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Lucapa Diamond Company grows resources at Lulo Diamond Project

Lucapa and its Lulo partners will continue to conduct alluvial exploration activities.

Lulo diamond

Lucapa Diamond Company (ASX:LOM) continues to build resources at the Lulo Diamond Project in Angola, despite production which provided US$55 million in gross diamond sales.

An updated resource follows 15 months of mining depletion to 31 January 2017, where circa 220,000 bcm was mined and treated.

The resource has increased 10% in volume from the maiden diamond resource to 606,600 cubic metres, and includes a 54% increase in the average modelled diamond value to US$1,246 per carat.

Lucapa's partners at Lulo include Empresa Nacional de Diamantes E.P. and Rosas & Petalas.

Per carat valuation

The average modelled diamond value of US$1,246 compares with an average gross sale price of US$2,983 for Lulo diamonds in 2016, which was the highest US$ per carat diamond production in the world in 2016.

Forward plan

Lucapa and its Lulo partners will continue to conduct alluvial exploration activities in parallel with alluvial mining and kimberlite exploration, with a view to keeping a rolling four year inferred mine life in the alluvial Diamond Resource.

Quick facts: Lucapa Diamond Company

Price: 0.062 AUD

Market: ASX
Market Cap: $39.74 m

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