Ammolite History, Meaning, Benefits, and Uses The Ammolite History has been discovered recently. During the late 18th century, ammolite-bearing rocks were discovered in the Bearpaw Formation in the southern Alberta region of Canada. In the initial days, this gemstone was valued for its fossil content, and it was not recognized as a gemstone. However, things took an interesting turn when in the 1960s, a Canadian miner named Mike Evernden recognized the gemological potential of ammolite and started promoting it as a gemstone.