Lucapa Raises Total of $5.5M For Work at Lulo Concession in Angola

The Lulo site is located about 150km west of the huge Catoca diamond mine operated by Russia’s Alrosa and on the same favorable geological structure, the firm said.

After more than four years of regional exploration and surface sampling, the firm said it is now undertaking the most critical exploration phase at Lulo.

This involves the drilling, excavating and bulk sampling of more than 60 priority kimberlite targets to find the source, or sources, of the rare alluvial diamonds of up to 131.4 carats being recovered by Lucapa from within the Lulo concession.

In July 2013, Lucapa achieved an important milestone when the first parcel of Lulo diamonds, weighing 496.2 carats, was sold.

Managing Director Miles Kennedy said he was delighted with the response to the capital raising, which followed a series of investor and broker presentations by Lucapa in London and Cape Town.