Fura Announces maiden mineral resource estimate for the Cozcuez Emerald Mine

FURA ANNOUNCES MAIDEN MINERAL RESOURCE ESTIMATE FOR THE
COSCUEZ EMERALD MINE, A FIRST FOR THE COLOMBIAN EMERALD SECTOR

TORONTO, ONTARIO – Fura Gems Inc. (TSXV: FURA, OTC: FUGMF and FRA: BJ43) (“Fura” or the “Company”) is pleased to announce a maiden Mineral Resource estimate for its 76% owned Coscuez emerald mine in Colombia (the “Coscuez Emerald Mine”, or “Coscuez”), and the first Mineral Resource estimate in the Colombian emerald sector.

The maiden Mineral Resource estimate, prepared and classified by independent group Watts, Griffis and McOuat Limited (“WGM”), contains an estimated 3 million tonnes of Inferred Mineral Resources at a grade of 2.0 carats per tonne, for a total of 6 million carats with a conservative price of USD$200 per carat. Coscuez Emerald Mine is located in the heart of the most important emerald mining region of Colombia and was acquired by Fura in January 2018.

The Mineral Resources estimate is reported in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves and Guidelines and was prepared in accordance with National Instrument 43-101 (“NI 43-101”).

Highlights
• Maiden Inferred Mineral Resource estimate at Coscuez Mine is in accordance with the NI 43-101 and the first of its    kind at an Emerald deposit in Columbia.

• Activities to deliver the Mineral Resource estimate included:
o Mapping of more than 20 km of existing underground tunnels;
o Completion of more than 1,600 m of core drilling; and,
o Recovery of nearly 16,000 carats of emeralds from bulk sampling activities.

• Inferred Mineral Resource estimate:
o 3 million tonnes of Inferred Mineral Resources;
o Grade of 2.0 carats per tonne;
o 6 million carats contained;
o Estimated life of mine for Coscuez of 30 years;
o Conservative case price of USD$200/carat; and,
o Estimate prepared and classified by WGM, an independent group of consulting geologists and engineers based in  Toronto, Canada.

Dev Shetty, President and CEO of Fura, commented:
“We have today published our maiden Mineral Resource estimate at Coscuez, which is a first for the Colombian emerald sector. Pleasingly, this maiden Mineral Resource estimate comes less than a year since acquiring this mine. These results highlight the opportunity we have here, at a mine that has previously produced some of the finest emeralds in the world.”

“Fura’s Colombian team have worked hard during the year to complete this resource estimate, including the mapping of more than 20km of our existing underground mine workings. Our findings have been confirmed by WGM, one of the longest running mining consultant groups in Canada. In addition, WGM has estimated a price of USD$200 per carat, which is significantly higher than the average prices achieved by Zambia’s emerald producers.”

“This maiden Mineral Resource estimate is also the result of our ongoing bulk sampling activities, where we have recovered nearly 16,000 carats of emeralds. Importantly, this continues to give us additional confidence to the geological understanding, emerald distribution and the potential value of the stones we have recovered.”

“This historic mine’s maiden Mineral Resource estimate is a significant milestone for the Company. We look forward to upgrading the resource estimate to higher category in the upcoming year. I would like to thank all of the Fura employees for their constant hard work, the community,local partners and the Government of Colombia for their consistent support.”

Inferred Emerald Mineral Resource Estimate:

The maiden Mineral Resource estimate (Table 1) for the Coscuez Emerald Mine was prepared and classified by WGM, an independent group of consulting geologists and engineers based in Toronto, Canada. WGM is one of the longest running mining consultant groups in Canada and has used this experience to geologically model and estimate the initial emerald Mineral Resource.

To complete this Mineral Resource estimate, WGM has reviewed Fura’s geological mapping, 3D modelling and drill log files, as well as having their qualified professionals (QPs) make three site visits to the Coscuez mine site and Fura’s offices in downtown Bogota.

The Mineral Resources estimate is reported in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves and Guidelines and is prepared in accordance with National Instrument 43-101 (“NI 43-101”). The Mineral Resource estimate is effective as of November 30, 2018 and the technical report (the “Technical Report”) summarizing the results will be filed under the Company’s profile on SEDAR and Fura’s website within 45 days of this news release. For further information with
respect to the key assumptions, parameters, risks, the mineral resource estimate, data verification, QA/QC and other technical information with respect to the Coscuez Emerald Mine, please refer to the Technical Report, when available.

The Coscuez Emerald Mine is estimated to contain three million tonnes and six million carats.

Courtesy: The Retail Jeweller Middle East News Service