Quarterly Activities Report for the Period Ending 30 June 2018
Quarterly Activities Report for the Period Ending 30 June 2018
Sydney, July 31, 2018 AEST (ABN Newswire) - 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:MUSMustang Resources Limited (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.

Visit the Mustang website at http://www.mustangresources.com.au for more information.

  


Contact

Managing Director:
Mustang Resources Limited
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



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