REG-Karelian Diamond Resources Plc: Riihivaara Exploration Permits Extended

Karelian Diamond ResourcesAnnouncement

25/01/2024 07:15

 

Karelian Diamond Resources plc

("Karelian Diamonds" or "the Company")

25 January 2024

 

RIIHIVAARA EXPLORATION PERMITS EXTENDED

 
* Extension granted for Exploration Permit Riihivaara 26 (Riihivaara
Kimberlite discovery)
 
* Adjacent Riihivaara Exploration Permits 24, 24a and 24b also extended
 

Karelian Diamond Resources plc ("Karelian Diamonds") (AIM: KDR) is pleased to
announce that the Company has received notification from the Finnish Safety
and Chemicals Agency (Tukes) of the granting of an extension for a further 3
years, the maximum period allowed per extension to the Company's exploration
permits Riihivaara 26, Riihivaara 24, 24a and 24b in the Kuhmo region of
Eastern Finland.

The Riihivaara 26 exploration permit covers Karelian Diamond's kimberlite
(olivine lamproite) discovery at Riihivaara. Exploration permits Riihivaara
24, 24a and 24b cover the adjacent areas.  The Riihivaara permits are in an
emerging kimberlite field, in which the Company has to date identified 20
regional anomalies.

The Company's kimberlite discovery at Riihivaara is circa 10 kilometres to the
south of where the Company discovered a green diamond. As announced on 19
December 2023, the search for the source of the green diamond has recently
been narrowed down quite substantially through recent work undertaken by
Karelian Diamonds .

The Riihivaara kimberlite comes to surface and extends for at least 350
metres. It is a dyke which remains open in both directions along strike with
widths of up to two metres intersected. Drilling has already successfully
intersected kimberlite at a deeper level and has also shown that the dyke dips
at circa 50° to the Northeast.

Mineral chemistry at the site shows that diamond indicator Group I eclogitic
garnets are abundant and that diamond type chromites are also present.
Ilmenite analysis indicates a good diamond preservation index. Mineral
chemistry also shows that more than one source may be present.

It is known that kimberlites tend to occur in clusters and that potentially
diamondiferous sources may exist in the vicinity of the Riihivaara kimberlite.
To this end Karelian Diamonds has also extended the Riihivaara 24, 24A and 24B
exploration permits.

The Company believes the Kuhmo region of Finland has high prospectivity for
diamondiferous kimberlites both through its own exploration results in the
Kuhmo region, including the discovery of a green diamond, and also by the
presence of the Seitaperä diamondiferous kimberlite, circa 8 kilometres to
the northwest of Riihivaara, which Karelian Diamonds has shown to extend over
a surface area of 6.9Ha - the largest known kimberlite in Finland.

 

 

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

 

"The granting of the extension to the Riihivaara exploration permits enables
the Company to continue and extend its exploration programme in this highly
prospective area of Finland".

 

 

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  
 Peterhouse Capital Limited (Broker) Lucy Williams / Duncan Vasey   +44-20-7469-0930  
 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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