Karelian Diamond Resources PLC (AIM:KDR) said it has applied for two nickel prospecting licences in Northern Ireland following the results of a stream sediment sampling programme in its KDR-1 licence.
The sampling programme was designed as part of Karelian’s diamond exploration programme, but also to investigate the possible presence of nickel-copper-platinum mineralisation.
“It is not unknown for nickel-copper-platinum mineralisation to be discovered during the course of a diamond exploration programme, the most well-known example being the Voisey Bay nickel discovery in Canada, and we are optimistic that this could be true here,” said chairman Professor Richard Conroy.
“Nickel is in increasingly high demand due to its crucial importance to energy transition and is in very short supply, further aggravated by recent world events.”
The London Metal Exchange suspended nickel trading this week after the metal surged to a record high of more than US$100,000 a tonne on concerns about supplies from major producer Russia.
READ: Nickel on a tear as metal markets struggle to keep up with events
Karelian's stream sediment sampling results identified minerals indicative of the presence of nickel-copper-platinum mineralisation.
The nickel prospecting licences cover a 500km2 area adjacent to the company’s existing KDR-1 licence. Karelian said it is preparing an exploration programme for nickel-copper-platinum.