The company had started drilling in September after it previously recovered a 131 carat diamond – amongst other diamonds – that was determined to have many features of a rare Type IIa diamond.
This was valued at US$3.5 million by Independent Diamond Valuers, which also inspected the other diamonds and stated that Lulo had the potential to produce diamonds far better than the average global production.
Lucapa’s original drilling program was targeted at finding the source or sources of the large gem-quality alluvial diamonds the company has already recovered.
This targets prospects selected by international diamond expert Manfred Marx from a list of 247 targets.
The company will now carry out a low-level aeromagnetic survey that includes a 725 square kilometre strip close to where the 131 carat diamond was recovered.
Lucapa expects the survey to increase the number of priority kimberlite to be drill tested.
Proceeds will also be used for licence renewal costs and for working capital.
Lulo is located in the diamond rich Lunda Norte Province and is surrounded by global diamond giants including De Beers, Alrosa, SDM and Metalex.
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