Share Name Share Symbol Market Type Share ISIN Share Description
Shefa Gems Ltd LSE:SEFA London Ordinary Share IL0011101057 ORD NIS0.10 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 5.25p 4.50p 6.00p 5.25p 5.25p 5.25p 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 6.0 0.4 12.5 9

Shefa Gems Ltd Bulk Sampling Completed in Kishon Mid-Reach Zone 2

24/06/2019 7:01am

UK Regulatory (RNS & others)


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RNS Number : 1112D

Shefa Gems Ltd

24 June 2019

B"H

24 June 2019

Shefa Gems Ltd.

("Shefa Gems" or the "Company")

Completion of Bulk Sampling in Kishon Mid-Reach Zone 2

Shefa Gems (LSE: SEFA), a company focused on advanced exploration and development of multi-gemstone projects in Northern Israel, is pleased to announce that it has completed the excavation of four new bulk samples and one mini bulk sample (weight 37 tonnes) from target gravel horizons in the Kishon Mid-Reach Zone 2. To date, a total of 30 bulk and mini bulk samples have been collected from the Kishon Mid Reach Zone 2 and 6,094 tonnes of gravel.

The extraction of the additional bulk samples, BS-1252, BS-1253, BS-1254, BS-1255 and BS-1256, is expected to conclude the exploration activity in Zone 2, one of the milestones set out in the Company's AGM Statement and Operational Update on 23 May 2019. The new collected samples, with a total weight of 2,255 tonnes, have been transported for treatment and analysis in the Company's operational site in Akko.

The 2019 exploration campaign follows encouraging results from the 2018 bulk sampling campaign, which was completed in June 2018 with the results announced on 31 January 2019. The new bulk samples were excavated from a targeted area of the 2018 campaign where 26 drill holes were completed. The 26 drill holes, with a diameter of 70cm each, drilled a total of 139.5 meters, yielding 58.37 tonnes of gravel and producing a total of 105.65 carats of the Target Mineral Assemblage ("TMA") Suite with a total grade of 1.7 carat per tonne of gemstones, including Carmel Sapphire(TM) and sapphire.

The operations were conducted on time and within the expected budget. Upon completion of the analysis at Akko, the Company will apply for a prospecting license, bringing Zone 2 to the same development level as Zone 1 and thereby enlarging its deposit base.

In addition to advancing its exploration activities, Shefa Gems is focused on progressing all regulatory procedures related to obtaining a mining license for Zone 1, which will enable the Company to commence trial mining in 2020 and to start producing revenue.

James Campbell, Non-Executive Director of Shefa Gems, said: "The Company is continuing its systematic exploration of its concession areas with a view to increasing the size of its deposit ahead of trial mining and commercialisation. Whilst results from these new bulk samples will not be known for some time, the results from the bulk samples from Zone 2 treated so far are highly prospective for Natural Moisannite(TM). Natural Moisannite(TM) was valued by an independent gemmologist at US$10,000 per carat till 4mm not cut and forms part of our unique Gem Box Suite present at Kishon Mid-Reach.

"The strong level of interest and commercial potential of our gemstones has been further evidenced by the successful launch of the 'Heaven on Earth' jewellery collection, created by world-renowned jewellery designer, Yossi Harari, which include gemstones such as Natural Moissanite(TM) and Carmel Sapphire(TM)."

2019 Kishon Mid-Reach Zone 2 Bulk Sample Campaign:

The bulk samples were sourced from short trenches excavated across the palaeo-flow direction of the ancient Kishon river course preserved in low terraces flanking the modern river course. Following the system adopted for Zone 1, the bulk samples in Zone 2 were taken from across the palaeo-valley to form part of a sample grid to systematically investigate the gemstones content of the palaeo-Kishon River basal placer gravels.

The bulk sample trenches were 12-17m long by 10-12m wide and excavated down to the bedrock (footwall) contact through a total sediment thickness of between 4-7m, of which the target gravels comprise approximately 1-4m. 2,255 tonnes of coarse gravels up to 1 metre were removed from the field site to the dedicated treatment facility operated by Shefa Gems in Akko. The bulk samples will be scrubbed, screened (bottom screen size is 1 mm) and jigged (vibrated and washed) to concentrate the TMA and Gem Suite minerals, which are hand-picked in a secure laboratory by trained personnel. All sample concentrates are kept for audit purposes.

Competent Person:

This bulk sample campaign been planned and approved by Dr. J.D. Ward, the Shefa Gems Consulting Geologist at Majimba Geo-Consulting. Dr. Ward is a qualified geologist (Pr.Sci.Nat), and a leading alluvial diamond exploration and mining geologist with over 35 years' field experience.

Enquiries

 
 Shefa Gems Ltd 
 Michael Rosenberg, OBE - Chairman 
  www.shefayamim.com                   +44 20 7938 4026 
                                      ----------------------- 
 
 VSA Capital Limited - Financial 
  Adviser 
                                      ----------------------- 
 Andrew Raca                           +44 20 3005 5000 
                                      ----------------------- 
 
 SI Capital Limited - Broker and 
  Strategic Adviser 
                                      ----------------------- 
                                       +44 20 3871 4038 / +44 
 Nick Emerson and Jon Levinson          1483 413500 
                                      ----------------------- 
 
 Luther Pendragon 
                                      ----------------------- 
 Harry Chathli, Alexis Gore, Rachel 
  So                                   +44 20 7618 9100 
                                      ----------------------- 
 

Notes to Editors

About Shefa Gems Ltd

Shefa Gems Ltd (LSE: SEFA) is a multi-commodity explorer of precious stones 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.

All exploration activities are conducted under international standards and the internationally recognised SAMREC 2016 Code. Furthermore, its permits, granted to it by the Commissioner of Mines, extend over an area of approximately 600,000 Dunam (60,000 hectares) that includes the Kishon River, the volcanic bodies on Mount Carmel, the Zevulun and Yizre'el valleys and their margins - Menashe Hills, Tivon-Alonim Hills, and Nazareth range. The Company upholds environmental values and protects the nature in the areas where it operates, cooperating fully with all authorities.

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

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

For further information please visit the website at https://www.shefayamim.com/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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