VANCOUVER, British Colombia,
Nov. 10, 2020 /PRNewswire/ -- (LUC –
TSX: LUC) (BSE: LUC) (Nasdaq Stockholm: LUC)
Lucara Diamond Corp. ("Lucara" or the "Company") is pleased to
announce the recovery of an unbroken 998 carat high white clivage
diamond from its 100% owned Karowe Diamond Mine located in
Botswana (image attached).
The diamond, measuring 67x49x45mm, was recovered from direct
milling of ore sourced from the EM/PK(S) unit of the South Lobe,
and follows a notable series of diamond recoveries during this
recent production run, including a number of top quality clivage
and gem quality stones of 273, 105, 83, 73, and 69 carats in
weight. The EM/PK(S) forms an important economic driver for the
proposed underground mine at Karowe and continues to produce large
gem quality diamonds in line with expectations, a further testament
to the strong resource performance at Karowe. View PDF version
The 998 carat diamond was recovered in the MDR ("Mega Diamond
Recovery") XRT circuit that allows for diamond recovery post
primary crushing and prior to milling. This recovery represents the
second +500 carat diamond recovered from this circuit in 2020. Year
to date, Karowe has produced 31 diamonds greater than 100 carats
including 10 diamonds greater than 200 carats comprising of the 549
carat Sethunya, and the 998 carat diamond. In accordance with the
partnership between Lucara and HB Antwerp regarding all diamonds
greater than 10.8 carats produced from Karowe, both companies are
evaluating the next steps in order to maximise the value of this
rare large diamond.
Eira Thomas, CEO commented: "Lucara is extremely pleased with
the continued recovery of large high quality diamonds from the
South Lobe of the Karowe mine. To recover two +500 carat diamonds
in 10 months along with the many other high quality diamonds across
all the size ranges is a testament to the unique aspect of the
resource at Karowe and the mine's ability to recover these large
and rare diamonds. Operations at Karowe have continued through 2020
and operational challenges, due to Covid-19 restrictions, have been
met with professionalism by the team. We look forward to a safe
finish to 2020 and continued success at Karowe as we remain
focussed on strong operations to ensure maximum resource
performance."
This press release has been reviewed and approved by Dr.
John Armstrong, Ph.D. P.Geol.,
Vice-President, Technical Services of the Company and a "Qualified
Person" for the purposes of National Instrument 43-101.
Eira Thomas
President and Chief Executive Officer
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ABOUT LUCARA
Lucara is a leading independent producer of large exceptional
quality Type IIa diamonds from its 100% owned Karowe Mine in
Botswana and owns a 100% interest
in Clara Diamond Solutions, a secure, digital sales platform
positioned to modernize the existing diamond supply chain and
ensure diamond provenance from mine to finger. The Company
has an experienced board and management team with extensive diamond
development and operations expertise. The Company operates
transparently and in accordance with international best practices
in the areas of sustainability, health and safety, environment and
community relations.
The information in this release is accurate at the time of
distribution but may be superseded or qualified by subsequent news
releases.
This information is information that the Company is obliged to
make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of
the contact persons set out, at 2:00pm
Pacific Time on November 10,
2020.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain of the statements made and contained herein and
elsewhere constitute forward-looking statements as defined in
applicable securities laws. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible" and similar
expressions, or statements that events, conditions or results
"will", "may", "could" or "should" occur or be achieved.
Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made and
they are subject to a number of known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievement
expressed or implied by such forward-looking statements. The
Company believes that expectations reflected in this
forward-looking information are reasonable, but no assurance can be
given that these expectations will prove to be accurate and such
forward-looking information included herein should not be unduly
relied upon.. The value of the Company's shares, its financial
results and its mining activities are significantly affected by the
price and marketability of the diamonds recovered. The sales
price of a diamond is determined by its characteristics.
While the Karowe Diamond Mine has produced a number of large,
high-value diamonds in excess of 100 carats, there is no assurance
that the diamonds recovered which are 100 carats or larger will
have the characteristics required to achieve a high sales
price.
There can be no assurance that such forward looking statements
will prove to be accurate, as the Company's results and future
events could differ materially from those anticipated in this
forward-looking information as a result of those factors discussed
in or referred to under the heading "Risks and Uncertainties"' in
the Company's most recent Annual Information Form available at
http://www.sedar.com, as well as changes in general business and
economic conditions, changes in interest and foreign currency
rates, the supply and demand for, deliveries of and the level and
volatility of prices of rough diamonds, costs of power and diesel,
acts of foreign governments and the outcome of legal proceedings,
inaccurate geological and recoverability assumptions (including
with respect to the size, grade and recoverability of mineral
reserves and resources), and unanticipated operational difficulties
(including failure of plant, equipment or processes to operate in
accordance with specifications or expectations, cost escalations,
unavailability of materials and equipment, government action or
delays in the receipt of government approvals, industrial
disturbances or other job actions, adverse weather conditions, and
unanticipated events relating to health safety and environmental
matters).
Accordingly, readers are cautioned not to place undue reliance
on these forward-looking statements which speak only as of the date
the statements were made, and the Company does not assume any
obligations to update or revise them to reflect new events or
circumstances, except as required by law.