Carico Lake turquoise is known for its clear, iridescent, spring green color which is due to its zinc and copper content. Carico Lake stones can also display a dark blue-green color with a black spider web matrix. Recent finds are producing many new blue tones with even, black matrix. The colors and scarcity of Carico Lake turquoise make it a valuable addition to any collection. The Carico Lake mine also hosts another precious stone, faustite, which features a bright lime green color due to its higher zinc content.

Carico Lake is named for its home on a dried-up lakebed in high, cool Lander County, Nevada. Some turquoise businesses marketed this stone under various names including Stone Canyon and Aurora turquoise, although this is rarely seen today. Due to its remote location and harsh conditions in the winter, there is a limited amount of time allowed to mine this rare turquoise. These factors add to the investment value of Carico Lake turquoise.

Gus Stenich was one of the earliest owners of this mine. Due to losing much of his turquoise to foragers and thieves, Gus became suspicious of all activity that he saw around the mine. Just prior to his death, Gus made out a will hastily written on a bread wrapper. In this will, he left the entire mine to his best friend J.W. Edgar.