PERTH (miningweekly.com) – Diamond miner Lucapa Diamond Company's share price closed more than 27% higher on Tuesday on confirmation of kimberlite next to its alluvial diamond field at the Lulo project, in Angola.
At the end of August, Lucapa started a systematic pitting programme at a kimberlite target, which involved the excavation of pits to confirm the existence of kimberlite material.
Eighty-three prospecting pits were excavated within an area of some 1 km2 to test for subcropping geology and to extend the boundaries of the known gravels in the alluvial Mining Block 8 area.
“We now have a confirmed kimberlite adjacent to the Mining Block 8 alluvial diamond field where we are recovering both large valuable diamonds and coarse kimberlite indicator minerals,” said Lucapa CEO Stephen Wetherall.
“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. The area we have recovered kimberlite material from in our ongoing pitting programme also suggests this to be a significantly sized kimberlite.”
Lucapa would now accelerate the pitting programme to better define the locality, size and structure of the kimberlite and to determine the types of kimberlite present.
A ground-based electromagnetic or gravity survey would also assist in defining the outer limits of the L259 discovery for bulk sampling.
Further, Lucapa was seeking access to mobile drill rigs to allow the company’s exploration team to conduct early-stage delineation drilling.
The miner would prioritise two other proximal kimberlites, which were also considered high-priority kimberlites and which were located on or close to natural river drainages feeding into the Cachuma river tributary that runs past Mining Block 8.
Lucapa shares closed at a high of 61c each on Tuesday, up from an opening price of 53c each.