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MUSTANG RESOURCES LIMITED

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More wide, high-grade vanadium results at Caula 

ASX Announcement  May 2018 

Latest assays continue to underpin strong economic outlook for the Caula vanadium-graphite project in Mozambique; Maiden vanadium Resource due within weeks


Key Points

  • Drilling returns more high-grade vanadium and graphite over extensive widths with significant intersections close to surface 
  • Assays show grades of up to 1.02% Vanadium (V2O5) and 24.2% Total Graphitic Carbon (TGC) 
  • The vanadium is hosted in a roscoelite-mica mineral within the graphitic schist; This is expected to result in simpler and cheaper vanadium liberation than in traditional magnetite-vanadium deposits 
  • Mustang targeting first cashflow from stage 1 vanadium and graphite trial mining in first half of next calendar year 
  • Latest results include:
  • MODD014: 22m at 0.31% V2O5 and 16.2% TGC from 17m 
    • MODD014: 6m at 0.41% V2O5 and 19.8% TGC including 
      • 74m downhole at 1.02% V2O5 & 96 m downhole at 24.2% TGC
    • MODD015: 14m at 0.36% V2O5 & 16.7% TGC from 17m, including 
      • 18m downhole at 0.71% V2O5 & 19m and 24m downhole at 24.2% TGC 
    • MODD016: 4m at 0.24% V2O5 and 11.2% TGC and average including 
      • 36m downhole at 0.51% V2O5 and 20 m downhole at 15.6% TGC 
    • MODD017: 6m at 0.31% V2O5 and 17.0% TGC 8m at 0.4% V2O5 and 14.2% TGC average including 
      • 79m downhole at 0.63% V2O5 and 114 m downhole at 24.2% TGC

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.

Click here to view the full announcement

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

Highlights 

Montepuez Ruby Project, Mozambique

  • During the quarter Mustang made strong progress on the Montepuez Ruby Project located in the heart of this globally significant gem-field 
  • A total of 29,069.1 carats were recovered from the processing of 43,940m3 (~68,107 tonnes) of stockpiled material at Montepuez with: 
    • An average grade of 0.42 carats/tonne achieved for the quarter, 13.5% higher than Q4 2017; and 
    • A total of 329,309 carats of rubies in the Company’s available-forsale inventory as at 10 April 2018 
  • New ruby-bearing gravels discovered during the quarter, located 3.5km directly south-west of Mustang’s 200tph processing plant 
  • New sales and marketing office established in Chanthaburi: 
    • Maiden sales of A$230,953 achieved by 10 April 2018 
    • 18,288 carats of mostly lower and medium quality rubies sold at an average price of A$12.67 per carat 
  • Total sales of ~A$1.23M achieved since September 2017 through the sale of 100,184 carats at an average price of A$12.29 per carat recovered from exploration activities 
  • Significant interest received from well-known international jewellery brands and buyers who seek sustainable and responsibly produced rubies with full supply chain assurance

Caula Graphite & Vanadium Project, Mozambique 

  • Associated vanadium present at Caula project with MOD014 intersecting 125m of vanadium at an average of 0.42% V2O5 (incl. multiple intersections from 0.7% to 1.02% V2O5) 
  • Assays show grades of up to 24.2% Total Graphitic Carbon (TGC) and 1.02% Vanadium (V2O5) including: 
    • 125m (from 17m downhole) at 14.1% TGC average (incl. multiple intersections from 23 to 24% TGC); including 
      • 96 m downhole at 24.2% TGC 
      • 52 m downhole at 23.9% TGC 
    • 125m (from 17m downhole) at 0.42% V2O5 average (incl. multiple intersections from 0.7% to 1.02% V2O5); including 
      • 74m downhole at 1.02% V2O5 
      • 71m and 75m downhole at 0.98% V2O5 
  • Caula emerging as one of the world’s higher-grade graphite and vanadium projects 
  • Graphite and vanadium strategy announced in March 2018 with focus on fast-tracking a dual graphite and vanadium development plan to deliver first cashflow in H1 2019 
  • Further higher-grade results (up to 0.68% V2O5) over extensive widths from diamond drilling on Licence 5873L, 7.5km south of previous drilling on Mustang’s Caula Graphite & Vanadium Project in Mozambique

Click here to view the full announcement 

Mustang Resources Ltd. (ASX: MUS): Developing Premier Ruby, Graphite and Vanadium Projects, Interview with Dr. Bernard Olivier, Managing Director

Announcement 19 April 2018 

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. 

Click here to view the full release

MUS Header.png

Mustang discovers significant new ruby deposit at Montepuez

ASX Announcement 17 April 2018 

Bulk sampling, processing and sales activities set to increase in coming months


Key Points

  • Discovery of new ruby-bearing gravels within Mustang’s Montepuez Ruby Project in Mozambique
  • New ruby-bearing gravels located 3.5km directly south-west from Mustang’s 200tph processing plant
  • A total of 29,069.1 carats were recovered from the processing of 43,940m3 (~68,107 tonnes) of stockpiled material at Montepuez during Q1 2018 with:
    • An average grade of 0.42 carats/tonne achieved for the quarter, 13.5% higher than Q4 2017; and 
    • A total of 329,309 carats of rubies in the Company’s availablefor-sale inventory as at 10 April 2018
  • Preparations underway for the re-commencement of bulk sampling activities as the rainy season in Mozambique draws to an end.

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.

Click here to view the full announcement 


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