Lucapa Diamond Co Earns $1.5M at Sixth Sale of 2017

Mining and Exploration
31/07/2017 14:22

Australian junior miner Lucapa Diamond Company earned US$1.5 million from the sale of 2,070 carats of rough alluvial diamonds from the Lulo Diamond Project in Angola during the sixth sale of 2017. This represents an average price of US$710 per carat, and brings gross proceeds from Lulo diamond sales in 2017 to US$17 million, for an average price of US$1,485 per carat. The company notes that diamond recoveries and grades have improved at Lulo since the return to the high-value Mining Block 8 and 6 areas, after the Angolan wet season. The company has recovered three +50 carat diamonds since the last sale. 

As highlighted on June 24, Lucapa is forging ahead with its kimberlite exploration program in search of the primary hard rock sources of the high-value alluvial diamonds it mines. Their most recent step was a helicopter-borne Time Domain Electromagnetic (“TDEM”) survey flown over the Cacuilo River valley and its main tributaries, where Lucapa and its partners have identified extensive alluvial diamond deposits. The TDEM results identified 11 new electromagnetic (EM) conductive kimberlite exploration targets of up to 150 hectares with little or no previous magnetic signature, with 5 of the new EM targets located along drainage systems feeding into the high-interest Mining Block 8 area, a prolific producer of large and premium-value alluvial diamonds.