REG-Karelian Diamond Resources Plc: Update on sample results and diamond exploration programme in Kuhmo region

Karelian Diamond ResourcesAnnouncement

19/12/2023 07:15

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")

19 December 2023

 

SEARCH FOR SOURCE OF THE KUHMO GREEN DIAMOND NARROWED

 
* Positive results from basal till samples taken up-ice from green diamond
discovery site
 
* Garnets identified in two sample locations which suggests close proximity to
kimberlite source
 

Karelian Diamond Resources plc ("Karelian Diamonds") (AIM: KDR) is pleased to
announce that the Company has received results, from Overburden Drilling
Management Limited ("ODM") in Canada, in relation to basal till samples
excavated at various target locations in the Kuhmo region of Finland.  The
results suggest that two of the sample locations may be close to the source of
the green diamond previously discovered by the Company (as announced by the
Company on 31 January 2017). ODM is a specialised laboratory for testing
diamondiferous kimberlite indicator minerals.

The targets sampled were up-ice from the location of the green diamond
discovery along a kimberlite indicator mineral train and were identified by
geophysics and kimberlitic indicator analysis.

Samples from the two locations returned anomalous concentrations of thirty-six
purple to red peridotitic garnets (G9/10 Cr-pyropes garnets). Six of the
peridotitic garnets were in the large range (0.5 to 1.0mm size). Partial
alteration mantles, otherwise referred to as "Kelyphitic rims", were present
on the peridotitic garnets. Kelyphitic rims are fragile and tend not be
preserved on the peridotitic garnets if they have been transported any large
distance.

The presence of G9/10 peridotitic garnets indicates that the material sampled
has been derived from the diamond stability field where diamonds are formed.

The number and size of the peridotitic garnets, and the presence of Kelyphitic
rims, suggests close proximity to a kimberlite source, from which the green
diamond may have been derived.

Orange mantle garnets were also present in samples from these two locations.
Orange mantle garnets can include eclogitic pyrope almandine garnets (G3)
which, if present, are significant, as they tend to be associated with richer
diamond grades. These orange mantle garnets will be tested in due course to
establish whether or not eclogitic mantle materials are present.

Kimberlite indicator minerals were absent in locations further up-ice from the
two anomalous locations. This, together with geophysical data, suggests that
the kimberlite indicator mineral train, up-ice from the green diamond
discovery, ends at an electromagnetic geophysical anomaly within which the
kimberlite source of the green diamond may be located.

Given that indicator minerals were not present in samples further up ice, the
positive sample result provides further evidence that the green diamond
kimberlite source is closer to and within our targeted area. 

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.

Further results will be issued as the programme progresses.

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

 

"These results are most encouraging and are a major step forward in the
Company's diamond exploration programme, in the highly prospective Kuhmo
region. They also suggest that we may be getting very close to locating the
source of the green diamond which the Company discovered."

 

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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