The mining concession is valid for an initial term of 25 years, taking it up to 5 December 2042.
The majority of the ruby bulk sampling and pitting conducted by Mustang over the past seven months has been undertaken on licence 8245L.
Mustang will now complete an Environmental Impact Assessment ("EIA") and associated enjoyment of land ("DUAT") within 3 years from the grant of the Concession. Mine development must start within 24 months after the grant of the environmental licence or the DUAT, whichever is the latter, provided that production starts within 4 years after the mining concession being granted.
Mustang Managing Director Dr. Bernard Olivier said: "The area covered by the new Mining Concession represents a crucial part of the deposit and most of the ground covered by our current bulk sampling and test pitting campaign. The granting of the Mining Concession marks another important step in our strategy to establish Mustang as a consistent supplier of ethically mined rubies".
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About Mustang Resources Ltd
New Energy Minerals Ltd is an ASX-listed company (ASX:MUS) 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 New Energy Minerals announced a maiden vanadium mica-hosted 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 vanadium and graphite, both key components used in battery production.
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