highlights from this announcement, and there's plenty of them;
• Many Lulo kimberlites have little or no overburden = more cost-effective to explore and develop
• This has enabled Lucapa to excavate surface bulk samples from priority kimberlite targets
• 14 diamonds up to 1.6 carats already recovered from three separate kimberlites –L251, L257 and L19. One micro diamond recovered from L170
• Kimberlite diamonds include rare Type IIa gems
• Positive micro-probing analysis on other targets has produced significant key indicators –G10D, G3D and G4D garnets
• New 24-month kimberlite evaluation and exploration program commenced in Q2 15 includes:
• Further evaluation of four known diamond-bearing pipes
• Laboratory analysis of existing drill core from nine kimberlite targets
• Bulk sampling of the priority L46 kimberlite -a likely source of the high-grade alluvial diamonds in the E46 area
• Processing of sample previously excavated from L220
• First systematic testing of 38 kimberlite targets in the eastern kimberlite province at Lulo
• Core and RC drilling program to test 48 priority kimberlite targets in the main western kimberlite province at Lul
Alluvial diamond mining commenced January 2015
• Treatment through 150tph DMS diamond plant
• Positive Q1 15 production with mining and processing targets exceeded. Diamond grades consistent with bulk sampling results including more large special stones
• Mining operations on track to be cash flow positive by end of Q2 15
• Initial Q2 15 recoveries include exceptional 63.05 carat and 20.20 carat D-colour Type IIa diamonds
• Mining of first of the higher grade diamond areas, BLK_08, has commenced. The largest and most valuable diamond recovered at Lulo (131.4 carats) was recovered from bulk sampling at BLK_08
• Targeted average Q2 15 diamond grade = 15 cphm3
• Alluvial diamond mining being progressively scaled up to 10,000bcm/month in June 2015
• Additional mining fleet being sourced to scale up to 40,000bcm/month in June 2016, which will include in-field screening of gravels • Financing options advanced to secure mining fleet to accelerate scaling up. Technical due diligence successfully completed for US$15 million bridging facility
• More regular diamond sales = stronger and sustainable cash flow generation
GLTA
last chance to top up (imo)
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