New Samples Show Additional Diamonds

Diamond mine in Canada's Northwest Territories may contain significantly more rough diamonds than previously thought, Diamond Intelligence reports. The Diavik diamond mine is said to have reserves totaling approximately 33.8 million carats in its A-154 South, A-154 North, A-418 kimberlite pipes and in stockpile, but new data demonstrates that it may contain another 19.6 million carats.

Diamond company Harry Winston, which has a 40% stake in the Diavik mine, said that the new results follow from new samples taken during its deep drilling program, which they conducted back in 2011. After inputting the new data into resource models, millions more tones of ore were attributed to Diavik. Some reserves previously classified as "probable" were upgraded to "proven", while other deposits of ore were announced for the first time, according to Diamond Intelligence.

Rio Tinto owns the other 60% of the Diavik mine, but it is thinking of exiting the diamond mining business, and junior partner Harry Winston is a likely candidate to purchase its shares.

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