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Karelian Diamond Resources PLC - Finnish-focused diamond developer - "Encouraged" by results from its ongoing diamond exploration programme in the Lahtojoki South exploration area.
"Observations on till samples, together with glacial striation measurements from outcrops, suggest a narrowing down of the search area for the source of the kimberlite boulders previously discovered to the south of the Lahtojoki diamond deposit," company says.
Results, Karelian says, indicates an alternative glacial trend direction to the main regional glacial trend in the area. The company has also recovered additional kimberlite boulder material from the original kimberlite boulder site for further analysis.
Chair Richard Conroy says: "We are encouraged by the steps made towards potentially locating a new kimberlite source in the vicinity of the Lahtojoki diamond deposit. We have applied for an exploration permit over the area and look forward to receiving the results on the kimberlite material from the boulder site."
"We are also looking forward to progress being made on the finalising of the land valuation authority proceedings and in turn the granting of a full mining permit, which will allow the development of the Lahtojoki diamond deposit," Conroy adds.
Current stock price: 4.15 pence
Year-to-date change: down 34%
By Paul McGowan; paulmcgowan@alliancenews.com
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