The NI 43-101-compliant resource estimate contains an estimated 3 million tonnes of inferred mineral resources at a grade of 2 carats per tonne, for a total of 6Mct contained, giving a potential life of mine of 30 years with a conservative price of US$200 per carat.

Fura acquired Coscuez in January 2018 and to reach the resource estimate it mapped more than 20km of existing underground tunnels; completed over 1,600m of core drilling; and recovered nearly 16,000 carats of emeralds from bulk sampling activities.

The maiden resource estimate was prepared and classified by independent group Watts, Griffis and McOuat,

CEO Dev Shetty said the estimate highlighted the opportunity the company had at Coscuez.

He also pointed out the estimated price of $200/ct was significantly higher than the average prices achieved by Zambia's emerald producers.

"This maiden mineral resource estimate is also the result of our ongoing bulk sampling activities … this continues to give us additional confidence to the geological understanding, emerald distribution and the potential value of the stones we have recovered," Shetty said.

He said Fura was planning to upgrade the resource estimate in the coming year.