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Shefa Gems Ltd - Award of Certificate of Discovery

RNS Number : 5329G
Shefa Gems Ltd
18 March 2020
 

B"H

Shefa Gems Ltd.

 

("Shefa Gems" or the "Company")

 

 

Award of Certificate of Discovery opens path for mine development

in the Kishon Mid Reach, Northern Israel

 

 

Shefa Gems (LSE: SEFA), a company focused on advanced exploration and development of a multi-gemstone project in Northern Israel, is very pleased to announce that the Quarries and Mines Branch of the Ministry of National Infrastructures of the State of Israel has awarded a Certificate of Discovery to the Company covering the projected gemstone mine development in the Kishon Mid Reach, Zones 1 and 2.

 

The Certificate of Discovery, dated 17 March 2020, is the culmination of the Company's successful exploration activities and market analysis; and signals the beginning of the process towards future commercial mining. 20 years of exploration in the Kishon valley have brought the Company one step closer in the establishing Israel's first and only future precious gemstone mine, originally identified and progressed by the founder of the company, the late and much missed Abraham (Avi) Taub.

 

The inclusion of Zone 2 together with Zone 1 in the award represents a significant achievement, increasing the expected mine life to between 8 to 11 years, subject to final mine throughput, enabling the Company to plan the alluvial mining project in a fully integrated manner from its inception.

 

The award of the Certificate of Discovery (No. 869D12) under Article 39 of the Mines Ordinance enables and requires Shefa Gems to proceed with mine planning procedures with the Israel Lands Authority and other relevant planning institutions and to prepare a mining plan that demonstrates its commercial feasibility. An initial application for mining rights must be filed by the Company within one year of grant of the Certificate of Discovery.

 

In making its award, the Inspector of Mines recognised the significance of Shefa Gem's unique Carmel SapphireTM gemstone to the commercial feasibility of the project. Referring to it as a titanium-rich mineral corundum, the Certificate of Discovery points to the principal economic value of the Gem Suite as being contributed by the Carmel SapphireTM. In parallel with the mine plan, the Company intends to expand its trial marketing, in execution of its established "mine-to-market" strategy.

 

As explained more fully in our announcement of 13 February 2020, Carmel SapphireTM contains inclusions of Carmeltazite, which was chosen to be Mineral of the Year 2018 by the International Mineralogical Association (IMA). The Carmel SapphireTM is one of the Target Mineral Assemblage of gemstones ("TMA Suite") in both primary volcanic sources and in secondary alluvial deposits lying within the Kishon catchment, on Mount Carmel and in the Zevulun and Yizre'el valleys and their margins. The TMA suite comprises Diamond (rare), natural moissanite, sapphire, ruby, Carmel Sapphire™, garnet, hibonite, spinel, ilmenite and heavy minerals including zircon and rutile.

 

 

Vered Toledo, CEO of Shefa Gems, said: 

"This is a pivotal moment for Shefa Gems.  I would like to thank all our shareholders who have expressed confidence in the Company's activities over the years. After a great deal of hard work by the team, including our network of international expert consultants, Shefa Gems, a pioneer in precious stones exploration, has demonstrated both the commercial potential and the scientific significance of the unique gem stones hidden in the rocks and soils across the regions of Mount Carmel, and the northern valleys of Israel. The Company is now poised to move into an exciting new mine development phase. While there remains exploration work to discover the primary sources, the principal focus now changes to planning and developing the mine and to establishing integrated sales and marketing channels. I look forward to reporting to our shareholders as we progress towards mine development." 

 

 - Ends -

 

 

Enquiries

 

Shefa Gems Ltd


Michael Rosenberg, OBE - Chairman 

www.shefagems.com

+44 20 7938 4026



VSA Capital Limited - Financial Adviser


Andrew Raca

+44 20 3005 5000



SI Capital Limited - Broker 


Nick Emerson and Jon Levinson

+44 20 3871 4038 / +44 1483 413500



 



 

Notes to Editors

 

About Shefa Gems Ltd

 

Shefa Gems Ltd (LSE: SEFA) is an explorer and developer of precious stones deposits operating in Northern Israel. Exploration activity is managed by professionally skilled and technically competent personnel and is accompanied by an international team of geological experts with decades of proven experience in their fields. It has two flagship projects, Mount Carmel and the Kishon Reach.

 

With its international geological consultant team, Shefa Gems has established a "Source to Sink" geological model and the presence of a Target Mineral Assemblage of gemstones ("TMA Suite") in both primary volcanic sources and in secondary alluvial deposits lying within the Kishon catchment, on Mount Carmel and in the Zevulun and Yizre'el valleys and their margins. The TMA suite comprises Precious Stones (Diamond, rare natural moissanite, sapphire, ruby, Carmel Sapphire™, garnet, hibonite, spinel, ilmenite) and heavy minerals including zircon and rutile.

 

All exploration activities are conducted under international standards and the internationally recognised SAMREC 2016 Code. Its three permits, granted to it by the Commissioner of Mines at the Ministry of Energy, Natural Resources AdministrationIsrael, extend over an area of approximately 488,366 Dunams (48,836 hectares) that includes the Kishon River, the volcanic bodies on Mount Carmel, the Zevulun and Yizre'el valleys and their margins.

 

Alongside its exploration activities, the Company is building on the launch of the "Heaven on Earth" jewellery collection and developing the Company's "Mine to Market" strategy to promote unique jewellery collections utilising Shefa Gems' suite of precious gemstones.

 

The Company upholds environmental values and protects the nature in the areas where it operates, cooperating fully with all authorities.  

 

The exclusive "Heaven on Earth" collection is now available to view online on the website of the designer Yossi Harari at: https://www.yossiharari.com/collections/heaven-on-earth-1

 

For further information please visit the website at www.shefagems.com 

 

 


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Price: 2.9

Market: LSE
Market Cap: £5 m
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