The Fiskenaesset Ruby Project is located on the southwest coast of Greenland, about 160 kilometres south of the capital Nuuk. The property consists of two prospecting licences consisting of eight claim blocks covering 823 square kilometres. True North Gems owns 100% of the property licenses.
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.
True North Gems 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 (48 tonnes have been processed to date).
From the material processed, over 65,000 grams of gem and over 129,700 grams of near-gem ruby and pink sapphires have been recovered. The rubies occur along a regional geologic contact between anorthosite and amphibolite that has been found to extend for more than 200 kilometres in the Fiskenaesset district.
Although the 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 $460 per carat (prices are US$ wholesale).
INVESTOR FACT SHEET |
EXPLORATION HISTORY |
Gem processing and cutting |
RUBY MARKET FACT SHEET |
THE AAPPALUTTOQ DEPOSIT - GREENLAND RUBY PRESENTATION NOVEMBER 2011 |