Tirisano surrenders rare stone

Partners Etruscan Resources (EET-T) and partner Mountain Lake Resources (MOA-V) have recovered a potentially rare 13.7-carat diamond from their Tirisano alluvial diamond mine in South Africa.

The partners say the stone, dubbed the Tirisano Easter Diamond for its day of recovery, fluoresces vivid pink (one of the rarest colours) when exposed to ultraviolet light and retains the colour for “an extended period” after exposure.

The stone is on its way to the Swiss Gemological Institute of Basel for further studies.

In all, a 100,000-tonne controlled mining block at Tirisano has yielded 1,510 carats, including a yellow fancy and a 27-carat stone that fetched an average of US$440 per carat — US$40 per carat more than the life-of-mine projection.

At last report, Tirisano’s in situ indicated resource stood at 10.4 million cubic metres grading 2.9 carats per 100 cubic metres.

Etruscan operates and owns 51% of Tirisano. The remaining interest is divided among Mountain Lake, with 25%, and minority shareholders of a subsidiary through which Etruscan holds its interest, with 24%.

News of the find sent Mountain Lake shares soaring 13, or 21%, higher to 75 in early trade in Toronto on June 16; Etruscan shares were 6 higher at 95.

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