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Politics : Gold and Silver Stocks and Related Commentary
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To: Claude Cormier who wrote (6674)2/17/2005 12:32:29 AM
From: seventh_son  Read Replies (1) of 18308
 
Well, from what I've read, True North optioned the only two known emerald deposits of any size in Canada -- one in Northern Ontario and the other in the Yukon found in 1998. The Northern Ontario one is a bust, but the Yukon one is very large and real. As for sapphires and rubies, I don't think that any have been mined in Canada. Actually, that's part of the point -- it seems no one has ever even bothered looking for these coloured gemstones in Canada. This is in spite of the fact that we now know that the Archaen craton that covers much of the NW territories and Labrador (and Greenland) is prospective for these kinds of gemstones. There is corundum and beryl in many places that could host emeralds, sapphires, or rubies.

The ruby deposits in Greenland have had very small scale mining by locals since 1952, but of course Greenland is a largely uninhabited and isolated place. Apparently no one bothered to go up there and have a look, particularly because the geology is so different from other rubies, which have generally come from placer deposits in SE Asia. True North seems to have really lucked out getting the property and at a good price ($150,000 plus $750,000 and royalties if the rubies become commercially mined).

The coloured gems in many ways seem to be a repeat of diamonds in Canada. No one believed that there could be economic diamonds here, but of course there were.
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