The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement via
a Regulatory Information Service, this inside information is now
considered to be in the public domain.
Karelian Diamond
Resources plc
(“Karelian Diamonds” or “the
Company”)
5 November 2018
FURTHER
DISCOVERIES OF ORANGEITE (GROUP II KIMBERLITE) UP-ICE FROM GREEN
DIAMOND DISCOVERY
Karelian Diamond Resources plc (“Karelian Diamonds”) (AIM: KDR),
the diamond exploration and development company focused on
Finland, is pleased to announce
that drill core sampling at depth has intersected orangeite (Group
II Kimberlite), in two further drill holes up-ice of its green
diamond discovery. The diamond was found in a till sample in
Exploration Anomaly 5, in the Kuhmo region of eastern Finland.
Highlights
- Orangeite (Group II Kimberlite) intersected in two further
drill holes additional to the orangeite intersected in drill hole
KDR–18–02 (announced 18 October
2018)
- Orangeite in drill hole KDR–18–03 was intersected at
43.9m
- Orangeite in drill hole KDR–18–04 was intersected at
64.4m
- Results indicate an orangeite dyke with vertical
continuity
- Results also indicate the orangeite dyke is open to depth
and along strike
Orangeite (Group II Kimberlite) was intersected in KDR–18–03 at
43.9m, width 0.6m, and KDR–18–04 at 64.4m, width 1.3m.
There is a 16.0m separation between
the first intersection in KDR–18–02 (announced 18 October 2018) and the middle intersection in
KDR–18–03 and a 17.0m separation
between KDR–18–03 and the bottom intersection in KDR–18–04 giving a
total separation of 33.0m. The
KDR–18–04 intersection at 64.4m is at
a vertical depth of 59.0m.
Orangeite (Group II Kimberlite) is a potentially diamondiferous
host rock.
The name Orangeite comes from its first discovery near the
Orange River in what was then the Orange Free State in South Africa.
Best known example of mined Orangeite is the major Finsch
diamond mine 165km west of Kimberley in the Northern Cape Province
in South Africa.
Interestingly, in its early days of production, the Finsch mine
produced green diamonds.
The Kuhmo region of Finland, in
which the Company has also discovered, at Riihivaara, a new
kimberlite body (announced on 20 March
2015) lies on the central part of the Archean Karelian
Craton and the Archean mantle of the Kuhmo region through which the
kimberlites and orangeite (Group II Kimberlite) have ascended, has
all the hallmarks for good diamond potential.
The Archean Craton which straddles Finland and Russia hosts two world class diamond mines,
Lomonosov and the Grib Pipe in the Russian sector of the
Craton.
Follow up exploration work will focus on further defining the
orangeite (Group II Kimberlite) body and on the identification of
any other potentially diamondiferous material in the 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 & 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:
“We are delighted by our discovery of an
Orangeite body (Group II Kimberlite), which is a potentially
diamondiferous host rock, showing vertical continuity of
33m and which remains open to depth
and along strike.”
For further information please contact:
Karelian Diamond
Resources plc |
Tel:
+353-1-479-6180 |
Professor Richard
Conroy, Chairman |
|
Allenby Capital
Limited (Nomad) |
Tel:
+44-20-3328-5656 |
Virginia Bull/Nick
Harriss |
|
Brandon Hill
Capital Limited (Broker) |
Tel:
+44-20-3463-5000 |
Jonathan Evans |
|
Lothbury Financial
Services |
Tel:
+44-20-3290-0707 |
Michael Padley |
|
Hall
Communications |
Tel:
+353-1-660-9377 |
Don Hall |
|
www.kareliandiamondresources.com