The results of geochronological, mineralogical, petrographical, and geochemical study of the Ilbokich ultramafic lamprophyre are reported. The specific features in the mineral and chemical compositions of the studied ultramafic lamprophyre indicate that it can be regarded as a variety similar to aillikite, while other differences dominated by K-feldspar can be referred to damtjernite. According to Rb–Sr analysis, ultramafic lamprophyre dikes intruded at the turn of the Early and Middle Devonian, about 392 Ma ago. This directly proves the existence of Early Paleozoic alkali–ultramafic magmatism in the northern part of the southwest Siberian Platform. A finding of Devonian alkali–ultramafic lamprophyre is of dual predictive importance. On the one hand, it is indicative of the low probability of finding large diamond-bearing deposits in close association with aillikite. On the other hand, it can be indicative of a possible large Devonian diamond province in the studied territory, where diamondiferous kimberlite is structurally separated from aillikite.