Lucapa Diamond Company Limited (ASX: LOM) (“Lucapa” or “the Company”) and its partner, the Government of the Kingdom of Lesotho (“GoL”), are pleased to announce an updated JORC classified Indicated and Inferred Diamond Resource estimate (“Resource”) for the Mothae kimberlite diamond mine in Lesotho, southern Africa (“Mothae” or “the Mine”).
• JORC classified Indicated and Inferred Diamond Resource estimate:
o Combined dry tonnes increased by 9.6Mt to 48.5Mt
o Combined carats increased by ~200,000 to ~1.2 million carats
o Combined dry grade of 2.57 cpht
• Indicated Diamond Resource estimate extended down to 75m below current pit bottom in the South Lobe:
o Indicated dry tonnes increased by 6.8Mt to 9.2Mt (~280%) after accounting for 1.5Mt of depletion
o Indicated carats increased by ~210,000 carats to ~280,000 carats
o Indicated dry grade increased to 3.10 cpht
o Indicated modelled diamond value updated to US$635 per carat
• Resource update based on actual diamond recoveries from mining and treatment through the new 1.1Mtpa commercial plant
A total JORC classified Indicated Resource has been estimated for 9.2 million tonnes (“Mt”), containing ~280,000 carats of diamonds at a diamond grade of 3.10 carats per one hundred tonnes (“cpht”) and an average un-escalated modelled diamond value of US$635 per carat. This Indicated Resource has been estimated to 75m depth below the current pit floor in the South Lobe at a nominal 3mm bottom cut-off size (“BCOS”).
In addition, a total JORC classified Inferred Resource has been estimated for 39.4Mt, containing ~960,000 carats of diamonds at a diamond grade of 2.44 cpht and an average un-escalated modelled diamond value of US$601 per carat. This Inferred Resource has been estimated from below the Indicated Resource to 300m below surface, at a nominal 3mm BCOS.
Lucapa Managing Director Stephen Wetherall commented “The updated Mothae Resource is the result of significant work undertaken to increase the resource and classification at Mothae following almost 16 months of mining and treatment through the new commercial plant.” “The increase in tonnes and carats, the classification of 9.2Mt or ~280,000 carats into indicated resource category at an estimated diamond value of US$635 per carat strongly supports an expansion in production at Mothae that the partners are considering.”
The Resource has been updated using additional information from mining and treatment of material from the South, North and Neck lobes between November 2018 and March 2020 and takes into account ~1.5Mt of depletion.
The increase in dry tonnes in the Resource over the previous estimate is primarily due to the results of sampling of the Neck domain allowing inclusion into the Inferred Resource category.
The change in average modelled diamond values takes into account changes in the diamond market, change in BCOS and inclusion of incidental diamond recoveries.
The updated resource model has been based on an unaltered lithological model, as the information gathered to date indicates that the original model remains robust.
An updated kriged density model has been developed by Z Star Mineral Resource Consultants (Pty) Ltd, based on core dry density measurements validated by bulk density calculated from production information.
A comparison of changes between the 2017 resource previously announced and the update resource is presented in the table below:
The Mothae kimberlite does extend beyond 300m and has been modelled to a total depth of 500m below surface. This exploration target has not been included in the JORC classified Resource.
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