Join our daily newsletter At The Bell to receive exclusive market insights
- Lucapa Diamond Company (LOM) commences a geotechnical drilling program at the Merlin Diamond Project in Northern Territory
- The program will include around 5800 metres of diamond core drilling at the site, which has been approved by the Northern Territory Government
- A scoping study is well advanced and planning to be released by the end of the year
- LOM’s subsidiary, Australian Natural Diamonds (AusND) has been appointed as the operator of the site
- On the market today, LOM closed down 2.90 per cent at 6.7 cents per share
Lucapa Diamond Company (LOM) has commenced a geotechnical drilling program at the Merlin Diamond Project in Northern Territory.
LOM’s subsidiary, Australian Natural Diamonds (AusND) has been appointed as the operator of the site. This allows AusND to commence specific approved site works prior to the completion of the Merlin acquisition.
A mining management plan has been approved by the Northern Territory Government, which includes the program for the current geotechnical drilling activities at Merlin.
The program is part of the feasibility study process and includes about 5800 metres of diamond core drilling at the site.
A scoping study is well advanced and planning to be released by the end of the year.
In order to commence the drilling program, the exisiting camp was recommissioned and services such as access roads, power, water and communications have all been re-established.
Earlier this year, LOM raised $23 million to purchase the Merlin Diamond Project for about $7.4 million in cash.
The mine has the potential to be the only diamond mine in Australia, following the closure of Argyle.
On the market today, LOM was up 1.45 per cent and is trading at seven cents each at 12:32 pm AEDT.
