Diamond drill records 90 per cent hike in carats

The Lucapa Diamond Company has announced a 90 per cent increase of in-situ carats to 80,400 at the Lulo Diamond Resource. The increase equates to more than four times Lulo’s 2018 production (19,196), with the diamonds estimated value averaging US$1,420 per carat.

Lucapa Managing Director Stephen Wetherall said the updated Lulo Diamond Resource represented the results of another significant exploration workstream undertaken by the Lulo partners in parallel with the alluvial mining and kimberlite drilling and sampling programs.

Located east of the Angolan capital of Luanda, the Lulo Diamond Mine overall sales equivalate to a total of US$141 million at an average price of US$2,100 per carat.

“Together with the significant positive diamond marketing reforms introduced in Angola enabling producers like Lulo to achieve international market prices for their diamonds, the near doubling of in-situ resource carats in the upgraded Lulo Diamond Resource supports the Lulo partners’ plans to increase alluvial production in 2019,” said Mr Wetherall.

Please find announcement attached: https://hotcopper.com.au/threads/ann-90-increase-in-diamond-resource-carats-at-lulo.4682081/