Fura Gems shares maiden Mineral Resource Estimate for Coscuez mine

The maiden Mineral Resource Estimate, prepared and classified by independent group Watts, Griffis and McOuat Limited (WGM), contains an estimated 3 million t 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 US$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). 

Highlights

Maiden Inferred Mineral Resource estimate at Coscuez mine is in accordance with the NI 43-101 and the first of its kind at an Emerald deposit in Colombia.

Activities to deliver the Mineral Resource estimate included: 

• Mapping of more than 20 km of existing underground tunnels;
• Completion of more than 1600 m of core drilling; and,
• Recovery of nearly 16 000 carats of emeralds from bulk sampling activities.

Inferred Mineral Resource estimate: 

• 3 million t of Inferred Mineral Resources;
• Grade of 2.0 carats per tonne;
• 6 million carats contained;
• Estimated life of mine for Coscuez of 30 years;
• Conservative case price of US$200/carat; and,
• Estimate prepared and classified by WGM, an independent group of consulting geologists and engineers based in Toronto (Canada).

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.”

Read the article online at: https://www.globalminingreview.com/exploration-development/13122018/fura-gems-shares-maiden-mineral-resource-estimate-for-coscuez-mine/