Lucapa Diamond Company provides an update to the Project Lulo JV Minerals Investment Contract (MIC) process and Kimberlite Bulk Sampling Exploration Program. Minerals Investment Contract! As previously announced the new Lulo Kimberlite Exploration Joint Venture MIC met in Luanda in June and August.
Lucapa CEO and MD Nick Selby said, “All required documents for the new MIC have been completed ahead of the next meeting. Although the 90 day deadline has passed, we are confident that the new MIC will be finalised soon.
In the meantime, the results from the latest kimberlite bulk sampling supports our perspective that only a few kimberlites are the source of the mined alluvial diamonds, and that the fewer of those that there are, the higher they are likely to be in diamond content.
We are planning to process five priority targets in the southern area of the concession during the remainder of the dry season, before they become submerged and inaccessible once the wet season commences.”
During the quarter ending 30 September 2024 (Q3), six samples were processed through the Kimberlite Bulk
Sampling Plant, with no diamonds recovered. However, this reinforces the stance that the diamonds being recovered from the alluvials, were sourced from relatively few kimberlites.
Therefore, increasing the prospectivity and likely diamond content of those diamond bearing kimberlites. A second sample will be excavated from L014 when alluvial mining commences in that area after the upcoming wet season. The second sample will be taken from a separate lobe of the kimberlite to the first L014 sample taken.
All the technical information gained from each subsequent sample is used to improve and further refine the prioritisation methodology. The five high priority kimberlite targets to be processed next are: It is two years since the dedicated KBSP was commissioned with 48 samples processed from 26 kimberlites during that period. The processing rate has comfortably exceeded the original target set of two samples every six weeks.
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