REG-Karelian Diamond Resources Plc: Report confirms potential for Nickel, Copper and Platinum-Group Elements in Karelian licences

Karelian Diamond ResourcesAnnouncement

24/06/2024 07:30

    


 

                                                   
                   Karelian Diamond Resources PLC   24 June 2024

("Karelian" or "the Company")

 

Report confirms potential for Nickel, Copper and Platinum-Group Elements

in Karelian licences

 
* Independent report confirms potential for Nickel, Copper and Platinum-Group
Elements in Karelian's licences in Northern Ireland
* Similarities to rich Mid-Continental Rift system of North America and
Continental flood basalts; i.e. Norilsk in Russia and Emeishan in China that
host world class Ni- Cu-PGE deposits
* Series of targets within Company's licences identified
* Comprehensive data base incorporating geology, geochemistry, geophysics,
remote sensing and base GIS information including TELLUS geophysical and
geochemical data and gravity geophysical data
 

Karelian Diamond Resources PLC ("Karelian Diamonds") (AIM: KDR) is pleased to
announce that an assessment prepared by independent geological consultant, Dr
Larry Hulbert, confirms the potential for Nickel, Copper and Platinum-Group
Elements, in the Company's licence areas in Northern Ireland.

Dr Hulbert is an internationally recognised expert in Platinum-Group Elements,
Nickel-Copper sulphide and Chrome and Iron-Titanium-Vanadium Oxide
Mineralisation, and has over 40 years' experience in the Metallogeny of
Mafic-Ultramafic Rocks.   He is a licenced member of Associations of
Professional Engineers and Geoscientists and as such is a "Qualified Person"
for the purposes of NI 43-101 reporting.

The review, by Dr Hulbert, followed the discovery in 12 October 2023 by the
Company of indicator minerals for Nickel, Copper and Platinum Group Elements,
during the course of a stream sediment sampling programme over the Company's
licence area in Northern Ireland.

Dr Hulbert's review notes marked resemblances to the Baraga Basin in Michigan
(Mid-Continental Rift system of North America), that hosts the world class
Eagle and Eagle East Nickel, Copper and Platinum Group Elements deposits. Dr
Hulbert recommends that the Eagle deposit should serve as Karelian's
exploration model.

Similarities were also noted to the continental flood basalts; i.e. Norilsk
Russia (Triassic) and the Emeishan Large Igneous Province in China, that also
host world-class Ni-Cu-PGE deposits.  

In the independent report Dr Hulbert commented "what would have been
considered as a low potential Ni-Cu-PGE exploration area in the past
(pre-1995) have changed as a result of more recent discoveries and subsequent
development of new exploration models. Recognition of similar geological and
metallogenic environments, regardless of geological age, like that between the
Proterozoic Baraga Basin Eagle mining camp setting and the KDR property is
what will lead to new Ni-Cu-PGE discoveries. What was once not obvious is now
obvious!".

A series of targets for Nickel, Copper and Platinum Group Elements within the
Company's licence area in Northern Ireland were identified by Dr Hulbert
during the course of his review and recommended for follow up.

Dr Hulbert's review also included the establishment of a comprehensive data
base incorporating geology, geochemistry, geophysics, remote sensing, and base
Geographic Information System (GIS) information including TELLUS data and
gravity geophysical data.

Professor Richard Conroy, Chairman, Karelian Diamond Resources PLC commented:
"Dr Hulbert's review is extremely encouraging. The geological similarities
with areas associated with world class discoveries of Nickel, Copper and
Platinum Group Elements, such as the Eagle and Eagle East deposits is
striking.  The review confirms the potential for the discovery of major
Nickel, Copper and Platinum Group Elements on Karelian's licences in Northern
Ireland.  We look forward to following up on the targets recommended by Dr
Hulbert." 

 

 

Further Information:

 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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