Another Massive Diamond Unearthed by Lucapa

Another Massive Diamond Unearthed by Lucapa

The recent recovery is the first large find the company has made since March, increasing the diamond resource carats for Lulo by 90 percent.

Australia-listed diamond miner Lucapa (ASX:LOM) has recovered a 130 carat gem-quality diamond from its Lulo diamond project in Angola.

While 13 may be an unlucky number for some, for the Africa-focused gem miner, it signifies the number of 100 plus carat stones discovered at its Angolan mine since 2015.

The recent recovery is the first large find the company has made since announcing a 90 percent increase in the Lulo’s diamond resource carats to 80,400 carats in situ.

Lulo is located 630 kilometers away from Angola’s capital in a region called the Lunda Norte diamond heartland.

Unlike the kimberlite diamond mining process, where gems are extracted directly from a kimberlite pipe where they have grown over time, alluvial diamonds have been removed from kimberlite through natural processes such as erosion over millions of years.

The displaced gems are then deposited in a new location, usually riverbeds and other areas associated with water resources.

Lulo has proven to be an excellent source of alluvial diamonds, earning roughly US$2,000 per carat for its gem-quality stones. According to the company, out of all alluvial diamond mines worldwide, it has the highest US dollar return per carat.

In Q1 2019, the project produced 31 specials, which are diamonds weighing 10.8 carats or more. Ninety-two diamonds that are 4.8 carats and larger, including the specials, were also recovered during the first three months of the year.

Lucapa’s latest find is the second 100 plus carat diamond from the mine in 2019. In February, a 128 carat white diamond was recovered at Lulo alongside a rare 7.5 carat fancy purple-pink diamond.

“The 130 carat diamond adds to the current inventory of high-value large special run-of-mine diamonds, including top colour white diamonds, weighing 128 carats and 62 carats, as well as a number of fancy pink colored diamonds,” reads a company announcement.

The diamond will be included with other gems mined from Lulo at an upcoming diamond tender.

Shares of Lucapa were up 3.45 percent on Thursday (May 16), trading at AU$0.15.

Image courtesy of Lucapa Diamond.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Petratherm Limited Announces Filing of Early Warning Report Related to the Disposition of Common Shares of Outback Goldfields Corp.

Petratherm Limited (ASX: PTR) (“Petratherm”) announces that it has filed an early warning report (the “Report”) announcing that it has disposed of 33,333,333 common shares (the “Disposed Shares”) of Outback Goldfields Corp. (CSE:OZ) (formerly, Skarb Exploration Corp.) (“Outback Goldfields“). Petratherm acquired the Disposed Shares as consideration for the sale of its gold projects located in Victoria, Australia. Unless permitted under securities legislation, Petratherm must not trade the common shares before April 16, 2021. Following the expiry of this restriction period, Petratherm distributed all of the Disposed Shares in specie to its shareholders effective today. Following the disposition of the Disposed Shares, Petratherm holds nil shares of Outback Goldfields.

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the filing of the Report by Petratherm.

Keep reading... Show less

AU$4 Billion Galaxy/Orocobre Merger to Create Top 5 Lithium Company

Australia’s Orocobre (TSX:ORL,ASX:ORE) and Galaxy Resources (ASX:GXY,OTC Pink:GALXF) agreed this week to join forces in a AU$4 billion “merger of equals.” The deal comes as demand for lithium for electric vehicle (EV) batteries continues to pick up pace.

Once the merger is complete, the new company will become a top five lithium chemicals company globally — and top three outside of China — with production capacity of around 40,000 tonnes of lithium carbonate equivalent per year.

“The merged entity’s growth opportunities in both brine and hard rock position it uniquely to take advantage of expected rising EV demand for lithium,” Galaxy Chairman Martin Rowley said.

Keep reading... Show less

IIROC Trading Halt – TMRR

The following issues have been halted by IIROC:

Company: Tempus Resources Ltd.

Keep reading... Show less

Cleantech Investing in Australia

Climate change is a looming issue for Australians, with 82 percent concerned about bushfires and 81 percent worried that drought or flooding will affect crop production and food supply.

This is where conscious investors look to the cleantech sector, which covers everything from renewable energy to low-emission technologies to water technology to battery storage and more.

What should investors know about cleantech in Australia before they jump in? Read on for a look at key factors, including market size, the industries encompassed by cleantech and big players to watch.

Keep reading... Show less

Galaxy Resources Limited Announcement

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Becoming a substantial holder

The announcement can be viewed at:
https://www2.asx.com.au/markets/trade-our-cash-market/announcements.gxy

Keep reading... Show less

Top News

Related News