Mozambique Mining: Fura Gems acquires 80% stake in ruby prospecting licenses

Fura Gems Inc. of Canada has completed the acquisition of Cobadale Ltd, which has an 80% stake in four licenses for prospecting rubies in the Montepuez District of Mozambique’s Cabo Delgado province, northern Mozambique, the company said in a market announcement published in Toronto.

The remaining 20% is owned by Mozambican partners, who are not identified, with the assets – the four licenses – covering an area of 394.24 square kilometres, where initial assessments showed the occurrence of primary and secondary mineralisation with rubies, of both high and low quality.

Fura Gems Inc., a company listed on the Toronto Stock Exchange, also announced that on 5 October it launched a programme to assess test holes, drilled to a depth of 1,879 metres, and “initial results are encouraging.”

The acquisition of Cobadale Ltd involved a payment in cash of US$800,000 and issuing 10 million shares of Fura Gems Inc, and an additional issue of 5 million shares may be carried out if any of the licenses is expected to become a mining concession by 19 September 2019. (source: Macauhub)