LONDON (ShareCast) - (ShareCast News) - Karelian Diamond Resources, the diamond exploration company focused on Finland, stressed its priority of underground source of a rare diamond discovered in a till exploration sample, as it plans to consolidate its shares.




In the year ended 31 May 2017, the company found a diamond in a till sample Finland's Kuhmo region, "an extremely rare event". The gem in question is a sparkling clear crystal, greenish in colour and 0.8mm in diameter, forming a 12-sided, curved and twinned dodecahedron.

The discovery programme to find the source includes airborne and ground geophysics and an extensive pitting programme up-ice from the site of the discovery.

Elsewhere in the country, Karelian discovered a Kimberlite body at Riihivaara, as it conducted a preliminary economic assessment for Lahtojoki Diamond Deposit.

It additionally proposed a 25-for-1 capital reorganisation, for which shareholders can vote at an annual general meeting on 21 December.

Chairman Richard Conroy stated: "As a matter of priority your company is now engaged in an exploration programme to discover the source of the diamond.

"We have a combined diamond exploration and development programme in place as we look to develop the Lahtojoki diamond deposit, which has the potential to become the first diamond mine in Europe (outside Russia), improve our knowledge of the Riihivaara pipe and to identify the source of the diamond."

Last month, Karelian was granted a further exploration license by the Finnish Mining Authority covering more than 600 hectares in the Kuhmo region.

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