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LONDON (Alliance News) - Karelian Diamond Resources PLC on Monday said analysis of samples it collected geochemically show that the Riihivaara kimberlite is "likely to be diamondiferous".
The analysis of the target in Finland came from Rio Tinto Mining & Exploration Ltd, the company said in a statement.
The garnet population analysed indicated diamond potential, Karelian said, with the geotherm being prospective for diamonds and the kimberlite having sampled to a modelled depth of more than 200 kilometres, within the diamond stability field.
"The news that the Riihivaara kimberlite which we have discovered is likely to be diamondiferous is exciting news. It is very encouraging for our diamond exploration programme in Finland, which we believe has the potential to become a new diamond province ? the first in Europe outside Russia," Chairman Richard Conroy said in a statement.
Shares in Karelian were up 6.7% at 0.800 pence on Monday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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