Karelian Diamond Resources reveals promising analysis results

9th Apr 2024 12:42

(Sharecast News) - Karelian Diamond Resources revealed promising results from the electron microprobe analysis of Kimberlitic garnets extracted from till samples on Tuesday.

The AIM-traded firm said the samples were taken up-ice of the location where it previously discovered a notable green diamond.

It said the analysis suggested proximity to the source of that distinctive gemstone.

Renaud Geological Consulting in Canada carried out the examination, conducted on 60 garnets from various locations,.

Karelian said the findings unveiled 19 'G10' harzburgite, 19 'G9' lherzolite, 15 'G5' pyroxenite, and seven 'G4' eclogitic garnets.

Notably, the presence of diamond stability field garnets alongside other diamond-facies garnets indicated the potential for diamond-bearing kimberlite in the Kuhmo target area.

Furthermore, a conventional CaO versus Cr2O3 contents plot for the 60 garnets analysed confirmed their derivation from the diamond stability field of the Earth's mantle.

Those results strongly suggested a deep-mantle source for kimberlite, originating from the diamond stability field where diamonds form.

Of particular significance were two sample locations - A5-23-01 and A5-23-03 - which appeared to be in close proximity to the kimberlitic source of the green diamond.

That finding could hold substantial implications, as coloured diamonds, such as green ones, often fetch prices significantly higher than colourless diamonds.

"These results are a further and very important step forward in bringing to a successful conclusion the search for the origin of the green diamond discovered by the company in the Kuhmo region of Finland," said chairman Richard Conroy.

At 1052 BST, shares in Karelian Diamond Resources were down 1.4% at 2.12p.

Reporting by Josh White for Sharecast.com.