Fura Gems Inc has said that the initial results of the bulk sampling programme it initiated at the Coscuez Emerald Project in Boyacá, Colombia have been promising, with over 12,000 carats of emeralds including a good mix of high, medium and lower qualities, being discovered. It added that this had significantly progressed the understanding of the emerald mineralisation at the mine and stated that Phase 2 of the programme has been initiated, to further define the mineralisation.

Giving further details, the Company said that in Phase 1 of the programme, which commenced in March 2018, 9,737 tonnes of material were mined and 6,396 tonnes of mineralised body were identified. Of this, a total of 1,800 tonnes of high-priority mineralised body was washed; recovering 12,845 carats of emeralds at 7.14 carats per tonne. This included the exceptional high quality 25.97 carat emerald, the “ÄRE Emerald” discovered in May 2018.

Fura said that it expected to complete the washing of the balance of the low to medium quality emeralds before Dec 31 and said that the post-wash blended average would likely be lower than the 7.14 carats per tonne recovered to date.

In Phase 2, a larger size stope would be used to further define mineralisation and subsequently, a maiden national instrument 43 – 101 Mineral Resource Estimate prepared, which is presently on track for release in Q4-2018.

The Company said it 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.

Separately, Fura is also be carrying out a 2,500 meters of diamond core drilling programme to delineate the mineralised zone. This was initiated in June 2018 and is expected to be completed in Q4-2018.

Dev Shetty, President & CEO of Fura, commented, “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.”

He added, “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.”

Fura owns a 76% beneficial interest in the Coscuez Emerald Mine, which covers a total area of 46 hectares.

Pic caption: Some of the high-quality emeralds recovered during the bulk sampling programme