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Fura Gems Inc.
Summary
| Project: | Coscuez Emerald Mine | |
|---|---|---|
| Deposit: | Coscuez Emerald Mine | |
| Location: | Colombia | |
| Commodities: | Emerald | |
| Date: | 12/12/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing PEA | |
| Report details: | 12-12-2018: Fura Gems Inc. announces a Resource Estimation report for its Coscuez Emerald Mine deposit at the Coscuez Emerald Mine project. Initial mineral resource estimate for the project. TORONTO, Dec. 12, 2018 -- Fura Gems Inc. (TSXV: FURA, OTC: FUGMF | |
| Resources: | (Resource, Inf.): 3.0Mt @ 2.0ct/t for 6 millions carats contained | |
| CP/QP: | [Resources]: Harrison Cookenboo (Independent) | |
| ABSTRACT: | TORONTO, Dec. 12, 2018 -- Fura Gems Inc. (TSXV: FURA, OTC: FUGMF and FRA: BJ43) (“Fura” or the “Company”) is pleased to announce a maiden Mineral Resource estimate for its 76% owned Coscuez emerald mine in Colombia (the “Coscuez Emerald Mine”, or “Coscuez”), and the first Mineral Resource estimate in the Colombian emerald sector. The maiden Mineral Resource estimate, prepared and classified by independent group Watts, Griffis and McOuat Limited (“WGM”), contains an estimated 3 million tonnes of Inferred Mineral Resources at a grade of 2.0 carats per tonne, for a total of 6 million carats with a conservative price of USD$200 per carat. Coscuez Emerald Mine is located in the heart of the most important emerald mining region of Colombia and was acquired by Fura in January 2018. The Mineral Resources estimate is reported in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves and Guidelines and was prepared in accordance with National Instrument 43-101 (“NI 43-101”). Dev Shetty, President and CEO of Fura, commented: “We have today published our maiden Mineral Resource estimate at Coscuez, which is a first for the Colombian emerald sector. Pleasingly, this maiden Mineral Resource estimate comes less than a year since acquiring this mine. These results highlight the opportunity we have here, at a mine that has previously produced some of the finest emeralds in the world.” “Fura’s Colombian team have worked hard during the year to complete this resource estimate, including the mapping of more than 20km of our existing underground mine workings. Our findings have been confirmed by WGM, one of the longest running mining consultant groups in Canada. In addition, WGM has estimated a price of USD$200 per carat, which is significantly higher than the average prices achieved by Zambia’s emerald producers.” “This maiden Mineral Resource estimate is also the result of our ongoing bulk sampling activities, where we have recovered nearly 16,000 carats of emeralds. Importantly, this continues to give us additional confidence to the geological understanding, emerald distribution and the potential value of the stones we have recovered.” “This historic mine’s maiden Mineral Resource estimate is a significant milestone for the Company. We look forward to upgrading the resource estimate to higher category in the upcoming year. I would like to thank all of the Fura employees for their constant hard work, the community, local partners and the Government of Colombia for their consistent support.” | |
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