The deal includes the sale of Barrick’s mining claims, historical resources, permits and water rights in the 1,500 acres adjoining Bullfrog’s project in Nevada.

The sum is more than twice the original target of £1.5 million (about $2m).

Researchers discovered diamonds in an outcrop atop an unrealized gold deposit in Canada’s Nunavut territory.

The Segilola mine is expected to have an annual average output of 80,000 ounces.