Ruby and Graphite Projects Update
Sydney, Dec 9, 2016 AEST (ABN Newswire) - Mustang Resources Limited (
ASX:MUS) ("Mustang" or "Company") is pleased to provide an update concerning the progress being made at its flagship Montepuez Ruby Project, as well as recent developments on its Balama Graphite Project.
Montepuez Ruby Project
- Bulk Sampling Mining Plant successfully moved to new location adjacent to the Alpha-Deposit & major underground water resources
- Plant commissioning well advanced with production re-commencing shortly
- Ability now to ramp up production to 350m3 per day (525tpd) per shift; working towards 2nd shift implementation in Q1-2017
- Focused on achieving 1st ruby sales in H1-2017
- Aggressive auger drilling program to start in January 2017 targeting maiden JORC
Resource as soon as possible thereafter subject to bulk sample variability
Balama Graphite Project
- 596m of diamond drilling completed at its Balama Graphite Project, Mozambique
- Drilling focused on Caula-Project (6678L; 80% interest) located in a closed anticline hinge
- Drilling to delineate graphite JORC Resource (H2-2017) with graphite mineralisation identified along strike from world-class development projects
- Metallurgical testing results & process flowsheet expected in Q2-2017
- Previous drilling intersected high-grade intersections in 8 RC holes drilled over extensive SkyTEM anomalies, with intersections of up to 22% TGC
Commenting on the developments on Montepuez and Balama, Mustang's Managing Director Christiaan Jordaan said: "We remain committed & fully focused on advancing our flagship Montepuez Ruby Project in Mozambique as we continue to rapidly fast-track its development. The Montepuez Ruby Project has produced excellent results in the year to date with 1st ruby sales targeted for H1-2017 and a maiden JORC Resource by H2-2017."
Furthermore, we are highly encouraged by the excellent results at Balama to date. We are very excited by the potential to unlock considerable value from our graphite assets in H2-2017 through the delineation of a JORC 2012 compliant Resource estimate and completion of metallurgical test work."
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About New Energy Minerals Ltd
New Energy Minerals Ltd (ASX:NXE) (FRA:GGY) is an ASX listed junior mining company, that recently announced the divestment of the Company's Caula vanadium - graphite project and the Montepuez Ruby project in Mozambique.
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