Lucara Diamond Corp. is very pleased to announce the recovery of an extraordinary 1,094 carat rough diamond from its 100% owned Karowe Mine in Botswana.
This remarkable stone bears striking similarities to the 692 carat diamond announced in August 2023, which was polished by HB Antwerp and yielded polished diamonds that sold for in excess of USD13 million. Lucara confirms that this newly recovered 1,094 carat stone will also be polished by HB Antwerp, as part of the ongoing partnership between the two companies.
The newly recovered 1,094 carat diamond, the sixth stone in excess of 1,000 carats recovered by Lucara, continues the Company’s track record of unearthing large, high-value stones from the EMPKS ore type in the South Lobe of the Karowe Mine. Its exceptional size and quality underscore the unique characteristics of the Karowe ore body and reinforce the Company’s position as the leading producer of large, high-quality diamonds.
William Lamb, President and CEO of The Company, commented on the significance of this latest recovery:
“The recovery of this exceptional 1,094 carat diamond is a testament to Karowe’s remarkable potential and further validates our investment in the underground expansion project. These continued discoveries of large, high-value diamonds demonstrate the consistent quality of our resource and its ability to deliver substantial returns. As we progress with our underground development, we’re increasingly confident in Karowe’s capacity to produce these legendary diamonds well into the future, cementing our position in the high-end diamond market.”
The recovery of a second historic +1,000 carat diamond this year aligns with The Company’s underground expansion project which aims to extend the life of the Karowe Mine to beyond 2040 and has been designed to access the parts of the South Lobe at depth where the EMPKS ore type is prevalent.
This news release has been reviewed and approved by Dr. Lauren Freeman, PhD. Pr. Sci. Nat., Vice-President, Mineral Resources of the Company and a “Qualified Person” for the purposes of National Instrument 43-101.
On behalf of the Board,
William Lamb
President and Chief Executive Officer
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FAQ: Recovery of the 1,094-Carat Diamond
1. How significant is the recovery of the 1,094-carat diamond for Lucara Diamond Corp.? This is a historic discovery as it marks the sixth diamond in excess of 1,000 carats recovered by Lucara. It reinforces the company’s status as a leading producer of large, high-quality diamonds and highlights the unique, high-value potential of the Karowe Mine’s South Lobe.
2. What are the characteristics of this diamond, and has anything similar been found before? The 1,094-carat stone shares striking similarities in quality to a 692-carat diamond announced by the company in August 2023. That previous stone was eventually polished and sold for more than USD $13 million, suggesting a very high valuation for this new, larger discovery.
3. Who will be responsible for processing and polishing this extraordinary stone? As part of an ongoing strategic partnership, the diamond will be polished by HB Antwerp. This collaboration allows Lucara to maximize the value of its largest rough stones by participating in the high-end polished diamond market.
4. Where exactly was the diamond found, and what does it say about the mine’s future? The stone was recovered from the EMPKS ore type in the South Lobe of the Karowe Mine in Botswana. Its recovery validates Lucara’s investment in the underground expansion project, which is designed to access these specific high-value ore types at greater depths to extend the mine’s life beyond 2040.
5. How does this discovery align with Lucara’s long-term business strategy? According to CEO William Lamb, the find demonstrates the consistent quality of the Karowe resource and its ability to deliver substantial returns. It supports the company’s transition to underground mining, providing confidence that the mine will continue to produce “legendary” diamonds well into the future.