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Lucapa Raises $13M to Broaden Australia Drilling

Apr 10, 2018 4:14 AM   By Rapaport News
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RAPAPORT... Lucapa Diamond Company has raised $12.7 million (AUD 16.5 million) to proceed with an aggressive drilling and exploration program at its Brooking project in Western Australia.

The funding — which came from a major new investor, as well as current shareholders — will go toward carrying out more exploration at the lamproite resource, the company said Monday. The asset has already produced 119 diamonds from a small sample recovered from one of 18 holes Lucapa has drilled.

The Brooking project is about 50 kilometers away from the Ellendale mine in the West Kimberley area. Until its recent closure, Ellendale produced more than 50% of the world’s fancy yellow diamonds, Lucapa said.

Lucapa has an 80% share in the Brooking project, and will retain the same stake following the investment deal. Aside from the Western Australia asset, the miner owns the Angola-based Lulo mine, which has produced several large diamonds, including a 404.2-carat stone unearthed in 2016. It also acquired a 70% holding in the Lesotho-based Mothae mine in 2017.

Lucapa shares rose 6.5% on Monday after the announcement.
Tags: Angola, Brooking, Brooking project, Ellendale mine, fancy yellow diamonds, lamproite, Lesotho, lucapa, Lucapa Diamond Company, Lulo mine, Mothae Mine, Rapaport News, West Kimberley, Western Australia
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