Karelian files for two more Northern Ireland prospecting licences

The AIM-traded firm said the applications followed results from its stream sediment sampling programme in the KDR-1 licence in November.

It said that programme was designed as part of its diamond exploration programme in the area, but also to investigate the possible presence of nickel-copper-platinum mineralisation, although the presence of such mineralisation would not preclude the presence of diamondiferous materials.

The results showed indicator minerals, including anomalous amounts of chromite, forsterite olivine and metamorphosed or magmatic massive sulphide indicator minerals (MMSIMs), indicative of the presence of nickel-copper-platinum mineralisation.

Karelian said the results had been combined with other geological and geochemical data, including the Northern Ireland TELLUS survey and, in its view, supported the possibility of nickel-copper-platinum mineralisation in the area.

The prospecting licences applied for covered an area of about 500 square kilometres adjacent to its existing KDR-1 licence.

An exploration programme for nickel-copper-platinum was being prepared.

“It is not unknown for nickel-copper-platinum mineralisation to be discovered during the course of a diamond exploration programme, the most well-known example being the Voisey Bay Nickel discovery in Canada, and we are optimistic that this could be true here,” said chairman Richard Conroy.

“Nickel is in increasingly high demand due to its crucial importance to energy transition and is in very short supply, further aggravated by recent world events.

“I look forward very much to the expansion of the company’s exploration programme into nickel-copper-platinum.”

At 1453 GMT, shares in Karelian Diamond Resources were up 11.9% at 2.35p.