Miners unearth 'our beauty' at Gahcho Kue
Gem quality stone worth up to $1 million, says CEO
Jessica Davey-Quantick
Northern News Services
Friday, February 10, 2017
SOMBA K'E/YELLOWKNIFE
Diamonds are a mine's best friend, at least for Patrick Evans, president and CEO of Mountain Province Diamonds.
Mountain Province Diamonds recovered its largest gem quality diamond to date at Gahcho Kue Mine. The stone, which rings in at 67.87 carats, is worth up to $1 million and destined for the jewelry market. - photo courtesy of Mountain Province Diamonds
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The company announced on Monday the recovery of a 67.87-carat gem quality diamond at the Gahcho Kue diamond mine. The diamond, which Evans has taken to calling "our beauty" is the largest gem quality diamond recovered to date at Gahcho Kue, located about 280 kilometres outside Yellowknife.
"It's not uncommon to find large diamonds in the Canadian mines - what's really special is to find a diamond of this high quality," said Evans.
The diamond is an octahedron shape and what Evans calls a "sawable" diamond, meaning it can be split in half to create two jewelry quality diamonds.
Evans estimates its dollar value at between $500,000 to $1 million.
"The shape is fantastic, the clarity's fantastic," he said.
But it's not total love at first sight.
"It's not top colour," said Evans.
Still, he said it would definitely be destined for the jewelry market. Diamonds typically fall into three categories: gem, or jewelry diamonds, near-gem quality and industrial. The gem category is further subdivided, with anything larger than 10 carats referred to as a "special" stone, and anything larger than 30 carats getting the label of "exceptional stone."
"The typical size of a diamond from a diamond mine is less than a carat. To have something of this size is very special indeed," said Evans. "To find a diamond of this size so early in a mining operation is very encouraging."
Mountain Province Diamonds is a 49-per-cent participant with De Beers Canada in the Gahcho Kue Mine, which opened in October. The mine is made up of a cluster of four diamondiferous kimberlites, the stone diamonds are found in. Three of those sites are estimated to have a potential mineral reserve of 34.88 million tonnes, or 54.64 million carats of diamonds.
Production is currently in the ramp-up stage. Evans estimates commercial production will begin next month, with full production launching by the middle of the year.
But bigger isn't always better when it comes to diamonds. Previously, a 156-carat diamond was recovered from Gahcho Kue, but it wasn't "particularly valuable" said Evans.
"What you're really looking for in terms of value is gem quality stones," he said.
He estimates it's worth only a few hundred dollars, despite it's size.
But the presence of such large stones - even if they aren't worth much - is a good sign, said Evans.
"It's not particularly valuable, but it's large size is very encouraging and indicates that there will be larger gem quality diamonds and probably a regular production of plus-100-carat gem quality diamonds once we're in full production," he said.
