Karelian Diamond Resources plc said that potential for nickel, copper and platinum group elements had been confirmed on its Northern Ireland licences.
SIMILARITIES
The company added that the confirmation, in a report by Dr Larry Hulbert, followed the October 2023 discovery of indicator minerals for the metals during stream sediment sampling.
The report noted similarities between the findings and the Baraga Basin in Michigan (mid-Continental Rift system of North America), hosting the world-class Eagle and Eagle East nickel, copper and PGE deposits.
Dr Hulbert recommends that the Eagle deposit should serve as Karelian’s exploration model, said Karelian.
The report made further similarities to continental flood basalts as in Norilsk Russia (Triassic) and the Emeishan Large Igneous Province in China, also hosting world-class deposits.
The company added: “In the independent report Dr Hulbert commented “what would have been considered as a low potential Ni-Cu-PGE exploration area in the past (pre-1995) have changed as a result of more recent discoveries and subsequent development of new exploration models.
“Recognition of similar geological and metallogenic environments, regardless of geological age, like that between the Proterozoic Baraga Basin Eagle mining camp setting and the KDR property is what will lead to new Ni-Cu-PGE discoveries.
“What was once not obvious is now obvious!”
Dr Hulbert also identified and recommended follow-up targets on Karelian’s licences and established a comprehensive data base.
Chairman Professor Richard Conroy described the review as “extremely encouraging”.
“The geological similarities with areas associated with world class discoveries of nickel, copper and platinum group elements, such as the Eagle and Eagle East deposits is striking.
“We look forward to following up on the targets recommended by Dr Hulbert.”
Dr Hulbert has more than 40 years’ experience in the metallogeny of mafic-ultramafic rocks and is an internationally recognised expert in PGE, nickel-copper sulphide and chrome and iron-titanium-vanadium oxide mineralisation.
He is a licensed member of Associations of Professional Engineers and Geoscientists and therefore a ‘qualified person’ for NI 43-101 reporting.