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Karelian Diamond Resources Plc - Highly anomalous amounts of chromite reported

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Karelian Diamond Resources plc

(“Karelian Diamonds” or “the Company”)

10 November 2021

HIGHLY ANOMALOUS AMOUNTS OF CHROMITE IN SAMPLING PROGRAMME REPORTED BY KARELIAN

  • Highly anomalous amounts of chromite and forsterite olivine encountered

  • Metamorphic massive sulphide indicator minerals also identified

  • Local sampling programme confirms and builds on previous regional studies

  • Significant implications for additional targets in Karelian’s Northern Ireland licence

Karelian Diamond Resources plc (AIM: KDR) is pleased to announce results from its stream sediment sampling programme focused in Northern Ireland. Ten samples were collected and shipped to Overburden Drilling Management Limited in Canada for mineral concentration, picking and analysis for indicator minerals.

The sampling programme was being carried out in relation to the reported discovery of a diamond in the Colebrooke River and previous reported recovery of chromite minerals which can be associated with the presence of diamondiferous kimberlites.

Results prove the presence of chromite in all samples with nine samples being interpreted as either anomalous or highly anomalous. The best sample contained over 1,800 chromite grains in the 0.25 – 2.0mm size fraction. The samples also showed the presence of forsterite olivine and metamorphic massive sulphide indicator minerals (“MMSIM’s”), chalcopyrite and low chrome diopside.

Initial interpretation of the chromite grains and forsterite olivine together with the MMSIM’s is suggestive of a non-kimberlite source rock which is indicative of additional targets for mineralisation within Karelian’s licence area.

Relating these results to the Tellus geochemical and geophysical programmes, carried out by the Northern Ireland Government in the mid 2000s, provides insight to possible sources of the chromite mineralisation. The Tellus project proved the presence of elevated levels of nickel, copper, chromium, platinum and palladium in the area of the Company’s licence. Interpretation suggests these geochemical enrichments are associated with Palaeocene dykes which crosscut the area.

Relating these results with other sampling programmes in known areas of Nickel–Copper–Platinum mineralisation globally indicates the Company’s data should be considered as highly anomalous.

This release has been approved by Kevin McNulty PGeo, who is a member of the Company’s technical staff and holds a BSc/MSc in Geology and Remote Sensing, in accordance with the guidance note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects.

Notes

Platinum, Palladium and Chromium are classified as ‘Critical metals (Minerals, Critical Minerals and the US Economy, National Research Council, 2008)

Nickel and Copper are important metals in the energy transition (International Monetary Fund, 2021)

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

“These exciting results heighten the prospectivity of the Company’s exploration programme in Northern Ireland and add an additional dimension to the Company’s exploration interests.”

Further Information:

Karelian Diamond Resources plc
Professor Richard Conroy, Chairman


+353-1-479-6180

Allenby Capital Limited (Nomad)
Nick Athanas / Nick Harriss


+44-20-3328-5656

First Equity Limited (Broker)
Jason Robertson


+44-20-7330-1883

Lothbury Financial Services
Michael Padley


+44-20-3290-0707

Hall Communications
Don Hall


+353-1-660-9377

http://www.kareliandiamondresources.com

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