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Merlin Diamonds boosts funds as it seeks larger diamonds

Australia's largest ever diamond was recovered from the Merlin mine.
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The company has raised more than $3.231 million from an entitlements offer

Merlin Diamonds Ltd (ASX:MED) has secured an additional $500,000 in funding from a shortfall placement from its recent entitlements offer priced at $0.005 per share.

This brings the total funds raised in the offer to more than $3.231 million.

The company remains focused on its Merlin Diamond Mine in the Northern Territory, which has a history of producing large diamonds.

Australia's largest ever diamond of 104.7 carats was recovered from the mine.

READ: Merlin Diamonds commences ore processing for larger diamonds

Merlin is processing kimberlite ore through its new Tomra X-Ray Transmission (XRT) machine.

By using this new technology, the company aims to enhance larger diamond recoveries and reduce operating costs.

The machine is also expected to recover more low luminescing diamonds than previously possible.

Recovery of large diamonds was not previously possible due to equipment limitations.

The mine comprises 13 known diamond-bearing kimberlite pipe vents on the mine lease, nine of which have been historically mined.

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The Merlin diamond mine produced the largest diamond ever discovered in Australia at 104 carats.

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