Karelian identifies significant new copper target

(Sharecast News) - Karelian Diamond Resources announced the identification of a significant new copper exploration target at the site of the historic Cappagh Copper Mine on Tuesday, within its recently-awarded KDR4 licence area in Northern Ireland. The AIM-traded firm said the discovery marked a strategic expansion of the company's mineral exploration activities in the region, which already showed strong potential for nickel, copper, and platinum group elements (PGE).

It said the new target complemented its broader licence holdings and followed initial reconnaissance and desk-based studies that highlighted the area's favourable geological characteristics and history of mining activity.

Exploration efforts would now focus on detailed geological mapping and geochemical sampling to assess the full potential of the site.

Karelian said its exploration plans were built on a comprehensive geological and geophysical database developed in 2024 by Dr Larry Hulbert.

His review identified base and precious metal potential across the company's licence areas, incorporating geological, geochemical, and geophysical data, including TELLUS and gravity survey results.

"The identification of the historic Cappagh Copper Mine within the recently granted KDR4 licence area is a very exciting development for the company and complements our existing understanding of the region's broader mineral prospectivity, providing a tangible copper target," said managing director Maureen Jones.

She added that Karelian was looking forward to launching a detailed exploration programme to "unlock the full potential of this area".

At 1258 BST, shares in Karelian Diamond Resources were down 6.38% at 1.1p.

Reporting by Josh White for Sharecast.com.