Lucapa Unearthed Another Large Diamond at Lesotho

Lucapa Unearthed Another Large Diamond at Lesotho

Lucapa Unearthed Another Large Diamond at Lesotho


Australia’s Lucapa Diamond (ASX:LOM, OTCMKT:LCPDF)) has found an 89-carat yellow diamond at its 70%-owned Mothae mine in Lesotho during the current bulk sampling program.

The company’s managing director, Stephen Wetherall, said the recovery of such a large diamond so early in the bulk sampling program provided further proof that, just like the neighbouring Letšeng mine, Mothae is another source of large diamonds.

Lucapa believes recovering such a large gemstone early in the bulk sampling program proves Mothae is a source of big diamonds.

“Having recently recovered a 25-carat yellow diamond from the previously untested neck zone in our bulk sampling program, we are tremendously encouraged that this 89-carat diamond was recovered from the south-east zone, an area of the Mothae kimberlite pipe where there has been very limited historical testing,” Mr. Wetherall said in the statement.

The ongoing bulk sampling programe, Lucapa said, is designed to expand and improve the current Mothae resource by processing areas of the kimberlite pipe either not included in the resource or where the company believes there has been significant historical sampling.

It also noted that construction of a new 150 tonne-per-hour commercial diamond plant continues on schedule for commissioning in 2-H of Y 2018.

It’s been a good year for Lucapa so far, with the company fetching $1.7-M in March from selling findings from its prolific Lulo mine in Angola, which recently yielded a 46-carat pink stone, the largest colored gem-quality rock ever recovered in that country.

The Mothae project is located within 5 km of Gem Diamonds’ (LON:GEMD) Letšeng mine, the world’s highest dollar per carat kimberlite diamond operation, which in January yielded a 910-carat rock. It was the 5th biggest gem-quality diamond ever found.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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