According to a new mineral resource estimate, the Coscuez Colombian emerald mine could produce as much as 6 million carats over its 30 years. Pictured here is rough from bulk sampling of the mine.

Toronto—Fura Gems has announced the mineral resource estimates for its Coscuez emerald mine in Colombia.

According to an estimate prepared and classified by independent mining consultant group Watts, Griffis and McOuat Limited, Coscuez contains 3 million tons of inferred mineral resources at an average grade of 2 carats per ton.

This means the Colombian emerald mine is expected to produce about 6 million carats, at an average price of $200 per carat.

The estimate also indicates that it has the potential to produce as much as 35 to 140 million carats more than that, but further exploration is needed, the consultants said.

Coscuez has an estimated life of mine of 30 years.

Fura said it believes this is the first mineral resource estimate in the Colombian emerald sector.

The estimate took into account mapping of the more than 20 kilometers (about 12.43 miles) of existing underground tunnels, completion of more than 1,600 meters (about 5,249.34 feet) of core drilling and recovery of nearly 16,000 carats of emeralds from bulk sampling activities.

The company acquired the Coscuez emerald mine in January.

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