Dianor bags a big one at last (April 18, 2007)

Dianor Resources (DOR-V) has had no trouble finding small diamonds just about everywhere it looks at its massive Leadbetter deposit 12 km northeast of Wawa, Ont., and can now celebrate the discovery of its first large one.

Dianor is reporting the recovery of a 1.52-carat diamond from sample MBP-136 during processing by Kennecott Canada at its dense-media-separation facility in Thunder Bay, Ont.

The diamond recovery comes from the processing of four 60-tonne conglomerate samples from Leadbetter, which is now at the diamond-picking stage and is expected to be completed by mid-May, with a full report and diamond results to follow shortly thereafter.

Dianor describes the 1.5-carat stone as a light-yellow, intact macle 7.8 mm in its longest dimension.

Previously, the largest diamond ever recovered from the Leadbetter conglomerate tipped the scales at 0.667 carat, in sample MBP-101 reported last July.

However, several diamonds greater than 1 carat have been found in the area’s alluvial material, including a 1.39-carat gem-quality one found in a creek draining the Leadbetter property.

The newly found 1.5-carat stone also ranks as the largest one found in bedrock in the Wawa area.

Dianor has spent the past couple of years drilling the large, diamond-bearing Leadbetter conglomerate, and says that a preliminary tonnage estimate will be unveiled soon.

Investors loved the news of the 1.5-carat find, driving Dionor shares up 18% today to $1.10. Shares touched an intra-day high of $1.26.