20th Mar 2015 08:31
LONDON (Alliance News) - Karelian Diamond Resources PLC on Friday saw its shares jump higher in early trade after it said it has discovered a potential new diamond source in the Kuhmo region in Finland.
Karelian shares were up 86% to 1.77 pence in early trade, the best performer in the AIM All-Share.
Karelian said the potential new source occurs in kimberlite body discovered by the company during follow-up pitting at the site. A subsequent analysis suggests the kimberlitic indicator minerals found were derived from the diamond stability of the Earth's mantle.
The new body will now be assessed for extent and tested for diamond content, Karelian said.
"This discovery of a potential new diamond source is very exciting news for the company. It is a major step forward in the company's exploration programme which has the objective of discovering a world class diamond deposit in the Karelian Craton in Finland,comparable to the world class deposits found on the Russian portion of the Karelian Craton," said Chairman Richard Conroy.
By Sam Unsted; [email protected]; @SamUAtAlliance
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