FURA Gems Inc. (TSXV: FURA) (OTC: FUGMF) (FRA:BJ43) has said initial core drilling at the Coscuez project in Boyacá, Colombia shows promising results, with emeralds found in the first drill hole.
The Canadian firm said it has identified the total potential emerald bearing horizon of 632 metres along the down dip, with a thickness of 200 metres at the top, tapering to 100 metres towards the bottom.
It added that 3-D modelling of the Coscuez mineralised zone indicates a carrot shaped zone of potential emerald mineralisation.
FURA Gems said that after promising results from Phase 1 of the Bulk Sampling Program, in which 12,845 carats of emeralds at 7.14 carats per tonne were recovered, Phase 2 has been initiated with a larger size stope, to further define the mineralisation.
The group also pointed out that the maiden national instrument NI 43-101 Mineral Resource Estimate is on track to be completed in the fourth quarter of 2018 and said it has appointed Mining One Australia to carry out a Scoping Study to validate its mine plan assumptions.
FURA Gems said it is the first company in the Colombian emerald industry to drill from underground tunnels rather than surface drilling, and it plans to construct a large underground mine, due to be completed in the fourth quarter of 2018.
Initial results “encouraging”, says CEO
Dev Shetty, FURA Gems’ president & CEO, said: “It is encouraging to see that the initial results prove down dip continuity of mineralised zones, and as we are approaching a new pad at -125m, we expect to continue to see results that strengthen current indications of the potential of the Coscuez Emerald Mine."
He added: "In my years of drilling experience, it is the first time I have seen emeralds in cores in our first drill hole. It is a very encouraging sign, as we move ahead with plans at the Coscuez Emerald Mine."
Shetty concluded: "As a company, we are committed to applying scientific and technological methods to turn the Coscuez Emerald Mine into a world-class emerald mine and continuing to achieve milestones based on sustainable work with our employees and local communities."