KDR.L

Karelian Diamond Resources Plc
Karelian Diamond Resources Plc - Riihivaara Exploration Permits Extended
25th January 2024, 07:00
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[Description: Description: Karelian]

Karelian Diamond Resources plc

("Karelian Diamonds" or "the Company")

25 January 2024

RIIHIVAARA EXPLORATION PERMITS EXTENDED

  · Extension granted for Exploration Permit Riihivaara 26 (Riihivaara
Kimberlite discovery)

  · Adjacent Riihivaara Exploration Permits 24, 24a and 24b also extended

Karelian Diamond Resources plc ("Karelian Diamonds") (AIM: KDR) is pleased to
announce that the Company has received notification from the Finnish Safety and
Chemicals Agency (Tukes) of the granting of an extension for a further 3 years,
the maximum period allowed per extension to the Company's exploration permits
Riihivaara 26, Riihivaara 24, 24a and 24b in the Kuhmo region of Eastern
Finland.

The Riihivaara 26 exploration permit covers Karelian Diamond's kimberlite
(olivine lamproite) discovery at Riihivaara. Exploration permits Riihivaara 24,
24a and 24b cover the adjacent areas. The Riihivaara permits are in an emerging
kimberlite field, in which the Company has to date identified 20 regional
anomalies.

The Company's kimberlite discovery at Riihivaara is circa 10 kilometres to the
south of where the Company discovered a green diamond. As announced on 19
December 2023, the search for the source of the green diamond has recently been
narrowed down quite substantially through recent work undertaken by Karelian
Diamonds .

The Riihivaara kimberlite comes to surface and extends for at least 350 metres.
It is a dyke which remains open in both directions along strike with widths of
up to two metres intersected. Drilling has already successfully intersected
kimberlite at a deeper level and has also shown that the dyke dips at circa 50°
to the Northeast.

Mineral chemistry at the site shows that diamond indicator Group I eclogitic
garnets are abundant and that diamond type chromites are also present. Ilmenite
analysis indicates a good diamond preservation index. Mineral chemistry also
shows that more than one source may be present.

It is known that kimberlites tend to occur in clusters and that potentially
diamondiferous sources may exist in the vicinity of the Riihivaara kimberlite.
To this end Karelian Diamonds has also extended the Riihivaara 24, 24A and 24B
exploration permits.

The Company believes the Kuhmo region of Finland has high prospectivity for
diamondiferous kimberlites both through its own exploration results in the Kuhmo
region, including the discovery of a green diamond, and also by the presence of
the Seitaperä diamondiferous kimberlite, circa 8 kilometres to the northwest of
Riihivaara, which Karelian Diamonds has shown to extend over a surface area of
6.9Ha - the largest known kimberlite in Finland.

Professor Richard Conroy, Chairman, Karelian Diamond Resources PLC commented:

"The granting of the extension to the Riihivaara exploration permits enables the
Company to continue and extend its exploration programme in this highly
prospective area of Finland".

Further Information:

Karelian Diamond Resources plc       +353-1-479-6180

Professor Richard Conroy, Chairman
Allenby Capital Limited (Nomad)      +44-20-3328-5656

Nick Athanas / Nick Harriss
Peterhouse Capital Limited (Broker)  +44-20-7469-0930

Lucy Williams / Duncan Vasey
Lothbury Financial Services          +44-20-3290-0707

Michael Padley
Hall Communications                  +353-1-660-9377

Don Hall

http://www.kareliandiamondresources.com


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