Karelian Diamond Resources makes progress in first half

29th Feb 2024 13:39

(Sharecast News) - Karelian Diamond Resources reported progress in obtaining a mining concession for the Lahtojoki diamond deposit in its first-half results on Thursday.

The AIM-traded firm, which is pre-revenue, reported that proceedings to establish the concession in the applied-for area were at an advanced stage.

It said finalisation of the last compensation appeals was currently underway, following prior approvals by TUKES, the Finnish mining authority.

That progress marked a crucial step forward in Karelian's journey towards establishing a significant presence in the diamond mining sector, the board explained.

In addition to advancements at Lahtojoki, Karelian continued its exploration endeavours in the Kuhmo region of Finland.

Results from basal till sampling in the area had been highly encouraging, with indications suggesting proximity to the source of a green diamond previously discovered by the company.

Furthermore, Karelian said it had maintained its commitment to exploration activities beyond Finland.

The company was continuing to work on nickel, copper, and platinum mineralisation anomalies in Northern Ireland, emphasising its diversified approach to mineral exploration.

In a notable post-period development, Karelian secured a three-year extension for its exploration permit covering the Riihivaara Kimberlite discovery and adjacent areas.

The extension reflected the company's strategic planning to sustain momentum in exploration efforts and capitalise on potential opportunities in designated regions.

"We are very pleased with the company's progress regarding the planned development of the mine at the Lahtojoki diamond deposit, the work to find the source of the green diamond and, post period, the extension of the exploration permits which will allow the company to continue its work on the emerging kimberlite field at Kuhmo," said chairman Richard Conroy.

"Overall, it has been a very satisfactory period for the exploration team."

At 1225 GMT, shares in Karelian Diamond Resources were up 4.47% at 2.46p.

Reporting by Josh White for Sharecast.com.