Mustang Resources Ltd: Quarterly Activities Report for the Period Ending 30 June 2018
Sydney - Mustang Resources Ltd. (ASX:MUS) (OTCMKTS:MTTGF) provides the Company's Quarterly Activities Report for the period ending 30 June, 2018.HIGHLIGHTS
Caula Vanadium-Graphite Project, Mozambique
- Assay results return grades of up to 1.9% vanadium and 28.9% Total Graphitic Carbon (TGC)
- Vanadium assay results returned during the Quarter include:
o 32m @ 0.82% V2O5 including 14m @ 1.29% V2O5 (MODD018)
o 46m @ 0.39% V2O5 including 3m @ 0.67% V2O5 (MODD019)
- Graphite assay results returned during the Quarter include:
o 48m @ 17.68% TGC including 13m @ 21.5% TGC (MODD018)
o 45m@ 13.91% TGC including 7m @ 19.17% TGC (MODD019)
- Metallurgical testwork confirms exceptional quality graphite with a cumulative proportion of large to super jumbo flakes (>180?m), which increased from 44% to 60% for the combined Oxide zone, while the Fresh zone increased from 55% to 68%
- The development of a modified and improved flowsheet design, which allows for integrated vanadium and graphite extraction, producing high concentrate grades of more than 97% TGC
- Ore sorting tests conducted at TOMRA demonstrate the potential to increase production rates without increasing plant size
- Work conducted during the Quarter further demonstrate Caula's potential to become a low-cost supplier of both vanadium and graphite
Montepuez Ruby Project, Mozambique
- A total of AU$722,313 in revenue was achieved during the Quarter from sales conducted at the Chanthaburi office, Thailand, which equates to 132,194 carats of rubies at an average price of A$5.46 per carat
- Pitting and exploration activities increased to define further extensions of secondary ruby deposits, as part of exploration work associated with its planned maiden JORC resource work programme
- A total of 17,774 carats were recovered from the processing of 41,213m3 (~63,880 tonnes) of material with:
o An average grade of 0.28 carats/tonne achieved for the Quarter (33% lower than Q1 2018); and
o A total of 229,442 carats of rubies in the Company's available-for-sale inventory as at 30 June 2018
- Plant upgrades commenced in June 2018 which will increase processing capacity by 100% through the installation of an additional rotary pan, resulting in reduced processing costs and the total cost per carat
To view the full report, please visit:
http://abnnewswire.net/lnk/63P2NBI9
About Mustang Resources Ltd:
Mustang Resources Ltd. (ASX:MUS) (FRA:GGY) is an ASX listed company focused on the development of the Caula Vanadium-Graphite Project in Northern Mozambique, located along strike from the Syrah Resources Ltd. (ASX:SYR) Balama Project. In July 2018 Mustang announced a maiden vanadium JORC Measured Resource for Caula of 22Mt at 0.37% V2O5 for 81,600 tonnes of contained vanadium pentoxide. The Company concurrently announced a 317% increase in its JORC Graphite Resource to 21.9Mt at 13.4% Total Graphitic Carbon ("TGC") (8% cut-off), for a total of 2,933,100 tonnes of contained Graphite, all in the measured category.
The Company has a highly experienced board and management team with a 15-year track record of investment and successful project development in Mozambique and the Africa region. With the aim to become a key provider of graphite and vanadium, both key components used in battery production, the company currently has a scoping study underway, which is due for completion in Q3 2018, targeting production from Phase 1 trial mining by mid 2019.
Visit the Mustang website at http://www.mustangresources.com.au for more information.
Source:
Mustang Resources Ltd.
Contact:
Managing Director: Mustang Resources Ltd. Bernard Olivier E: bernard@mustangresources.com.au M: +61-4-08948-182 Media & Investor Relations: Jane Morgan Management Jane Morgan E: jm@janemorganmanagement.com.au T: +61-405-555-618