Exploration company URA Holdings has reported an independent maiden Joint Ore Reserves Committee (JORC) 2012 mineral resource estimate of 29 million carats of contained emerald at its 74%-owned Gravelotte emerald mine, in Limpopo, South Africa.
This excludes the additional 168 million to 344 million carats in the JORC exploration target, which provide the potential to significantly expand the first JORC resource.
URA said that the first JORC mineral resource consists of the Cobra deposit at 1.2 million tons at 6.4 g/t for 19.4-million carats of contained emerald, as well as the Discovery deposit at 700 000 t at 5.7 g/t for 9.6 million carats of contained emerald.
“This JORC (2012) Resource estimate of 29 million carats of contained emerald fully justifies the directors' belief, at the time of acquisition, that a significant emerald resource remains unmined at the Gravelotte Emerald Mine,” said company chief executive Bernard Olivier.
URA chairperson Edward Nealon said if they conservatively use the average price of $9 per carat as achieved by Gemfields last September for their lower-grade emeralds only, then the total contained in situ JORC resource of 29 million carats has an estimated value of around $261 million.
“We are now focussing on unlocking this in situ value by refurbishing the mine and infrastructure and upgrading the existing processing facilities with the aim of restarting emerald mining and processing as soon as possible," he said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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