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(Alliance News) - Karelian Diamond Resources PLC said Tuesday that TUKES, the Finnish Mining Authority, has granted the company three strategic diamond exploration reservations.
All three reservations are in the Karelia Craton in Finland, where the diamond miner is actively working on the discovery and development of economic diamond deposits.
The first reservation is for Lahtojoki KDR-R1, of which 27.5 square kilometres has been granted, and it surrounds the diamond deposit where Karelian holds a concession and is looking to potentially develop a diamond mine.
The reservation also surrounds the diamond exploration permit over Lahtojoki South.
The other two reservations are for Kuhmo KDR-R2 of 1,476.95 square kilometres and KDR-R3 for 1,453.24 square kilometres.
Both reservations secure ground around a series of 20 regional limberlite indicator anomalies identified by Karelian itself.
The company believes that the series of kimberlites in the Kuhmo area could part of a new emerging kimberlite province in the area.
"The granting of these reservations by TUKES is a key step forward for Karelian Diamonds and we consider this to be extremely important in regard to our future development of the Lahtojoki diamond deposit where any additional resources identified could dramatically change the magnitude of the project, and also the advancement of our exploration programme in the company's Kuhmo target area in what appears to be a new emerging kimberlite province," said Chair Richard Conroy.
Shares in Karelian Diamond Resources closed 18% higher at 4.00 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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