Lucapa (ASX:LOM) - I am breathing into a paper bag as I type. Stock is up 20% on the news that it has confirmed THREE more diamond bearing kimberlitic pipes at its Lulo project in Angola. I don't want to excite myself any further so I am trying to stick to the facts....but it looks like we have a cluster of diamondiferous pipes. Globally there are about 6,500 known kimberlitic pipes, 900 of these are confirmed as diamondiferous, and 35 of these are commercial. Statistically that means 4% of diamondiferous pipes are commercial......so its early days, however this is an amazing piece of news. Especially when 2 of the pipes were confirmed as containing Type 2A gems as this will significantly increase mine commerciality. Only 1% of the world's diamonds are Type 2A. Now the company needs to confirm that the grades are enough to sustain a fully-fledged mining operation.
Good drama in this wire! Exciting for the company as well