Monday, February 20, 2017

Greenland Ruby

Gemstones have been found in Greenland, including diamond, ruby, sapphire, kornerupine, tugtupite, lapis lazuli, amazonite, peridot, quartz, spinel, topaz, and tourmaline.
Most of Greenland's ruby and sapphire occurrences are located near the village of Fiskenaesset on the southwest coast.
A total of 31 ruby and sapphire occurrences have been confirmed in the Fiskenaesset district. The Aappattuloq Ruby project was being developed by True North Gems Inc. The company recently announced financial problems with the project being sold.
Ruby and pink sapphire rough has been recovered. The bulk of the material is rather small, with 90% (by weight) measuring less than a quarter inch (6.3mm). The quality of the rough raises hopes that Greenland Ruby might play an important role on the world gem markets in the future.

The largest gem facetted to date weighed 0.69cts and was evaluated at $ 2.100,00 (US wholesale).

In May 2011 an initial resource calculation was announced for Aappaluttoq. The resource included indicated resources of 189,150 tonnes of material hosting 59 million grams (296 million carats) of corundum and inferred a further 21 million grams (109 million carats) to a depth of 65m.

The resource is National Instrument 43-101 compliant and is the first coloured gemstone resource ever to be published under these laws.

LNS says it expects the first rubies from Greenland’s Aappaluttoq mine to be on the market by January.
Norway’s LNS was a junior partner in the project, responsible primarily for building the mine for True North Gems. LNS saw its opportunity to take over completion of Aappaluttoq after True North Gems failed to raise the final $15 million it needed. The board voted to ask the court in Nuuk to declare the operation bankrupt in order to avoid being made liable for eventual losses.

LNS continued to see potential in the mine, and it put in a bid to take the mining licences.