Diamonds are Lucapa’s best friend – up 30% on find

Published at Sep 28, 2015, in Mining

Shares in Lucapa Diamond Company (ASX:LOM) have hiked more than 30% in early trade as it announced more large diamond finds at its Lulo project in Angola.

It told the market this morning that so-called ‘large special diamonds’ had been found during a pitting program at the prolific Block 8 at the project – including a 90.32 carat gem.

That particular find was the largest found by LOM since alluvial mining started at the project in January this year.

Finds of 56.62 carats, 36.61 carats, 29.94 carats, 18.71 carats, and two 11 carat diamonds were also recorded.

The finds were on the same block where a 131.40 carat diamond was found during preliminary bulk sampling back in 2012.

The recent finds now make a grand total of 31 special diamonds from the block since mining started in August.

LOM is currently conducting pitting programs aimed at extending the Mining Block 8 alluvial diamond field.

The current finds have investors excited this morning, sending its share up by over 30% for the day.

LOM is currently sitting at 45.5c, up over 26%.

About LOM

LOM is the operator of the 3,000km2 Lulo Diamond Concession in Angola’s Lunda Norte diamond heartland.

Lulo is located within 150km of Catoca, the world’s fourth biggest kimberlite diamond mine, and on the same favourable geological trend (Lucapa Graben).

Lucapa and its partners commenced alluvial diamond mining operations at Lulo in January 2015. The Lulo alluvial diamonds sold to date have achieved average sale prices of A$1668 per carat.

Lulo also hosts 296 kimberlite targets in two separate provinces, of which 96 have already been classified as proven and probable kimberlites and four confirmed as diamond-bearing pipes.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Longhou Capital Markets Pty Ltd (AFSL No. 292464). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Facebook
Twitter
Google Plus
LinkedIn