Lucapa Diamond Company Limited report further progress by the Committee tasked with finalising the Project Lulo Joint-Venture Mineral Investment Contract (MIC) and to provide an update on the Lulo Kimberlite Bulk Sampling Exploration Program. Minerals Investment Contract; the MIC Committee met in Luanda, Angola last week to progress the agreement and is expected to meet again in the next fortnight to continue working towards finalising the outstanding details.
The new MIC proposes to increase Lucapa’s interest from 39% to 51% in the Project Lulo Joint-Venture which is exploring for the kimberlite source. The final stages of the process will be the signing off by the Ministry before it is gazetted. Lucapa will keep shareholders updated on further developments. Kimberlite Bulk Sampling Program is currently stockpiling a sample of L130/01 and will soon commence processing samples from L349, L137 and L130.
In the first Quarter of 2025, Lucapa’s geologists will review the Kimberlite Bulk Sampling Program with an internationally renowned independent kimberlite exploration expert to reassess the future program targets and improve the prioritisation methodology. During Q4CY24, the onset of the wet season and technical issues experienced with the Tatra trucks used to transport kimberlite bulk samples caused delays in moving the excavated samples to the Kimberlite Bulk Sample Plant.
The Tatra issues have now been resolved, enabling continual sample transport and reducing the impact of wet season rains. Two samples from L188 were treated during the fourth quarter, with no diamonds recovered.
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