel mineralisation.

The Company is planning a follow up programme focused on the highly anomalous
river catchment area, together with some additional microprobe analysis, with
a view to identifying one or more drilling targets.

Further results will be issued by the Company as the exploration programme
proceeds.

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.

 

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

 

"I am very pleased that the Company's exploration programme for
Nickel-Copper-Platinum Group metals in Northern Ireland has yielded such
encouraging results and we look forward greatly to the planned follow up work
programme."

 

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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