Apec has plans for ammolite

Calgary-based Apec Mining is hoping to become a major national and international ammolite gemstone supplier. Apec recently joined with Canada Northwest Energy to explore for and mine the mineral in Alberta, where most of the world’s ammolite deposits occur. Apec President Stan Prenioslo and Vice-President John Bell, both geologists, have spent the past four years mapping ammolite deposits along river systems in the province’s southeast.

Ammolite, which has been marketed under a variety of names including ammonite, calcentine and korite, derives from the fossilized remains of ammonites, or extinct molluscs. Alberta ammonites are located in the dark grey shales of the Bearpaw formation of south- central Alberta and are about 71 million years old.

The best gem material comes from broken pieces of shell; 5% of all ammonites yield gem material and only 20% of that material can be used. A stained glass appearance may be the best way to describe the gem material.

The plan is to supply unpolished, uncut, slabbed ammolite which would be worked into high-quality gemstones.

Officially recognized as a gem in the early 1980s, Grade A ammolite currently wholesales for about 80 cents per sq. mm. A polished gemstone about 4 sq. cm in size might retail for $300-400. Japan and Hong Kong constitute the major target markets, with the Japanese consuming about 80%.

Until recently, another company, Korite Minerals, had an Alberta monopoly on the mining of fossilized ammonite shell.

Apec, which is putting up 25% of the exploration and development money and is the operator, has staked about 12,000 acres. Bell said plans call for a tripling or quadrupling of that exploration acreage. A trenching operation is scheduled to be started up in the near future.