West Wits - update following site visit, and Lucapa has discovered the elusive diamond source pipe

WWI's project is located in the famous Witwatersrand gold district that has been operating for over 100 years, producing more than 240 Moz. Over 41 Moz have been produced from WWI's leases alone. A number of mines closed down at the turn of the century when the gold price was particularly weak, but tens of millions of ounces still remain the in the ground awaiting exploitation.

WWI is all about optionality on the gold price at these levels with a market capitalisation of only $33m. Yet, it is sitting on gold resources with a value of US$4.9bn (its 66.6% share).

In a very significant ASX release on Thursday, Lucapa confirmed it had found at least one of the source pipes that everyone has been waiting for i.e. it is the discovery of a diamondiferous kimberlite pipe that has shed the very high value diamonds being recovered in the alluvial mining operation. Twenty diamonds have been recovered from an early bulk sample of 630m3, being only 20% of the total sample size. Five diamonds were greater than 1 carat with the average size being 0.75 carats. That is a tremendous start to the bulk sampling program. 

 WeeklyComm10December2022.pdf