Gravelotte Mine Production and Operational Update
22/07/2024 07:00
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RNS Number : 1828X URA Holdings PLC 22 July 2024
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK
MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
URA Holdings plc
("URA" or the "Company")
Gravelotte Emerald Mine Production and Operational Update
Emerald recovery rate exceeds resource grade estimates
URA (LSE: URAH), the gemstone mining company is pleased to announce a
production and operational update for the Gravelotte Emerald Mine ("GEM")
following the commencement of phased production, 11 weeks ago, on 29 April
2024.
Highlights
· Early production targets achieved. Following improvements in
systems and processes:
o Optimal emerald recovery rate in excess of 80% has been established.
o Current average emerald grade of over 30 carats per tonne, exceeding the
average JORC resource grade estimate.
o Average current processing rate of between 60 and 70 tonnes per day, with
further increases to be implemented in the coming months.
· Several larger emeralds recovered, including a 50-carat emerald
recovered in July 2024 from mining operations (see photo below).
· First trial emerald sale on target for later in H2 2024.
· Excellent safety record: No 'lost time injuries' or reportable
accidents have occurred since the commencement of production.
· Management team reinforced: appointment of an experienced
gemstone Sorting, Grading and Sales Manager.
· Final ministerial approval received for URA's acquisition of the
Gravelotte Emerald Project.
· Additional Prospecting Licence received for an area located
adjacent to the current GEM mining licence.
Ed Nealon, Chairman of URA, stated:
"We are highly encouraged with the progress being made at the Gravelotte
Emerald Mine. Our current emerald grade of over 6 g/t validate our
expectations, and the improvements in our processing systems have set a solid
foundation for increased output. The successful recovery of larger emeralds
including a 50-carat emerald, and the achievement of an optimal recovery rate,
are significant milestones. We are on track for our first trial sales later H2
2024, and I am particularly proud that we have achieved this without any lost
time injuries or reportable accidents. These accomplishments reflect the
dedication and hard work of our team, and we are optimistic about the
continued potential of GEM."
For the purposes of UK MAR, the person responsible for arranging the release
of this announcement on behalf of URA is Dr Bernard Olivier, Chief Executive
Officer of URA Holdings Plc.
Operational Activities:
The Gravelotte Emerald Mine (GEM) has commenced phased production as of 30
April 2024.
Key highlights of the operational activities are as follows:
Emerald Recovery:
The integrated processing and sorting circuit has been optimised and has
resulted in an improvement from an approximately 50% recovery (at the start of
production in late April 2024) to now achieving over 80% recovery rate,
considered optimal for the current operations.
Several larger emeralds including a 50-carat emerald was successfully
recovered in July. Regular recovery rate audits are conducted to ensure that
the recovery rates are maintained.
Emerald Grade:
Following the optimisation of the processing and sorting circuits, the current
emerald grade being achieved is now over 6 grams per tonne (30 carats per
tonne), which aligns, and even exceeds, the JORC resource grade estimation at
the GEM. This consistency demonstrates the effectiveness of our mining and
processing strategies.
Processing Rate:
Through improvements in systems and processes, an average processing rate of
60 to 70 tonnes per day is being achieved. Further increases in processing
capacity are planned in the coming months to enhance production.
Safety:
Since the commencement of production, there have been no lost time injuries or
reportable accidents, underscoring our commitment to providing a safe and
efficient working environment.
Experienced Team:
The small, but highly experienced operational, team on site at GEM has been
further strengthened by the appointment of Mervyn Dettmer to the URA team.
Mervyn has over 20 years' experience in the gemstone mining industry and was
previously the Manager - Sales (overseeing the sorthouse, cutting facility,
trading operation and retail and rough sales) at Tanzanite One (then the
world's largest producer of Tanzanite) as well as a sorthouse manager at
Gemfields Group Ltd (AIM:GGL), (the world's largest producer of emeralds and
rubies). Mervyn manages the sorting and grading facility, as well as our
emerald sale preparations.
Regulatory Approvals:
Final ministerial approval for URA's acquisition of the Gravelotte Emerald
Project has been received.
Additionally, a prospecting license (adjacent to our current mining license)
has been successfully renewed, expanding the long-term potential for future
exploration and development.
Future Sales:
The first trial sales of emeralds are on track for later in the second half of
2024. This milestone is expected to not only generate revenue, but to also
re-introduce the Gravelotte "Cobra" emeralds into the emerald market to
further validate the operational strategies.
Figure 1. Run of mine emerald production
Figure 2. 50 carat emerald mined during July 2024
Figure 3. Mervyn Dettmer, GEM sorting, grading and sales manager in front of
the optical sorter.
Enquiries:
URA Holdings plc +44 (0)746 368 6497
Chief Executive Officer
Bernard Olivier
Director
Peter Redmond
Chief Operating Officer
Jeremy Sturgess-Smith
info@uraholdingsplc.co.uk (about%3Ablank)
Peterhouse Capital Limited +44 (0)20 7469 0930
Joint Corporate Broker
Lucy Williams
Duncan Vasey
Capital Plus Partners
Joint Corporate Broker
Keith Swann +44 (0)203 821 6169
Jon +44 (0)203 821 6168
Critchley
CMC Markets
Joint Corporate Broker +44 (0)20 3003 8632
Douglas Crippen
About URA Holdings Plc
URA Holdings is an emerging emerald producer, focusing on the Gravelotte
Emerald Mine (GEM). Historically, GEM is one of the world's largest emerald
mines, located in South Africa. URA Holdings is committed to sustainable and
efficient mining practices, utilizing modern technology to revive this
historically significant emerald mine. Recently, URA acquired the Curlew
Emerald Mine in Australia, further expanding its emerald mining operations and
assets.
For more information about URA Holdings Plc, including investor relations and
corporate news, please visit our website at www.uraholdingsplc.co.uk
(http://www.uraholdingsplc.co.uk) or follow us through our social media
channel:
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