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Lucapa Diamond Company Ltd.
Summary
| Project: | Lulo | |
|---|---|---|
| Deposit: | Lulo | |
| Location: | Angola | |
| Commodities: | Diamonds | |
| Date: | 3/27/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 27-3-2017: Lucapa Diamond Company Ltd. announces a Resource Estimation report for its Lulo deposit at the Lulo project. Updated Mineral resource Estimate at Lulo. Lucapa Diamond Company Limited (ASX: LOM) (“Lucapa” or “the Company”) and its partners Empre | |
| Resources: | (Resource, Inf.): 606600m3 @ 7.95cphm3 | |
| CP/QP: | [Resources]: Sean Duggan, Divid Bush, Albert Thamm (ZStar Mineral Resource Consultants (Pty) Ltd.;Internal) | |
| ABSTRACT: | Lucapa Diamond Company Limited (ASX: LOM) (“Lucapa” or “the Company”) and its partners Empresa Nacional de Diamantes E.P. (“Endiama”) and Rosas & Petalas are pleased to provide an updated JORC classified Inferred Diamond Resource for the Lulo Diamond Project in Angola (“Diamond Resource”). The Diamond Resource was independently estimated on a depletion and addition basis by Z Star Mineral Resources Consultants (Pty) Ltd of Cape Town, South Africa, updating the maiden Lulo Diamond Resource dated 31 October 2015. The updated Diamond Resource volume (with an average mining dilution of 20cm and an average swell factor of 1.1) continues to infer more than four years of alluvial diamond mining operations at Lulo at the rate of ~20,000 bcm per month. The average modelled diamond value of US$1,246 compares with an average gross sale price of US$2,983 for Lulo diamonds in 2016, which was the highest US$ per carat diamond production in the world in 2016. To note, the 227 carat diamond was recovered from Mining Block 28 after the date of the updated Diamond Resource. Lucapa and its Lulo partners will continue to conduct alluvial exploration activities in parallel with alluvial mining and kimberlite exploration, with a view to keeping a rolling 4 year inferred mine life in the alluvial Diamond Resource. | |
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