OTHER

Lucapa recovers 89ct yellow diamond at Mothae

Recovery part of bulk sampling programme to increase JORC resource

Staff reporter
The 89.75ct yellow diamond was recovered during Mothae's bulk sampling programme

The 89.75ct yellow diamond was recovered during Mothae's bulk sampling programme

An 89.75 carat yellow diamond was recovered during the first few days of processing kimberlite material from the south-east zone, providing evidence that the project is likely to be a source of large diamonds.

Last month, a 25ct stone was recovered from Mothae's neck zone during the first two days of trial processing through the bulk sampling plant after recent efficiency and security upgrades.

Lucapa and its 30% partner, the government of Lesotho, are hoping to expand and improve Mothae's current 1 million carat JORC resource by processing areas of the kimberlite pipe that weren't previously included in the resource or where they believes there has been insufficient historical sampling.

The plan is to process three 5,000 tonne bulk samples of kimberlite from the south-east, north and neck zones.

Lucapa said the construction of the new 150 tonne per hour commercial diamond plant was on schedule for commissioning in the second half of the year.

Managing director Stephen Wetherall said the 89.75ct recovery was encouraging, as the south-east zone's kimberlite pipe had had very limited historical testing.

"This underlines our belief in Mothae. It also vindicates Lucapa's decision to commit resources to the additional bulk sampling programme," he said.

Lucapa secured a US$15 million finance facility to develop Mothae last year, which has an estimated total indicated and inferred resource of 38.96 million tonnes at a grade of 2.7 carats per 100 tonnes, containing 1.04Mct of diamonds at an average revenue of $1,063 per carat.

Lucapa's shares were trading at A$0.28 (US$0.21) Friday, up 7.84%

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.