Area narrows in Dublin-based Karelian’s search for green diamonds
Dublin-based Karelian Diamond Resources has announced that an extensive work programme is underway to find the source of the green diamond discovered by the company earlier this year.
In January the company confirmed that it had discovered a green diamond in Finland.
The work programme follows on from the high kimberlite indicator minerals ("KIMs") counts reported in September, which has considerably narrowed down the search area, a statement from Karelian said.
The objective of the programme is to locate the kimberlite body from which the green diamond originated.
As a kimberlite body erodes over millions of years KIMs spread out to form a fan shaped train which may extend for many kilometres. The work programme is designed to identify the kimberlite train and follow it back to source.
The work involved includes the use of a systematic excavator pit programme for till sampling and bedrock identification, together with analysis of airborne geophysics and a ground geophysical survey, as well as analyses by Scanning Electron Microscopy of previously taken samples showing high indicator counts for precise classification.
Commenting on the news, Professor Richard Conroy, chairman of Karelian, said that he was "excited" by the results from the programme to-date.
Founded in 2005, Karelian’s shares started trading on the Enterprise Securities Market (ESM) of the Irish Stock Exchange in December 2009.
Companies trading on the ESM need to have a minimum market capitalisation of €5m, and, unlike the Main Securities Market, a three year trading record is not required and no minimum level of shares must be made available to the public.