Karelian spots Victorian-era copper target in N. Ireland

Karelian Diamond Resources (LSE-A: KDR) says it has identified a “significant new copper target” within the recently awarded KDR4 licence area in Northern Ireland.

The company found the copper target near the historic Cappagh copper mine, which operated intermittently from around 1814 to 1874. The site complements the nickel-copper-platinum group elements already identified across the company’s broader licence holdings in the region, it said Wednesday. 

“The identification of the historic Cappagh copper mine within the recently granted KDR4 licence area is a very exciting development,” Maureen Jones, managing director of Karelian, said in a release.

Shares in Karelian Diamond Resources gained 4.9% on Thursday afternoon in London to 1.13 pence apiece for a market capitalization of £1.93 million (C$3.55 million).

Exploration plans

Karelian is planning exploration programs, including geological mapping and geochemical sampling, to assess Cappagh and the adjacent area’s potential. It follows initial desk-based studies and reconnaissance work on the area showing geological indicators favourable for copper mineralization.

Cappagh’s golden era was between 1863 and 1873, when it produced about 877 tons (796 tonnes) of bornite copper ore. There used to be a 20 metre tall chimney as a remnant of the site’s Victorian industrial infrastructure, but it collapsed in 2002. The sites of miners’ cottages can be still be seen.

Last week, Karelian said it had successfully registered its Lahtojoki mining concession in Finland, a step in the company’s plan to develop what could be the European Union’s first diamond mine.