Gibb River Diamonds (ASX:GIB) has reported updated diamond valuations for the Ellendale Project in Western Australia.

Highlights include valuations from bulk sample LS2 from the Ellendale 9 Lights Stockpile of US$1,443 per carat; from the E12 Alluvials (close to E9) a value of US$796 per carat; and from the E9 East Alluvials of US$828 per carat.

Gibb River Diamonds said much of the high pricing is driven by the Fancy Yellow diamond component in the valuation parcel. 

It also said various resource studies are underway over the four main target areas in the vicinity of Ellendale 9, with the aim of delivering a profitable diamond mining operation.