As Karelian Diamond Resources Plc (LON:KDR) today released its full-year results statement chairman Richard Conroy boasted of “significant progress” following on from “a year of exploration success”.
Operationally, the firm highlighted the successful completion of a preliminary economic assessment (PEA) for the Lahtojoki diamond deposit, the securing of a mining concession for Lahtojoki, and an exploration programme that followed on and found kimberlite.
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It also noted the positive exploration results since the end of the financial year – sampling confirmed indicator minerals derived from the diamond stability field, and, recent drill core sampling revealed orangeite (Group II Kimberlite), a potentially diamondiferous host rock.
“After a year of exploration success, we have built on that with significant progress towards identifying the source of the green diamond and, post period, the discovery of Orangeite (Group II Kimberlite) and importantly we are accelerating work towards possible mine development at the Lahtojoki diamond deposit, having received a positive PEA and excellent assay results from the large Eastern lobe,” Conroy said.
In terms of the financials, the explorer reported a €439,568 loss for the twelve month period and at the end of May had just over €9mln of net assets.
In June, Karelian raised £500,000 of new capital, though the sale of 11.11mln new shares priced at 0.45p each.