17th Jun 2025 14:24
(Alliance News) - Karelian Diamond Resources PLC on Tuesday said it has identified a new copper prospect with "enhanced" potential.
The Dublin-based mining firm focuses operates the Colebrook metal project in Northern Ireland and is awaiting a license for its maiden diamond scheme in Finland.
Karelian located the Cappagh copper mine within its existing KDR4 licence, an area of Northern Ireland with "favourable" copper indicators, according to Karelian.
Though the company described Cappagh as a "promising" site for exploitation, its assertion thus far relies on desk-based studies and historical data.
Plans for further assessment of Cappagh and the adjacent area are underway, Karelian said. This will include geological mapping and sampling, adding to data collected in a 2024 review of the company's Northern Irish prospects, which found evidence of nickel, copper and platinum group elements.
Managing Director Maureen Jones commented: "The identification of the historic Cappagh Copper Mine within the recently granted KDR4 licence area is a very exciting development for the Company and complements our existing understanding of the region's broader mineral prospectivity, providing a tangible copper target."
Karelian shares were 6.4% lower at 1.10 pence on Tuesday afternoon in London.
By Holly Munks, Alliance News reporter
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