A diamond deposit has been found in the Nikabyt River valley during the Triassic diamonds exploration in the north of the Oleneksk elevation in the Republic of Sakha, the Federal Agency for Mineral Resources reported.

The Central Geological Research Institute for Nonferrous and Precious Metals is overseeing the exploration work.

"As a result of sample testing, we have extracted 295 diamond crystals witt a total weight of about 60 karats from the soil of the Nikabyt River valley during this year's field season," the agency said. The results have allowed us to conclude that the ore body of the diamonds is located in the Nikabyt River valley.

The Central Geological Research Institute for Nonferrous and Precious Metals has also developed a trial exploration model for an efficient exploration program for Triassic diamond deposits.

"The search for new deposits in remote areas such as East Siberia, Yakutia, is an important and timely project, which requires comprehensive geological prospecting," Natural Resources and Environment Minister Sergei Donskoi said. "The exploration and production of natural resources reinvigorate local economies, help develop promising technologies and create jobs," he added.