Richland Resources Ltd (LON:RLD) has expanded the resource estimate and significantly improved the understanding of its Capricorn Sapphire mine in Queensland, Australia.
It follows 12 months’ “focused work” by gemstones specialist Andrew Cunningham that has provided “a detailed mine plan with a far greater understanding of the geology and mineralisation of the deposit”.
Richland’s JORC-compliant measured resource has been confirmed at 107.5mln carats following the mining of 1.5mln carats in just under a year.
An additional 8mln carats at a grade of 10 carats per tonne has been added to the inventory, though it sits in the lower confidence ‘inferred’ category under the JORC code.
"I am very satisfied with the geological work completed to date and pleased that it has led to the development of an improved and structured 12 month mine plan to support the ongoing efficiency of the Capricorn Sapphire mine as production continued to ramp-up,” said Richland chief executive Bernard Olivier.
“Following our optimisation work earlier in the year, I am pleased with our resultant progress at the mine and look forward to updating the market on our further progress in the next quarterly operational and sales update."
The company said last month production in the quarter to March totalled approximately 415,000 carats at an average grade of 12ct per tonne of alluvial gravel.
Output was affected by the ongoing development work, Richland said, but should rise to 600,000ct this quarter and to 800,000 thereafter.