AN IRISH mining company has raised over £328,000 for a follow-up mineral exploration programme in Fermanagh.
The follow-up programme from Karelian Diamond Resources Plc follows the confirmation of potential presence of nickel, copper and platinum reserves across the company's three exploration areas.
A review showed that local areas, which include Brookeborough, Tempo and Fivemiletown, have "striking similarities" with the world-class deposits situated in Baraga Basin in Michigan.
The story so far...
August 8, 2019: Department for Economy (DfE) grants prospecting licence, KDR1/19, to Karelian Diamond Resources Plc, which allows the company to search for diamonds and base metals across at 250km2 area around Colebrooke.
Samples from the licence indicate the possible presence of 'Nickel-Copper-Platinum mineralisation'.
June 6, 2022: DfE launches consultation following another application from Karelian Diamond Resources Plc for two further licences, KDR2/22, and KDR3/22, covering 500km2 in Fermanagh and Tyrone.
On the same date, DfE also launches another consultation for renewal of a separate licence from Flintridge Resources Ltd, another mining company.
The licence (OMA1/22) was first granted in 2016 and includes areas such as Lack and the outskirts of Irvinestown.
August 28, 2022: Consultations close, with environmental, economic and societal concerns raised in relation to Karelian licences.
October 1, 2022: DfE grants prospecting licence for both KDR2/22 and KDR3/22, granting Karelian permission to explore areas including Augher, Clogher, Trillick and Dromore.
The company now has exploration area of 750km2. On this date, the renewal of OMA1/22 was also granted.
April, 24, 2023: Karelian announces commencement of exploration programme for nickel, copper and platinum group metals across new licences.
July 26, 2023: A series of 'stream sediment samples' are despatched for analysis in Canada.
June 24, 2024: Karelian announces that samples have returned potential for nickel, copper and platinum.
Company notes similarities to the Baraga Basin in Michigan, where "world-class" Eagle and Eagle East nickel, copper and platinum deposits are located.
"What was once not obvious is now obvious!” said independent geological consultant, Dr Larry Hulbert.
July 1, 2024: Karelian announces a placing to raise a total of £328,747, valued at 1.5 pence per ordinary share.
The funds raised will be used to carry out a follow-up exploration programme for nickel, copper and platinum on Karelian’s licences in Northern Ireland, as well as diamond exploration in Finland.
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