The value of a rough (uncut) diamond depends not only on its size, but also on its colour and clarity. The value of a diamond deposit depends on both the concentration and average value of the diamonds it contains.
The Company is evaluating diamond projects at Cue in Australia and in Finland.
Demand for diamonds is predicted to grow at twice the pace of supply due to a lack of recent investment in exploration and development and the growth of diamond markets in Asia.
Barite is the mineral form of the chemical barium sulphate (BaSO4). It is used as a weighting agent in oil industry drilling muds and as a higher value industrial filler for use in paints and other products.
The Company is evaluating the Derryginagh Project in Ireland as a source of high value white paint-grade barite. There is a significant demand for white paint-grade barite in Europe but no major mine supply outside of China and India.
The Company has applied for Prospecting and Exploration Licences over two gold prospective areas - the "Corona" and "Baker's" Projects - near Meekatharra in the Murchison Mining District of central Western Australia, 150 km east of the Company's Cue Diamond Project.
The Meekatharra Greenstone Belt has yielded over 5.5 million ounces of gold and contains a number of producing gold mines, including the Andy Well high grade gold deposit. The licence applications are strategically located in active exploration areas that are yielding significant gold and base metal discoveries.