JOHANNESBURG (miningweekly.com) – Australia-based Capricorn Sapphire has surpassed its targeted 250 000 ct production guidance for the fourth quarter, with the first sales of lower-quality sapphire and corundum having occurred in November, Aim-listed Richland Resources said on Tuesday.
More than 250 000 ct larger than 4 mm had been produced during November as the company continued the mine’s operational ramp-up.
In addition, over $212 000 in revenue had been generated during the month under review from the first sale of around 159 000 ct of lower-quality sapphire and corundum at an average price of $1.34/ct.
The first auction or sight sale of the higher-quality sapphires was scheduled for the first quarter of 2016.
“We have already recovered a large number of higher-quality sapphires and these are being prepared for either the higher-quality sale in the first half of 2016 or for potential sale on our online retail division,” said Richland CEO Bernard Olivier.
Meanwhile, Richland had secured two new exploration licences for highly prospective sapphire exploration areas in Central Queensland, where Capricorn planned to embark on a structured exploration programme that would include geological mapping and sampling and large diameter drilling to obtain a Joint Ore Reserves Committee-compliant resource evaluation.
Both licences – for property located adjacent to known sapphire-producing regions – were valid for an initial year and renewable with a required 40% relinquishment in size, if the minimum expenditure requirement of $60 000 was met over a three-year period.