| True North Gems’ ‘Big Red’ Greenland Ruby Occurrence Keeps on Getting Bigger |
By Christina de Wit
For many people, the words ‘Big Red’ conjure up fresh breath, but to True North Gems’ (TSX.V:TGX) investors, the phrase itself is a breath of fresh air. The company’s bold flavour is finding favour among investors with its focus on ruby and sapphire exploration and development in Greenland. As per its December 4 news release, the company has wrapped up its 2007 drilling program with the completion of the final four drill holes on the Sarfaq and Ridgetop ruby prospects at its Fiskenaesset Ruby Project. Sarfaq and Ridgetop are on trend from the Aappaluttoq (‘Big Red’) occurrence.
The Fiskenaesset Ruby Project consists of 110km2 of land on the southwest coast of Greenland, about 160km south of the capital Nuuk. True North has an option to own a 100% interest on the claims. The company has actively explored the property since acquiring it in 2004. A mini-bulk sample at the Siggartartulik occurrence taken in 2004 returned 9.73 kg/t total corundum (rubies and sapphires are varieties of corundum), with 1.5% gem and 33.5% near-gem. The gem-grade is 143.76 g/t (718.8 rough ct/t). The company’s final hand and machine sorting of the material from the sample have recently increased the overall grade. A 30-tonne sample contained concentrations of gem-grade ruby and pink sapphire averaging 1,937 g/t (9,685 ct/t).
The objective of the 2007 drilling program, comprising 50 holes on three ruby prospects with a total length of more than 5,000 m, was to deliver a preliminary assessment on the Aappaluttoq ruby and pink sapphire occurrence. One of the positive outcomes of the program was that the company was able to confirm both extensions to the favourable Aappaluttoq Host Zone geology, as well as additional ruby mineralization on surface. Three drill holes at Sarfaq have confirmed distinctive sapphirine-gedrite-phlogopite-pargasite alteration, similar to the Host Zone of the Aappaluttoq occurrence– which is known to contain rubies and pink sapphires.
Independent valuations have priced a 0.69 ct ruby from Aappaluttoq at $3,220/ct, and a 0.96 ct pink sapphire at $460/ct. The best sample contained a large ruby crystal weighing 88g (440 ct), which was carved into the Kitaa Ruby, weighing 302 ct and displaying intricate scenes of Norse oceanic legends.
The company’s 43-101 report suggests that this is just a taste of things to come. It states, “Given the fact that 18 ruby and pink sapphire occurrences are known in the district after only two seasons of reinvigorated exploration, and that the Company has obtained excellent sampling results from three of the six occurrences tested by mini-bulk sample thus far, it is incumbent upon True North to continue the exploration of the Fiskenaesset district”.
This report was released last year and, since then, nine more ruby occurrences have been found at Fiskenaesset, for a total of 29. Over the past three years, 78 tonnes of material have been removed for processing, with 48 tonnes processed to date. Over 65,000 grams of gem and over 129,700 grams of near-gem ruby and pink sapphire have been recovered from the property.
In the wake of tough new sanctions on Burma– the supplier of 90% of the world’s rubies– along with boycotts of Burmese rubies by gemstone manufacturers and prominent jewellery retailers such as Tiffany’s– demand for ethical sources of coloured gemstones has skyrocketed. Nowadays, consumers are willing to pay top-dollar for high-quality, ethically sourced gemstones– as has been proven with the marketing success enjoyed by Canadian ‘Polar Diamonds’. True North plans to apply that same logic to the coloured gem business.
Full Article: http://www.resourcexinvestor.com/news.php?id=3752
Article Source: UnArchived Articles
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