Lucapa Diamond Company (ASX:LOM) and partners have scheduled the next sale of alluvial diamonds from the Lulo Diamond Project in Angola for early 2018.
The timing of this sale is designed to maximise sale proceeds by selling into a usually stronger demand period at the beginning of the year.
Lucapa’s next sale parcel will include 2,160 carats of Lulo production sent to Luanda last week.
Importantly, this includes the exceptional 129 carat and 78 carat Type IIa D-colour diamonds recovered from Mining Block 6 in November 2017.
Lulo Diamond Project is a joint venture between Lucapa, who holds a 40% operating interest, Endiama (Angolan government) and Rosas & Petalas – a private partner.
The 129 carat diamond is the eighth 100+ carat diamond recovered by the Lulo partners to date and the seventh in just 2.5 years of commercial mining from relatively low throughout rates.
Lulo partners have to date recovered and sold alluvial diamonds worth circa US$85 million.
These localised recoveries, and other indicators, point to the huge potential of a large stone primary kimberlite source at Lulo.
Lucapa recently intersected a total of seven kimberlites near alluvial mining blocks 8, 6 and 28 as drilling continues on this cluster of targets.
The company is drilling to test a series of kimberlite targets identified near the high-value alluvial diamond mining operations and further south along the Cacuilo River.
Lucapa’s current drilling program is to confirm which targets are kimberlites and to then recover core material for petrography and mineral chemistry analysis.
The results will be used to prioritise a reduced number of potentially diamondiferous kimberlites for further drilling and bulk sampling.
Results from Lamproite drilling program in Australia awaited
Lucapa has completed a drilling program at the 80% owned Brooking project, in Western Australia’s West Kimberley lamproite field.
Petrographic and mineral chemistry analysis results from the drill samples are currently awaited.
Brooking is located circa 40 kilometres of the Ellendale diamond mine which, when in operation, was the world’s leading producer of rare fancy yellow diamonds.