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(Sharecast News) - Karelian Diamond Resources announced the extension of its diamond exploration programme in Kuhmo, Eastern Finland on Friday, after securing a new reservation, Kuumu 1, in the Lentiira area.
The AIM-traded firm said the one-year reservation granted it priority to apply for an exploration permit in a region where previous discoveries indicated strong diamond potential.
Karelian said it had also applied to extend its exploration permit at Kuhmo 1, where recent excavations were conducted up-ice of its green diamond discovery.
The results from the programme were expected in the first quarter of 2025.
It said it was planning to continue exploration in Kuhmo, focusing on a high-priority drilling target identified through detailed electromagnetic surveys.
The Finnish Safety and Chemicals Agency (TUKES) had granted a three-year extension for the Seitaperä exploration permit, covering Finland's largest known kimberlite deposit, and for additional permits in the Riihivaara region.
Karelian noted that it had also recently secured exploration permits in Liperi, Joensuu, and Salla, Lapland.
Combined, the areas could form a significant diamond province within the Karelian Craton.
At the Lahtojoki diamond deposit, the company said it was expecting to finalise landowner compensation in the second quarter of 2025 following a Land Court ruling that had gained legal force.
Only three issues remained to be resolved with Finland's National Land Survey.
Karelian said it was engaging potential strategic partners to advance development of the Lahtojoki mine, with finalising the mine boundary and compensation seen as key steps in the process.
In Northern Ireland, Karelian said it was meanwhile seeking a strategic partner to fund a two-year exploration programme in its nickel, copper, and platinum group elements (PGE) projects.
An assessment by independent consultant Dr Larry Hulbert confirmed the potential of the company's licence areas after stream sediment sampling identified key indicator minerals.
Further exploration was ongoing in Fermanagh, where multiple indicators suggested a highly prospective district, comparable to Michigan's Eagle Mine nickel deposit.
The company said it was also investigating additional targets in Northern Ireland that could contribute to the development of a new nickel, copper, and PGE district.
"The year ahead promises to be an exciting one for the company with several aspects to the company's portfolio capable of progressing rapidly," said Karelian's chairman Brendan McMorrow.
At 1026 GMT, shares in Karelian Diamond Resources were up 8.9% at 1.04p.
Reporting by Josh White for Sharecast.com.