Cluff Resources Pacific NL (ASX: CFR) has discovered a 224 carat ruby crystal excavated by hand from a shaft up to 50 metres deep, in Madagascar.
An independent gemmological consultant confirmed the discovery.
The stone was excavated from a prospect in which Cluff will have a 35% interest after the conclusion of the current expenditure commitment.
This new discovery presents the joint venture with a potential opportunity to secure existing infrastructure and local labour expertise.
Cluff said it is proceeding after the wet season to a program to expose the sapphire bearing rock and to map its extent on the licence.
Around half of the world's known sapphire reserves are contained in Madagascar, although production has been falling for the past two years.