A Canadian gemstone mining company, with exploration and mining licences in in Colombia, has officially commenced production at its flagship emerald mine.
Fura Gems Inc has commenced a bulk sampling program at its Coscuez emerald project, located in Boyaca, Colombia.
Initial sampling has seen a total of 1,720 carats of emeralds mined to date.
Dev Shetty, President & CEO of Fura, commented:
“Fura has achieved an important milestone by commencing the bulk sampling mining operation at the Coscuez emerald mine within eight weeks of the completing the acquisition of the mine.”
“The initial production of 1,720 carats of emeralds, including 826 carats of top quality emeralds, during the early stage of the program further confirms the quality of the Coscuez emerald mine. We will continue to build our geological knowledge of the license area and also strive to modernize the Coscuez emerald mine. Fura has now become the first publicly listed company in the world to commence a bulk sampling operation in Colombia, the world’s largest supplier of emeralds.”
The Bulk Sampling Program was initiated the second week of February 2018 and Fura plans to mine a total of 30,000 tons of material as a part of this program. The program will be completed in two phases and will continue until December 31, 2018.
Production comes after a strong year for Fura Gems, as the company continues its expansion and growth strategy.
In January 2017, the company appointed Dev Shetty as its President & CEO before appointing a strong management team.
Soon after, the company raised $3 million via private placement and a further $4 million as it listed on the Toronto Stock Exchange (TSV).
The company only recently acquired the Colombian emerald assets, including Coscuez and its Mozambique Ruby licences.
Fura looks to tap into an emerging market, as Colombia accounts for 50% of the value supplied in the emerald market and Mozambique has emerged as the new home for exquisite rubies sourced from deposits over 450 million years.