Richland Resources Ltd has announced a maiden independent resource for its exploration interests in Queensland.
There is five million loose cubic metres of sapphire bearing gravel at an estimated average grade of 3.5 grammes (17.5 carats) per loose cubic metre at licence EPM25973. That is around 87.5 million carats in total.
This is within 45km of the existing Nardoo production site. In the first half of 2017, revenues improved from $639,000 to $1.08m and the loss was reduced from $1.46m to $966,000. There is cash of $299,000 and restricted cash of $292,000.
The mine is on course to produce 1.2 million carats per quarter. Sales agreements have been made with Royal Touch (online shopping) and China Stone (luxury goods).
At 0.85p a share, Richland is valued at £3.5m.
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