10th Jun 2015 07:48
LONDON (Alliance News) - Karelian Diamond Resources PLC saw its shares rise early Wednesday after it said that five further pits along strike from its original discovery of kimberlite in the Kuhmo area have all intersected kimberlite.
The diamond exploration company focused on Finland said the the pitting shows that the kimberlite extends for at least 250 metres and is a dyke which remains open in both directions along strike with widths of up to two metres intersected.
Kimberlite is an igneous rock that sometimes contains diamonds.
Karelian said kimberlite samples were collected from each pit and it is continuing its evaluation of the extent and diamondiferous potential of the kimberlite.
"Further infill till sampling for kimberlitic indicator minerals generated high concentrations of kimberlitic indicators and, together with an extensive detailed ground magnetic survey in the area, conducted by the company, has identified new diamond exploration targets within the immediate area," it said.
"The results of the till sampling and the ground magnetic surveys indicate that there may be more than one kimberlite source present," it added.
Karelian shares were up 10.6% at 1.24 pence early Wednesday, making it one of the best-performing stocks in the AIM All-Share index.
By Steve McGrath; [email protected]; @stevemcgrath1
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