Lucapa crows on kimberlite find at Lulo

Published at Oct 6, 2015, in Mining

Lucapa Diamond Company (ASX:LOM) now thinks it could have more diamonds on its hands after confirming the presence of kimberlite next to its main diamond project in Angola.

It told the market in a pre-open announcement that pitting on a possible kimberlite target (L259) next door to its Mining Block 8 prospect had been firmed up by a trenching program.

Kimberlite is an igneous rock which is known for containing diamonds, and the fact that it’s right next door to its existing diamond block filled LOM with confidence.

“This makes L259 a compelling target as we close in on our major goal at Lulo, which is to find the primary kimberlite source or sources of the exceptional alluvial diamonds we are recovering on a daily basis,” LOM chief executive Stephen Wetherall said.

“The area we have recovered kimberlite from in our ongoing pitting program also suggests this to be a significantly sized kimberlite.”

Kimberlite found in an area adjacent to Mining Block 8

It said that it had managed to find the same kind of kimberlite in pits more than 1km apart, suggesting a wide area of discovery.

The kimberlite is located about 500m north east of the area where mining first commenced at LOM’s flagship Block 8 alluvial diamond field.

So far, LOM has recovered 31 ‘specials’ from the block following the start of mining on August 10 this year.

It said it would now step up pitting and exploration on the kimberlite target, and has been trying to source a rig to conduct early stage delineation drilling.

LOM will also conduct pitting on the outer rim of the kimberlite area to figure when and where bulk samples can be excavated.

By bulk sampling, LOM will be able to get an idea of the diamond content of the kimberlite.

Meanwhile, it also announced an extension of Mining Block 8 due to ongoing pitting in the area.

LOM said the pitting had in effect extended the boundary of the Block 8 ‘paleopacer’ by 800m north and 800 west.

On a tear

Since September 24, LOM shares have been on a rocket, rising by 261% to yesterday’s closing price of 47c.

On September 28, LOM said that it had found so-called ‘large special diamonds’ during a pitting program at the prolific Block 8 at the project – including a 90.32 carat gem.

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.

About Lucapa Diamond Company (ASX: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 $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.

View Our Investment Portfolios

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). 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.

Australian ASX Small Cap stocks | Why is Australia’s leading small cap publication

Founded seven years ago, is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise. provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more. is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!