Path will own a 75% interest in the Jagoda licence which is located in Central Zambia at a distance of about 300 km from Lusaka.
The mine has been exploited from 1995 to 2004 to a depth of about 15 metres, generating recorded sales of 214 mm carats of Tourmaline. Historical sales show that 3% of the resources are high quality premium grade Tourmalines including, red Rubellites that command a very high price.
The Jagoda Tourmaline Redevelopment Project consists in extending the existing pit to a depth of 35 metres to access 425 mm carats of measured and indicated Tourmaline gemstone resources, with an additional 195 mm carats inferred resources. Two other Tourmaline deposits have been identified on the Jagoda licence with an additional 1.2 billion carats Tourmaline gemstone inferred resources.
Sales will be conducted through auction processes, with annual sales expected to progressively reach 35 mm carats.