Lucapa identifies more than 20 more diamond targets to sample

Lucapa Diamond Company Ltd (ASX: LOM) is progressing its search for high grade mineralisation in Angola, picking up an additional 23 kimberlite targets for bulk sampling at its Lulo joint venture.

The company had already completed a first phase of sampling of 15 kimberlites from its kimberlite bulk sampling plant (KBSP) starting in September 2022, with a further six being put through by the end of 2023.

From the 35 kimberlites which have been chosen and processed overall, nine have been shown to have diamond-rich mineralisation.

Of these, the most notable recoveries came from the L164 target, which yielded 110.66 carats, among which were two stones of more than 10.8 carats, one of whom contained 15.27 carats.

Lucapa is undertaking this work through alluvial mining company Sociedade Mineira Do Lulo (SML), itself a partnership in which Lucapa is invested 40 percent, along with Angola’s national diamond company Endiama (with a 32 percent investment), and private company Rosas & Petalas – also based in the African country, with a 28 percent investment.

SML began commercial production from Lulo’s alluvial mine in 2015, and the joint venture is now focused on finding the source of high value diamonds picked up from the SML operation which is taking place close to the Cacuilo River.

This means that while L1164 target is being viewed as commercially important, Lucapa is now shifting its focus to sampling kimberlites in the Cacuilo River location.

As part of this exploration, Lucapa has identified 560 geophysical anomalies which could yield kimberlites, and of these, 164 have been drilled and 141 kimberlites confirmed.

Lucapa is trading at 11.5c.