16th Oct 2014 09:05
LONDON (Alliance News) - Karelian Diamond Resources PLC Thursday said it has recovered high concentrations of kimberlitic indicator minerals from its Reiihivaara target in the Kuhmo field in Finland, suggesting the presence of diamonds in the area.
Karelian shares were up 25% to 1.31 pence per share Thursday morning.
Laboratory results from the samples collected at the target show high concentrations of over 100 kimberlite indicator minerals, which present other minerals within the kimberlite associated with diamonds.
The results include 48 purple to red peridotitic garnets and 46 orange mantle garnets which are 0.25 to 0.5 millimteres in size, plus 5 purple to red peridotitic garnets and 3 orange mantle garnets in the 0.5 to 1.0 millimetres size range.
The purple to red peridotitic garnets are considered significant as they are formed at the same temperatures and pressures as diamonds, and Orange mantle garnets tend to be associated with richer diamond grades, Karelian said in a statement. All the indicators have been sent of for further testing, with results expected shortly, it added.
"I am delighted at these results. We have for some time been following up the diamondiferous kimberlitic indicator mineral trains that we have discovered on our Riihivaara target. We now appear to be getting very close to or immediately over the source," said Chairman Richard Convoy.
By Joshua Warner; [email protected]; @JoshAlliance
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