Red Rubies In Greenland
Whenever we think about junior mining stocks we seem to gravitate toward the gold and silver explorers. In my last write up just below I talked abit about Lucara Diamond, as diamond explorers are are not as plentiful as say the gold or silver players. Today however we are going to take a quick look at an even smaller sector or the junior mining market. Rubies. You don't hear about to many ruby miners or explorers out there. Whenever we do hear about gems and rubies we tend to hear mostly about rubies from some small unheard of African country or somewhere in the Amazonian rain forest of Brazil. We very seldom hear about publicly listed juniors who are actually out looking for rubies.
True North Gems TGX however is one of these rare companies. The company was in the news years back when it found an opal deposit in the Yukon. The company now is working over in Greenland where it has discovered what will probably be the first commerical type ruby mine ever. The company's core asset is the 100% owned Aappaluttoq Ruby-Pink Sapphire deposit. The property consists of two prospecting licences consisting of eight claim blocks covering 823 square kilometres. TGX began summer exploration programs in 2004 and has returned every year since. More than 30 ruby occurrences have been found in the Fiskenaesset district so far, with a total of 165 tonnes of material removed for processing over four years. In fact this is the only 43-101 compliant deposit in the world.
Both ruby and pink sapphire (red and pink varieties of the mineral corundum), are found on the property. Individual stones weighing more than 80 grams (400 carats) have been found. Both rubies and pink sapphires are valuable gem materials, and in high quality rubies can be worth more than diamonds. To date, over 65,000 grams of gem and over 129,700 grams of near-gem ruby and pink sapphires have been recovered. Prices of gemstone can vary greatly depending on quality, independent valuations have valued a 0.69 carat ruby from Aappaluttoq at $3,220/carat and a 0.96 carat pink sapphire from Aappaluttoq at $460 per carat.
The company has almost 300 million shares outstanding. The 52 week low is 5 cents and the high is 17 cents. Trading volumes can be light a times.
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