Don’t know if this actually constitutes an actual “fossil” find, but it seems to be a good place to mention it.
Recent analysis of minuscule traces of carbon trapped inside tiny slivers of diamond thought to have formed a few hundred million years after Earth came into being shows that the carbon is a type often associated with plants and bacteria. This, of course, suggests that life started on Earth over 500 million years earlier than previously thought.
Dr. Alexander Nemchin and a team from the Curtin University of Technology’s Department of Applied Geology in Western Australia examined carbon isotopes that were trapped inside 22 diamond and graphite inclusions that formed inside 18 tiny zircon crystals measuring only 0.3mm (0.0118”) across that had been unearthed in the Jack Hills region of Western Australia. The Jack Hills consists of a band of folded and metamorphosed supracrustal rocks from where the oldest dated material on Earth has been found. The diamonds have been dated at being between 4.2 and 4.4 byo (4200-4400 myo) and are considered the oldest diamonds in the world.
The results of the analysis demonstrated that the diamonds contained unusually high concentrations of a light form or isotope of carbon known as carbon-12. Plants prefer carbon-12 over the heavier carbon-13 when they extract carbon from the atmosphere causing the plants to exhibit a different ratio. And as Dr. Nemchin explains, “The most common way to form light carbon on the modern Earth is photosynthesis.” All of these points toward the carbon from Jack Hill being from organic life.
“The discovery challenges our fundamental understanding of processes active in the early history of the Earth. It suggests that life may well have appeared on Earth long before the period of heavy-meteorite bombardment believed by some to have initiated the emergence of life on Earth,” Dr Nemchin said.
If life began on Earth over 4.2 bya, this implies that it had to survive the incredible bombardment from outer space that the Earth went through around 3.8 bya (an onslaught thought to have been responsible for the formation of the Moon),
or that life arose twice in Earth’s history: once prior to the bombardment and then again afterwards.
However, the team readily admits that the conclusion is not definitive. Writing in the July 3, 2008 issue of the journal Nature, the researchers caution that their results are not definitive proof of early life but do "not exclude" the possibility. “We're all a little skeptical,” said Dr Martin Whitehouse of the Swedish Museum of Natural History and one of the authors of the paper.
One possible explanation is that the carbon is a result of inorganic chemical reactions possibly involving carbon oxides. Proponents of this view point to the wide-range of values for the carbon isotopes that were detected in the inclusions, arguing that since photosynthesis produces a fairly constant value, this is evidence of a chemical reaction.
Another explanation suggested by Nemchin’s team is that the carbon was delivered from outer space by so-called "chondritic" meteorites, which also have a similar chemical signature.
But if these carbons were formed by inorganic means then this questions theories that depend upon the widely held assumption that light carbon means life. And if the diamond-embedded zircons are extraterrestrial in origin, then it calls into question nearly all the theories we have concerning the zircons, including the possibility of early Earth being cooler and more habitable than previously thought (based upon the crystals displaying evidence of having formed out of a low-temperature magma that had been in contact with water).
Another potential objection is one brought up by Professor Minik Rosing of the University of Copenhagen, which is the possibility that the diamonds could be contaminated, perhaps introduced during polishing of the zircons. “If you look at the photos that they present, you always see these diamonds sat in cracks and fissures and cavities,” Rosing elaborates. “If they were original features [you would] expect at least some to be embedded within the structure of the crystals.” I personally see this as the most likely explanation since it doesn’t overturn as many apple carts as the others potentially do.
Currently the oldest evidence for life was discovered by Rosing in a region in west Greenland known for its intensely folded rocks called the Isua Belt and thought to date back from 3.7 bya. Like the Jack Hills’ specimen, the chemical traces suggest the presence of photosynthetic life forms, but unlike them the traces are found in a complete sequence of rocks instead of just isolated crystals. The carbon isotopes on their own aren’t enough to qualify as a distinct biosignature.
The next oldest traces of life are the 3.5 byo stromatolites (made by photosynthetic algae) discovered in the Pilbara region of Western Australia. Most news accounts that state the Jack Hills discovery pushes the date for the earliest life back 700 million years are referring to these Australian stromatolites rather than the older traces detected in Greenland.
Further Reading:
Carbon specks push back origins of life
Diamonds hint at 'earliest life'
Simple Life Form May Have Existed 700 Million Years Earlier Than Previously Thought
Diamonds suggest life began earlier
Ancient diamonds trigger debate over earliest life on Earth
Ancient diamonds suggest creating life is easy