7th Feb 2025 11:51
(Alliance News) - Karelian Diamond Resources PLC on Friday said it has applied to extend its diamond exploration programme in the Kuhmo region of eastern Finland.
Shares in the Finland and Northern Ireland-focused diamond and platinum group metals exploration company were up 8.9% at 1.03 pence in London on Friday morning.
Karelian was granted a reservation on Kuumu 1 at Lentiira in the Kuhmo region, by the Finnish Safety & Chemical Agency (TUKES), 30 kilometres north of the company's green diamond discovery.
The reservation provides a one-year privilege to apply for an exploration permit in the "highly prospective" area, the firm said.
Karelian has submitted its application for an uninterrupted extension of the Kuhmo 1 exploration permit, where it recently completed a follow-up excavation programme. Results from this programme are expected in the first quarter of 2025.
At the Lahtojoki diamond deposit, the company said it intends to finalise landowner compensation by the second quarter of 2025, following October's court ruling. A mining concession application for Lahtojoki has already been approved by TUKES.
"The year ahead promises to be an exciting one for the company with several aspects to the company's portfolio capable of progressing rapidly," Chair Brendan McMorrow said.
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.