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Fura Gems Enters Agreement to Acquire Ruby Licenses in Mozambique

Published: September 26, 2017 |

Fura Gems Inc. has entered into an agreement to acquire all of the issued and outstanding shares of Cobadale Ltd. On closing of this transaction, Fura Gems will own an 80 percent effective interest in four ruby licenses and has applied for an additional ruby license n the Montepuez District of Cabo Delgado province in Mozambique.

Upon closing of the transaction, Fura will hold an 80 percent effective interest in the assets with the remaining 20 percent interest, non-dilutive and free carry, being held by the respective local partners. The assets cover approximately 394.24 sq. km (39,424.51 hectares).

Fura will purchase from the shareholders of Cobadale all of the issued and outstanding shares of Cobadale in consideration for Fura paying to the Vendors $800,000 in cash and issuing 15 million common shares of Fura.

Debananda Tripathy has been appointed project manager for Fura’s ruby operations in Mozambique. Tripathy has more than 20 years of experience in exploration geology, with more than eight years on the African continent, mainly in Mozambique. Prior to joining Fura, Tripathy was general manager - mineral exploration for Jindal Mining SA Pty. Ltd. He has a Masters in Mineral Exploration and Geology with a specialization in remote sensing applications. Tripathy will be based in Montepuez and will be responsible for the overall running of the Mozambique operations including exploration, bulk sampling and bringing the project to the mining phase. Tripathy is currently supported by the team consisting of a mining engineer, geologists and other support staff.

“We are delighted to announce Fura’s expansion into the ruby sector in Mozambique. Having previously had the opportunity and experience of exploring and developing potentially the world’s single largest ruby deposit in the Montepuez District of Mozambique, I am excited about the potential impact that securing assets in the same region will have on the company and its shareholders,” said Dev Shetty, president & CEO of Fura.

“Mozambique is currently the largest producer of rubies in the world and we are excited to enter this jurisdiction. We would like to thank Cobadale, the Mozambican local partners and the government of Mozambique for the opportunity given to Fura. We would also like to welcome Debananda Tripathy to the Fura family and we look forward to his contribution to the business. We will continue to further strengthen the team by bringing the best talent to the business,” added Shetty.

MOZAMBICAN RUBIES

Mozambican rubies have been historically found in the northeastern part of Mozambique in the Montepuez District of Cabo Delgado province. The nearest airport is in Pemba which is also the capital of Cabo Delgado province. The area where rubies have been historically mined is a 200km drive from Pemba to Montepuez.

Although Mozambican rubies were first discovered in 2009 by artisanal miners, geologically they are approximately 500 million years old. Mozambican ruby deposits are much older than Burmese ruby deposits (approximately 60 million years) which, prior to the discovery of Mozambican ruby deposits, had been the major supplier of rubies for centuries. According to the Gemological Institute of America (GIA), Mozambican rubies currently account for approximately 50% of the world’s ruby production. The ruby deposits in Mozambique are also considered to be the largest gemstone deposits found in recent decades.

Northeastern Mozambique is located at a geologically critical junction between the north-south trending Mozambique Belt and the east-west trending Zambezi Belt. Both are “treasure-bearing” Neoproterozoic (approximately 500-800 million years old) orogenic belts within the global Pan-African tectonic framework. Several major geologic complexes are separated by major thrusts and shear zones. Complex thermal and deformational events provided ideal temperature and pressure for the formation of ruby, garnet, gold and other minerals of economic importance.

The Montepuez ruby mineralization belt is located within the wedge-shaped Montepuez Complex. Around the Montepuez Belt, ruby formations seem to have resulted mainly from a metasomatic process, when fluid derived from the parental magma interacted with the host rocks in a low-silica environment. These are defined as primary ruby mineralization.

In Montepuez, there is a potential secondary source of rubies which is of prime interest due to its maturity. Rubies and other minerals were liberated from host rock due to mechanical disintegration during the Ice Age, resulting in deluvial deposits. In some parts, this layer was further remobilized due to fluvial action and entrapped in paleo-channels due to high specific gravity and hardness. These are referred to as secondary deposits.

THE ASSETS

The Assets are strategically located in Cabo Delgado province, Montepuez districts of Mozambique (please see map below) and are comprised of 394.24 sq.km, (39,424.51 hectares in four concessions) of highly prospective ground. The initial finding from the artisanal pits shows the occurrence of both primary and secondary mineralization consisting of both higher and lower quality rubies.


About Fura Gems
Fura Gems Inc. 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 currently engaged in the exploration of resource properties in Colombia and owns a 100 percent interest in the emerald license ECH -121. Fura has also entered into a purchase agreement to enter into the exploration and mining of rubies in Mozambique through the proposed acquisition of an 80 percent effective interest in four ruby licences (4392, 3868, 3869 and 6811 - see figure above) and the submission of an application for an additional ruby license.


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