Shares in Diamond Rose mare than doubled at the end of the week on news the controversial company had made “mjor breakthrough” in its diamond exploration program in the North Kimberley region of
The tightly held Diamond Rose stock jumped 8.5c to close at 14c after chairperson Pnina Feldman told shareholders the company’s laboratory had identified “weathered grains of kimberlite which indicate the presence of at least one kimberlite pipe” at the company’s Upper Beta Creek project.
“Diamond Rose’s team is confident that it has now located at least one pipe.” Mrs Feldman said in a statement.
“It is anticipated that pipes in Diamond Rose’s area will be relatively large because the geological setting of its tenements allows for large section of preserved diatremes.”
Alluvial diamonds had been located in the tenements in creeks but the “breakthrough” needed was to find the kimberlite pipe source of sources which hosted the diamonds, Mrs Feldman said.
The find is the latest development in the colourful history of the Sydney-based gemstone explorer, which is controlled by Mrs Feldman, sister of mining magnate Mr Joseph Gutmick.
Diamond Rose evolved out of Mrs Feldman’s desire to find the 12 gemstones of the breastplate worn by the High Priest of the
The float was fully subscribed and most shares were grabbed by 20 major shareholders, including heavy hitters such as American billionaire financier Mr George Soros.
Diamond Rose shares have traded as low as 4c this year.
