Watts, Griffis & McOuat has given the thumbs-down to the Dry Cottonwood Creek alluvial sapphire project in Montana.
A recent study by the firm concludes that the project, owned by Gem River (GR-A), is unlikely to turn a profit.
Gem River had anticipated mining 1.5 million rough carats of sapphire this year. The company is now reviewing several alternatives, including initiation of a small-scale, low-cost operation that would target the remaining 21,000 cubic yards of high-grade gravels.
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