Overview: Mustang Poised For Rapid Growth
- Market Cap: ~A$27million only listed ruby miner in the world
- Flagship Montepuez Project located next to Gemfields PLC (Pre takeover market cap: ~A$300million)
o GEM: US$280million of rough ruby sales from 8 auctions since June 2014
- Multiple ruby deposits identified in 193km2 land package
- Throughput rates significantly ramped up following successful plant upgrades
- Current ruby inventory of ~132,000 cts, up from 500 cts in October 2016
- Mustang on track for first sales revenue with 200,000cts auction in October 2017
- Initial bulk sample confirms significant new ruby discovery on recently acquired licence
o Shallow secondary deposit, with initial bulk sample of 5,692 m3 delivering 4,445 cts of gem quality rubies
o Consistent recovery of stones classed in the special/premium category
o Extensive secondary ruby mineralisation proven over 2.2km strike (open ended)
- Additional upside from Caula Graphite Project a shallow high grade graphite deposit
Caula Graphite Project
Superior Metallurgy Proven with Prelim Testing
- Metallurgical tests have produced high-grade concentrates (>95% TGC) and exceptional recoveries (96% recovery from fresh rock composite sample) from the Caula Graphite Project
- More than 55% of the fresh graphite assayed has been classed as Jumbo and Large Flake (46% classed as Jumbo and Large Flake for fresh and oxide composites combined)
- Tests were conducted using a simple, conventional flowsheet processing samples with ~13% Total Graphitic Carbon (TGC) head grade
- Results demonstrate Caula's potential to be a low-cost supplier to the expandable graphite and lithium ion battery industries
- The TGC recoveries of both samples are expected to improve with:
o Further flowsheet optimisation.
o Recycling of intermediate tailings streams during locked cycle testing. Current testwork was carried out under open circuit conditions with reported recoveries excluding graphite from intermediate tailings streams.
- Results will underpin maiden JORC Resource scheduled for release in September 2017; scoping study to commence immediately thereafter
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About Mustang Resources Ltd
Listed on the Australian Securities Exchange, Mustang Resources Limited (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 three licences and now one mining concession covering 19,300 hectares directly adjacent to the world’s largest ruby deposit discovered by Gemfields PLC in 2012. Since supply of rubies from sources outside Mozambique has become fractured and unreliable, Mustang stands to capitalise on the current high demand around the world for ethically produced rubies by becoming a reliable, consistent supplier of high-quality rubies.
The Company is currently fast-tracking its work program on the Montepuez Ruby Project with extensive secondary deposits discovered and low-cost bulk sampling well underway. First rough ruby sales are scheduled for 27 to 30 October 2017 in Port Louis, Republic of Mauritius under a closed bid tender of more than 350,000 cts gem quality rubies.
Visit the Mustang website at http://www.mustangresources.com.au for more information.