Mustang Resources Ltd.: Investor Presentation at 121 Mining Investment Conference
Sydney - Mustang Resources Ltd. (ASX:MUS) (OTCMKTS:GGPLF) is pleased to provide the Company's latest Investor Presentation at 121 Mining Investment Conference held on 6 and 7 June, 2017.Montepuez Ruby Project
STRATEGY: Systematically build a resource base & generate significant revenue whilst doing so
o Auger drilling + bulk sample + auction/tender sales = JORC Resource
- Plant relocated in late 2016, commissioning completed in January 2017, key upgrades in April 2017 to deliver 250tph feed-capacity
- >1,500tpd (~328,000tpa) processing capacity from June 2017 onwards, up from ~300tpd (average) in January
- Current inventory stands at ~73,500cts all sourced from initial processing of material from Alpha deposit and rubies received from artisanal miner development program
- New high-grade and shallow ruby deposits to be excavated and processed in coming months- ruby inventory expected to increase significantly
- Initial processing of material from highly prospective new deposits within licence 8245L to commence shortly
- Auger drilling campaign will continue with goal of estimating mine life with results of bulk sampling over next 6-12 months helping to establish average grades
Montepuez Ruby Project - New Licence Acquisition
- Shareholders approved the acquisition of 65% stake in highly strategic ruby licence bordering the Montepuez Ruby Project on 22 May 2017
-The 3,500ha licence sits between the Montepuez Ruby Project and a key secondary deposit being mined by Gemfields
- Site visit by Paul Allan (chief consulting Geologist) confirms artisanal miners currently recovering large gemquality rubies from the area covered by the new licence
- Mustang will issue 30m shares (escrowed for 24 months) and pay US$100,000 cash as consideration for the 65% interest in the licence
- Mustang will fast-track prospecting from this new area to complement the growing bulk sampling program at Montepuez
- Shallow ruby deposit; less than 2m from surface
- 3km SE from 250tph Processing Plant
- Access road built to pit NT01
- All permitting completed and in place
- Bulk Sampling commencing shortly
Montepuez Ruby Project - Milestones
- Commission upgraded plant & increase throughput to ~1,500tpd (-380,000 tpa) - May 2017
- Auger drilling campaign to map ruby bearing gravels & build resource inventory - Jan-Dec 2017
- Inaugural rough ruby sales through significant auction/tender - October 2017
- JORC Resource & Feasibility Study initiated - Late H2 2017
- Full scale (long life) mining (Modular & cheap plant scale up) - H1 2018
To view the full presentation, please visit:
http://abnnewswire.net/lnk/LM07Q00X
About Mustang Resources Ltd:
Listed on the Australian Securities Exchange, Mustang Resources Ltd. (ASX:MUS) (FRA:GGY) is an emerging gemstone developer and producer focused on the near-term development of the highly prospective Montepuez Ruby Project in northern Mozambique.
The Montepuez Ruby Project consists of four licences covering 19,500 hectares adjacent to the world’s largest ruby deposit discovered by Gemfields Plc (LON:GEM) in 2012. Since supply of rubies from sources outside Mozambique has become fractured and unreliable, Mustang stands to capitalise on the current demand around the world for ethically produced rubies by becoming a reliable, consistent supplier of high-quality rubies.
The Company is fast-tracking its work program on the Montepuez Ruby Project with high priority targets being identified and low-cost bulk sampling well underway. Mustang also holds interests in seven graphite licences in the Balama area of Mozambique, where it has discovered a Tier-1 high-grade flake graphite deposit at its Caula Project.
Visit the Mustang website at http://www.mustangresources.com.au for more information.
Contact:
Mustang Resources Ltd.
Managing Director: Christiaan Jordaan
E: christiaan@mustangresources.com.au
T: +61-2-9239-3119
Web: www.mustangresources.com.au