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Diamond & Specialty Minerals Summary for Aug. 10, 2023

2023-08-10 20:43 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a mediocre 81-97-132 as the TSX Venture Exchange added two points to 605. Adam Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) lost one-half cent to 39.5 cents on 574,000 shares.

Lucara had a good day Wednesday, gaining three cents to 40 cents on 818,000 shares on word late Tuesday of the recovery of what looks to be its best diamond find in eight years from its Karowe mine in Botswana. The company has pulled a 1,080-carat gem from the South lobe of the mine -- the area where the biggest and best of its diamonds have been lurking. The gem, which measures 82.2 millimetres long, almost 43 millimetres wide and nearly as deep, was recovered from a specially-built recovery circuit add-on at the mine.

The gem, cheers Ms. Thomas, president and chief executive officer, was a Type IIa top white gem of high quality. The description was in line with the 2015 recoveries of the 1,109-carat Lesedi La Rona diamond and the 813-carat Constellation diamond -- two big rocks found just a few days apart that sold the following year for well over $50-million (U.S.) each. Those finds had the company's then CEO, Dr. William Lamb, "truly at a loss for words."

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