More wide, high-grade vanadium results at Caula
Latest assays continue to underpin strong economic outlook for the Caula vanadium-graphite project in Mozambique; Maiden vanadium Resource due within weeks
Mustang Resources Ltd (ASX: MUS) is pleased to announce more outstanding drilling results from its Caula vanadium-graphite project in Mozambique.
The latest results, which come from drilling Fence Line 3, are considered important because the significant widths and grades continue to underpin the strong economic prospects for Caula, particularly at current market prices for both commodities.
Mustang drilled diamond holes MODD014, MODD015, MODD016 and MODD017 close to the previous five holes drilled in 2016 which resulted in the 2017 JORC Inferred Mineral Resource (at 6% cut off grade) of 5.4Mt at 13.0% TGC for 702,600 tonnes of contained graphite.1
Following initial work on Caula’s graphite, recent laboratory analysis also tested for V2O5 (vanadium pentoxide) which led to the discovery of high-grade vanadium mineralisation within the Caula-ore.
In light of these results, Mustang expects to complete a maiden JORC-compliant vanadium resource in coming weeks followed by feasibility studies. It aims to undertake a fast-track development to stage 1 vanadium and graphite cashflow from trial mining in the first half of next calendar year.
The Caula vanadium mineralisation is found within a roscoelite mica (see Figure 1 below) and has a strong correlation with the high-grade graphite at Caula. Vanadium-bearing micas such as those at Caula are typically liberated using less energy and fewer processing steps than magnetite-vanadium deposits found in the South African Bushveld complex (Glencore-Rhovan, Bushveld MineralsMokopane) and Western Australia (e.g. Australian Vanadium-Gabanintha, KRC-Speewah). This creates potential for higher V2O5 concentrate grades and lower overall operating costs.
Quarterly activities report for the period ending 31 March 2018
ASX Announcement 26 April 2018
Montepuez ruby strategy on track with another discovery and first sales in Thailand; Caula graphite project shows significant vanadium potential; First cashflow at Caula targeted for H1 2019
Montepuez Ruby Project, Mozambique
Caula Graphite & Vanadium Project, Mozambique
Mustang Resources Ltd. (ASX: MUS): Developing Premier Ruby, Graphite and Vanadium Projects, Interview with Dr. Bernard Olivier, Managing Director
Mustang Resources Ltd. (ASX: MUS) is a Mozambique-focused emerging multi-commodity developer and explorer, currently fast-tracking the development of its Montepuez Ruby and Caula Graphite and Vanadium projects, located adjacent to each other in northern Mozambique. We learned from Dr. Bernard Olivier, Managing Director of Mustang Resources, that they are focusing on the development of their ruby project in the Montepuez area, as well as the neighboring graphite and vanadium deposit called the Caula Graphite and Vanadium Project. Both projects are located in northern Mozambique, right next to each other, so they can share infrastructure and camp facilities. We learned from Dr. Olivier, that their aim, with the Ruby project, is to take it through exploration phase, and in the process identify the resources and areas that they can take from exploration into production.
Mustang discovers significant new ruby deposit at Montepuez
Bulk sampling, processing and sales activities set to increase in coming months
Mustang Resources (ASX: MUS) is pleased to announce that it has discovered a new ruby-bearing gravel deposit just 3.5km from its processing plant at the Montepuez Ruby Project in Mozambique.
The discovery was made during an extensive exploration and test pitting campaign undertaken at Montepuez during the March 2018 quarter which resulted in the development of 196 test pits during the period. The program has returned a host of positive results which will be followed up in the new exploration field season.
The new deposit was discovered in an area referred to as Block D, located on Licence 8955C, approximately 3.5km to the south west of the Company’s 200tph processing plant (see Figure 1 below). Mustang is further encouraged by the confirmation of ruby bearing gravels in Block A, B and C, confirming the extension of ruby mineralisation extending from the LM bulk sampling pits.
Preparations have now commenced to restart the exploration bulk sampling program at Montepuez as the rainy seasons draws to an end, and the newly-identified Block D will form part of the upcoming bulk sampling program.
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