Fura Gems Inc. (TSXV: FURA, OTC: FUGMF and FRA:
BJ43) (“Fura” or the “Company”) is pleased to announce
updates and results of its Bulk Sampling Program at the Coscuez
Emerald Project in Boyacá, Colombia (the “
Coscuez Emerald
Mine”).
Key Highlights
- Initiation of a Bulk Sampling Program at Coscuez in March 2018,
with an aim to mine from the mineralised body in different levels
and workings;
- In phase 1 of the sampling, 9,737 tonnes of material were
mined;
- 6,396 tonnes of mineralized body were identified, with a total
of 1,800 tonnes of high-priority mineralised body washed;
recovering 12,845 carats of emeralds at 7.14 carats per tonne;
- The balance of the low to medium quality emeralds are expected
to be washed before 31 December 2018 and the Company expects the
post-wash blended average to be lower than the 7.14 carats per
tonne recovered to date;
- Out of the 12,845 carats of emeralds recovered by the Company,
there is a good mix of high, medium and lower quality emeralds,
which are needed to support the wider demand for Colombian
emeralds;
- In May 2018, the Company announced the discovery of an
exceptional high quality 25.97 carat emerald, the “ÄRE
Emerald”;
- Phase 2 of the Bulk Sampling Program has been initiated, with a
larger size stope, to further define the mineralization;
- The Company has started working on the pilot wash plant design
to support the bulk sampling process and completion is expected
before the end of the year;
- The maiden national instrument 43 – 101 Mineral Resource
Estimate is on track to be released in Q4-2018;
- The Company has appointed Mining One Australia to carry out a
Scoping Study to validate the mine plan assumptions and trade-off
studies between different mining methods to construct a large
underground mine, due to be released in Q4-2018; and
- The 2,500 meters of diamond core drilling program to delineate
the mineralized zone was initiated in June 2018 and is expected to
be completed in Q4-2018.
Dev Shetty, President & CEO of Fura,
commented:
“We are pleased to announce the recent results
of our Bulk Sampling Program at the Coscuez Emerald Mine, through
which we have significantly progressed our understanding of the
emerald mineralization at the mine.”
“Within a short period of six months since the
launch of the Bulk Sampling Program, we have gained a comprehensive
understanding of the geology, possible mining methods and we have
developed a culture of workplace safety. We are now continuing with
the next phase of our Bulk Sampling Program with an even greater
confidence on our vision of a long term mine plan at Coscuez.”
“Through our phase one programme, we have found
a wide range of quality in our emerald production, including the
25.97 carat “ÄRE Emerald”. This further proves the potential of the
mine and we look forward to confirming this with our maiden NI
43-101 mineral resource estimate at the end of the year.”
Bulk Sampling Program – Phase 1
completion:
Fura owns a 76% beneficial interest in the
Coscuez Emerald Mine, which covers a total area of 46 hectares. The
Coscuez deposit is in the Muzo Formation, which is the host rock
for emerald mineralization (Picture 1). The Muzo Formation is
underlain by the Furatena Formation and overlain by the Capotes
Formation. Within it the carbonaceous and calcareous shales have
the affinity to host emeralds in association with any combination
of calcite, pyrite, breccia, kaolin, and alteration zones (Pictures
2 and 3).
Picture 1 is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/79858741-c9af-463e-8a91-55fd75d7eaff
Picture 2 is available
at http://www.globenewswire.com/NewsRoom/AttachmentNg/abba1225-0938-4a01-b5c9-3b656c672ea6
Picture 3 is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/6a8a5893-6023-4f23-bee7-37bec289d89b
Pictures 4 are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/c245cae9-cd7b-4a8f-91ef-fa12974e2b54http://www.globenewswire.com/NewsRoom/AttachmentNg/62a174b3-05a0-4880-b374-2475398a02e7
In phase 1 of the Bulk Sampling Program, a
short-term business plan was implemented with smaller size stopes
of 2 x 2 meters within the mineralised zone. The mining was
focused on the available adit on the La Paz tunnel but with
improved safety conditions. A total of approximately 10,000 tonnes
of material was mined between the various levels at the La Paz
tunnel (900m) and down to 770m levels (Picture 5). The picture
shows the overall surface profile and the shape of the potential
emerald-bearing horizon within the Muzo Formation, as currently
understood from available information. Various known tunnels and
workings, as well as those referred to in the document, have been
identified in the model.
The shape of the structurally controlled
mineralized zone currently appears to be a near vertical carrot
shaped body plunging towards south. It is interesting to note that
the mineralized body is open at depth.
Picture 5 is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/31ff82d8-c1ca-457d-b2f7-88a0c6e2e882
The completion of Phase 1 of the Bulk Sampling
Program has assisted in the validation of various assumptions for
the development of the next phase and large-scale mining plan.
A total of 9,737 tonnes of material has been
mined, out of which 6,396 tonnes of mineralised body have been
identified. Out of 6,396 tonnes of mineralised body, a total of
1,800 tonnes of high-priority mineralised body has been washed,
recovering 12,845 carats of emeralds, equating to a grade of 7.14
carats per tonne.
The 12,845 carats are comprised of a promising
mix of high, medium and low-quality emeralds (picture 6) which Fura
expects will lead to a wider distribution of its product.
Picture 6 is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/95a25d06-5f82-467f-9071-bda0a6670151
Diamond Core Drilling
Program:
Detailed geological and topographic surveys were
initiated, in January 2018 to allow Fura to collect data to
scientifically estimate the possible extent of the mineralized
zones. Exploration activities have included satellite imagery
studies, surface and subsurface geological mapping, 3D modelling of
the mapped information, geochemical sampling of the surface and
underground face samples.
Moreover, the Company has been implementing
underground Diamond Core Drilling programs in Coscuez, activities
that have been implemented for the first time by a publicly listed
company in Colombia. The programmes will continue to provide vital
input on geological and structural controls and subsurface
continuity of the ore body.
In order to establish the subsurface continuity
of the emerald bearing host rock beyond the known levels, Diamond
Core Drilling was launched in June 2018. Fura aims to drill between
10 and 12 holes during 2018, covering about 2500 meters. The core
drilling is planned to drill the ore body from inside to outside
thus optimising both drilling meterage and cost, avoiding
unanticipated encounters of old workings above these levels.
To date, four holes have been completed and the
fifth hole is in progress, accounting for 861 meters of drilling.
These were drilled from one pad located on the eastern side of the
mineralized zone at 88meters depth from the main La Paz tunnel.
After this, a second pad has been identified, and it is in the
western side of the mineralized zone at the same elevation of
88meters. A third drill pad at 125m is also under preparation to
complete the program by the end of December 2018. The results to
date indicate subsurface continuity of the mineralised Muzo
formation for another two hundred meters below the lowest tunnel.
The mineralised body is believed to remain open at depth.
Pictures 7 are available
at http://www.globenewswire.com/NewsRoom/AttachmentNg/461dd07f-7e20-4032-9a83-888ad67b1ea2http://www.globenewswire.com/NewsRoom/AttachmentNg/4de885ed-72d4-49f0-9451-2b00461d623d
NEXT PHASE OF BULK SAMPLING
The Company will look to complete the balance of
20,000 tonnes of the Bulk Sampling Program by March 2019. For the
next phase, larger stope sizes with the dimensions of 4 X 5 meters
will be utilized to better understand the behavior of the calcite
vein within the mineralized zone and the dilution impact on the
large stop sizes.
The drilling data, along with bulk sampling
results, will contribute to a maiden NI 43-101 mineral resource
estimate expected to be published in the fourth quarter of
2018.
Appointment of Director – Investor
Relations
Mr. Bradley Scharfe has been appointed as
Director of Investor Relations and will be based out of Toronto and
Vancouver in Canada. Mr. Scharfe will help initiate and maintain
contact with the financial community, shareholders, investors and
other stakeholders for increasing awareness of the Company and its
multiple mining operations. Mr. Scharfe comes with over 20 years’
experience in capital market in Canada.
Pursuant to the consulting agreement
between the Company and Mr. Scharfe, Mr. Scharfe will offer the
Company strategic investor relations services for a monthly fee of
CAD $4,000 for an initial term of 12 months.
About the Coscuez Emerald
Mine
The Coscuez Emerald Mine covers an area of 46
hectares and is located in the municipality of San Pablo de Borbur,
West Province of the Department of Boyacá. The Coscuez Emerald Mine
is historically one of the world’s most significant emerald mines,
having been in operation for over 400 years and has produced some
of Colombia’s finest emeralds. Its world-wide recognition stems
from the production of renowned pieces like the 1,759 carat
Guinness Emerald, believed to be one of the largest
gem-quality crystal or the pieces found in the Spanish crown, as
well as collections from India and the Ottoman Empire, and which
continue to be discovered in diverse archaeological findings such
as the San Jose galleon.
Despite its history, the Coscuez Emerald Mine
has been historically mined on small-scale or artisanal basis, with
minimal focus on technology and geological studies of emerald
mineralization. The previous operations at the Coscuez Emerald Mine
functioned with small-scale underground methods, such as blasting
of the mineralization zone within the carbonaceous shale,
chiselling of the calcite veins within the carbonaceous shale and
focusing on the manual extraction of emeralds present on the
calcite veins.
For more information about Fura Gems
Inc., please contact:
|
Fura Gems Inc. |
|
|
Dev Shetty - President & Chief Executive Officer |
Tel: +971 (0) 4 240 8760dev.shetty@furagems.com |
|
Brad ScharfeDirector – Investor Relations |
Tel: 1+(778) 386-1313Brad.scharfe@furagems.com |
|
Public Relations Tavistock (UK)Jos Simson / Barney Hayward |
Tel: +44-207-920-3150fura@tavistock.co.uk |
About Fura Gems Inc.
Fura Gems Inc. is a gemstone mining and
marketing Company which is engaged in the mining, exploration and
acquisition of gemstone licences. Fura’s headquarters are located
in Toronto, Canada and its administrative headquarters are located
in the Almas Tower, Dubai. Fura is listed on the TSX Venture
Exchange under the ticker symbol “FURA”.
Fura is engaged in the exploration of resource
properties in Colombia and owns a 76% interest the Coscuez emerald
mine in Boyacá, Colombia. Fura is involved in the exploration and
mining of rubies in Mozambique through its 80% effective interest
in the four ruby licences (4392, 3868, 3869 and 6811) that it
acquired in November 2017.
Qualified Person
Ricardo A. Valls, M.Sc., P.Geo., of Valls
Geoconsultant, Toronto, Ontario, a Qualified Person as defined by
National Instrument 43-101, has reviewed the scientific and
technical information disclosed in this news release and has
approved its dissemination. Mr. Valls is considered
independent of Fura.
Cautionary Note Regarding Mining
Operations
The Company cautions that it is not basing its
production decision on a feasibility study of mineral reserves
demonstrating economic and technical viability, and as a result
there is increased uncertainty and there are multiple technical and
economic risks of failure which are associated with this production
decision. These risks, among others, include areas that are
analysed in more detail in a feasibility study, such as applying
economic analysis to resources and reserves and a number of
specialized studies in areas such as mining and recovery methods,
market analysis, and environmental and community impacts.
Regulatory Statements
This press release may contain “forward looking
information” within the meaning of applicable Canadian securities
legislation. Forward looking information includes, but is not
limited to, statements with respect the mineralization as the
Coscuez Emerald Mine, the prospectivity of the Coscuez Emerald
Mine, the Company’s ability to complete the Bulk Sampling Program,
the results of the Bulk Sampling Program, the Company’s ability to
commission the pilot-wash plant, the Company’s ability to develop
the Coscuez Emerald Mine, the market price of Emeralds and other
gemstones, the Company’s exploration activities and mining
activities and the Company’s performance. Generally, forward
looking information can be identified by the use of forward-looking
terminology such as “plans”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”,
or variations of such words and phrases or state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will be taken”, “occur” or “be achieved”. Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: general
business, economic, competitive, geopolitical and social
uncertainties; the actual results of exploration activities;
regulatory risks; risks inherent in foreign operations,
uncertainties with respect to the Coscuez deposit, which has never
been subject to modern mining methods nor any comprehensive
feasibility study; legacy environmental risks, title risks and
other risks of the mining industry. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Fura Gems (TSXV:FURA)
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