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Fura Gems Inc
Symbol FURA
Shares Issued 121,294,600
Close 2018-11-13 C$ 0.345
Market Cap C$ 41,846,637
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Fura Gems drills seven holes at Coscuez

2018-11-14 07:55 ET - News Release

Mr. Dev Shetty reports

INITIAL CORE DRILLING SHOWS PROMISING RESULTS AT COSCUEZ EMERALD MINE

Fura Gems Inc. has provided the initial results of its diamond drilling program and has provided updates of its operations at the Coscuez emerald project in Boyaca, Colombia.

Key highlights

  • Initiation of a 2,500-metre diamond drilling program in May, 2018, with the aim of delineating the subsurface mineralized zone at the Coscuez emerald mine;
  • Core drilling is planned whereby the mineralized body is drilled from inside to outside;
  • Fura is the first company in the Colombian emerald industry to drill from underground tunnels rather than surface drilling;
  • To date, seven holes have been completed, totalling 1,183 m of drilling;
  • Initial results from the diamond drilling program demonstrate down-dip continuity of mineralized body for another 200 m below the lowest tunnel;
  • A total potential emerald-bearing horizon of 632 m along the down dip, with thickness of 200 m at the top, tapering to 100 m toward the bottom, has been identified based on previous mining activities, bulk sampling and drilling program, with mineralization still open at depth;
  • 3-D modelling of the Coscuez mineralized zone indicates a carrot-shaped zone of potential emerald mineralization;
  • 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 mineralization;
  • To support this process, the company is working on a new all-female wash plant, which is expected to be running by Q1 2019;
  • Fura's maiden national instrument National Instrument 43-101 mineral resource estimate is on track to be completed 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 completed in Q4 2018.

Dev Shetty, president and chief executive officer of Fura, commented:

"We are pleased to provide our stakeholders with updates regarding our diamond core drilling program at the Coscuez emerald mine, the first in the sector to be completed from underground. It is encouraging to see that the initial results prove down dip continuity of mineralized zones, and as we are approaching a new pad at minus 125 m, we expect to continue to see results that strengthen current indications of the potential of the Coscuez emerald mine.

"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.

"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."

Diamond drilling program

With the goal of establishing subsurface continuity of the emerald-bearing host rock beyond known levels at the Coscuez emerald mine, diamond core drilling was launched during the last week of May, 2018. Fura aims to drill between 10 and 12 holes during 2018, equal to approximately 2,500 metres of drilling, and this will be done from inside to outside thus optimizing both drilling metreage and cost, avoiding accidental encounters of old workings above these levels.

This diamond drilling program, which is a first for the Coscuez emerald mine, also makes Fura the first company in the Colombian emerald industry to drill from underground rather than from the surface.

To date, seven holes have been completed, accounting for 1,183 m of drilling. The first six holes were drilled from one pad located on the eastern side of the mineralized zone at minus-88-metre depth from the main La Paz tunnel. The seventh running borehole is located in the western side of the mineralized zone at the same elevation of minus 88 m in a different pad. A third drill pad at 125 m is also under preparation to complete the program by the end of December, 2018.

The drilled cores are analyzed using hand-held XRF machines in order to understand the associated elements in the potential emerald horizon. Core samples have been earmarked for sending to SGS Colombia, Medellin, an independent, internationally accredited external laboratory for multielement analysis.

Core drilling data along with bulk sampling with great results have enabled Fura to map a 3-D model of the Coscuez mineralized body, based on the existing geological information, which predicts a carrot-shaped zone of potential emerald mineralization. The results to date, indicate subsurface continuity of the mineralized Muzo formation for another 200 m below the lowest tunnel.

Based on the promising results to date, Fura is keen to continue drilling in the coming years to better understand the distribution of emerald bearing mineralized zones.

Qualified person

Ricardo A. Valls, MSc, PGeo, of Valls Geoconsultant, Toronto, Ont., 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.

About Fura Gems Inc.

Fura Gems 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 engaged in the exploration of resource properties in Colombia and owns a 76-per-cent interest in the Coscuez emerald mine in Boyaca. Fura is also involved in the exploration and mining of rubies in Mozambique through its 80-per-cent effective interest in the four ruby licences (4392L, 3868L, 3869L and 6811L).

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