Karelian completes follow-up excavation in Kumho region

25th Sep 2024 13:20

(Sharecast News) - Karelian Diamond Resources announced on Wednesday that it has completed a follow-up excavation programme in the Kuhmo region of Finland, targeting an area where previous exploration identified anomalous basal till samples and a green diamond discovery.

The AIM-traded firm said a total of 21 glacial till samples were collected during the programme, and would be sent to Overburden Drilling Management in Canada for kimberlite indicator mineral analysis.

It said the excavation focussed on areas up-ice of anomalies identified in the 2023 pitting programme and along an indicator mineral train leading towards an airborne electromagnetic anomaly.

That anomaly, believed to be a likely source of the kimberlitic minerals and green diamond, is located in a swampy zone that is currently inaccessible.

Six potential kimberlite targets, previously identified by geophysics, lie within the area, and several pits were placed directly down-ice of the targets, including one along the indicator mineral train leading from the green diamond discovery site.

The collected samples, each consisting of three 30 kilogram bags of glacial till, would undergo detailed analysis to determine the presence of kimberlite indicator minerals.

Results from the analysis would guide the company's next steps, including a drilling programme set to start this winter when frozen ground conditions would allow access to the target areas.

"This has been a highly successful and very encouraging excavation programme which brings the company ever closer to the discovery of the source of the Kuhmo green diamond," said chairman Richard Conroy.

At 0830 BST, shares in Karelian Diamond Resources were down 6% at 1.41p.

Reporting by Josh White for Sharecast.com.