Fura Gems Finds 26-Carat Colombian Emerald

Toronto--Fura Gems has recovered a 25.97-carat rough emerald from its Coscuez mine in Boyacá, Colombia.

The company said it believes the emerald, which it found during an ongoing bulk sampling program that started in late March, to be rare and exceptional due to its size, color saturation and clarity.

Fura named the nearly 26-carat stone the “Äre Emerald” after a figure in ancient Colombian mythology who was believed to be responsible for creating the primary sources of emeralds in Colombia’s Boyacá region: the Fura and Tena mountains, as well as the Rio Minero River.

“We are thrilled with the discovery of this exceptional emerald in these very early stages of our bulk sampling program. The results of this program so far have well exceeded the expectations of our highly qualified management team. The quality of the Äre Emerald truly represents the opportunity and prestige of the Colombian emerald, which are the most sought-after emeralds in the world,” Fura Gems President and CEO Dev Shetty said.

“Work has also already commenced on the maiden mineral resource at Coscuez, and we are hoping to have this completed by Q4 of this year. Fura is still a company in its infancy, but I am proud of the progress that we have made till date.”

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Fura completed its acquisition of the Coscuez emerald mine in January.

Since it started the bulk sampling project at Coscuez, Fura has collected 214 tons and discovered a total of 1,831 carats of rough emeralds, with 850 carats considered high quality gemstones, the mining company said.

However, the company noted that since it still is in the early stage of bulk sampling, the numbers “are not true indicators of mineral resource.”

Bulk sampling will continue throughout the year, with the expectation that 30,000 tons will be sampled.

Fura said it plans to inventory the emeralds coming from the program so that it can begin formulating a grading system for Colombian rough.

It also noted it has made “significant progress” on the pilot wash plant to support the bulk sampling process. The design phase has been completed, and the company expects the plant to be commissioned on or before the third quarter 2018.

Once Fura has completed bulk sampling at Coscuez, formalized the maiden mineral resource and created a grading system, it will hold its first auction of Colombian emeralds, likely in