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Brooking Recovery Boosts Lucapa Shares

Aug 28, 2018 8:49 AM   By Rapaport News
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RAPAPORT... Shares in Lucapa Diamond Company jumped more than 8% Tuesday after the miner said testing at its exploration project yielded “exceptional” results.

The miner recovered 1,100 diamonds — including 18 macrodiamonds and 1,082 micro stones — from the Brooking, Little Spring Creek, asset located near the Ellendale mine in Western Australia.

“The latest microdiamond [stones less than 0.5 millimeters in diameter] results from Little Spring Creek are some of the best I have seen in the diamond space,” said managing director Stephen Wetherall. “To recover 1,100 micro and macrodiamonds from a 178-kilogram sample from a single drill hole is remarkable.”

Additionally, a helicopter survey Lucapa conducted identified 11 new target locations containing lamproite, including a seven-hectare area where the miner previously recovered 20 diamonds during a stream-sampling test.

The Brooking asset is located 50 kilometers from the Ellendale mine, famous for its fancy-color yellow diamonds.

Lucapa, which owns 80% of Brooking, with Leopold Diamond Company owning the remaining 20%, saw its share price rise 8.5% on the Australia Stock Exchange. Trading of the stock was suspended on Monday in anticipation of the announcement.

In addition to Brooking, Lucapa owns the Lulo mine in Angola, as well as the Mothae project in Lesotho and the Orapa asset in Botswana.

Image: Diamonds recovered from Brooking mine
Tags: Brooking, Ellendale, lucapa, Lucapa Diamond Company, Rapaport News, Stephen Wetherall
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