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LONDON (Alliance News) - Karelian Diamond Resources PLC Monday said it has submitted applications for two exploration claim reservations in Finland.
The diamond deposit exploration and development company said that, following a review of exploration results at its Kuusamo diamond exploration zone, just south of the Arctic circle, it has applied for exclusive rights to apply for exploration claims within a reservation area.
The company said airborne geophysics, till sampling, and the integration of data made available from Rio Tinto Mining and exploration, which previously assayed the site, showed positive results.
In the first site tested the studies recovered 121 Kimberlitic indicator minerals and the second recovered 76 kimberlithic indicator minerals, the rock which often contains diamonds.
The company said that further studies including microprobe analysis confirmed that both areas included diamond mineralisation.
Karelian Diamond Resources shares were up 21% to 1.09 pence in early trading Monday, making it the second biggest gainer on AIM.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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