133 carat, 131 carat and 118 carat diamonds recovered from MB46
Six +100 carat diamonds recovered by SML within 3 months, all from MB46
Lucapa Diamond Company Limited (ASX: LOM) (“Lucapa” or “the Company”) and its partners Empresa Nacional de Diamantes E.P. (“Endiama”) and Rosas & Petalas are pleased to announce the recovery of three +100 carat diamonds by Sociedade Mineira Do Lulo (“SML”) from the Lulo alluvial diamond mine in Angola.
The 131 carat is a Type IIa D-colour diamond, the 118 carat is a brown diamond and the 133 carat stone is a lower-quality grey diamond.
Six +100 carat diamonds have been recovered from Mining Block 46 (“MB46”) in the last three months, reaffirming its recent elevation to the Lulo mining block with the best +100 carat diamond occurrence rate – one +100 carat diamond for every ~20,000 bcm’s of gravel. The Canguige catchment and adjacent priority kimberlites are already the focus of the Project Lulo JV kimberlite exploration program, and the frequent recovery of large high-value diamonds underpins the prospectivity of this area.
Authorised by the Lucapa Board.
Lucapa is a niche diamond producer with high-value mines in Angola (Lulo) and Lesotho (Mothae).
The 0.5 million bulk cubic metre per annum Lulo alluvial mine and 1.6 million tonnes per annum (“Mtpa”) Mothae kimberlite mine both produce large and high-value diamonds, with >75% of revenues generated from the recovery of +4.8 carat stones.
The Lulo mine has been mining commercially since 2015 and has produced 22 +100 carat diamonds to date, including a 404 carat D-colour Type IIa stone, and is one of the highest average US$ per carat alluvial diamond producers in the world. Lucapa and its Project Lulo JV partners have also achieved highly encouraging results from their search to discover the primary hard-rock source of the high-value Lulo alluvial diamonds.
The Mothae mine in diamond-rich Lesotho commenced commercial mining in 2019 and has produced five +100 carat diamonds to date, including a 215 carat D-colour Type IIa stone. Lucapa has commissioned a ~45% expansion in the processing capacity of the Mothae mine which will see capacity grow from 1.1 Mtpa to 1.6 Mtpa by the end of Q1 2021.
Lucapa’s Board, management team and strategic investors have decades of diamond industry experience across the globe and right through the diamond pipeline, particularly in extracting value from large and high-quality diamonds.
Competent Person’s Statement
Information included in this announcement that relates to exploration results and resource estimates is based on and fairly represents information and supporting documentation prepared and compiled by Richard Price MAusIMM who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Price is an employee of Lucapa Diamond Company Limited. Mr Price has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. Mr Price consents to the inclusion in the announcement of the matters based on this information in the form and context in which it appears.
No New Information
To the extent that this announcement contains references to prior exploration results and Mineral Resource estimates, which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
This announcement has been prepared by the Company. This document contains background information about the Company and its related entities current at the date of this announcement. This is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this announcement.
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Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) risks associated with mining, exploration, operations, resource, environment, funding and adverse or unanticipated market, financial, currency or political developments.
No responsibility for any errors or omissions from this document arising out of negligence or otherwise is accepted. This document does include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of the Company. Actual values, results, outcomes or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and ASX Listing Rules, the Company does not undertake any obligation to update or revise any information.
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