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Mustang Resources Ltd.
Summary
| Project: | Balama | |
|---|---|---|
| Deposit: | Caula | |
| Location: | Mozambique | |
| Commodities: | Graphite-Vanadium | |
| Date: | 7/20/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 20-7-2018: Mustang Resources Ltd. announces a Resource Estimation report for its Caula deposit at the Balama project. Initial vanadium mineral resource estimate for Caula. Mustang Resources Ltd (ASX: MUS, FRA: GGY) is pleased to announce that its Caula Va | |
| Resources: | (Resource, Meas.): 22Mt @ 0.37% V2O5 | |
| CP/QP: | [Resources]: Johan Erasmus (Sumsare Consulting) | |
| ABSTRACT: | Mustang Resources Ltd (ASX: MUS, FRA: GGY) is pleased to announce that its Caula VanadiumGraphite project in Mozambique has taken another key step towards development with the completion of the maiden JORC-compliant vanadium Mineral Resource estimate. The Mineral Resource, which is all in the Measured category, is 22Mt at 0.37% vanadium pentoxide (V2O5) for a total of 81,600 tonnes of contained vanadium pentoxide. This is in addition to the existing graphite Resource at Caula of 5Mt at 13% Total Graphitic Carbon (TGC). Mustang is currently finalising an updated graphite Mineral Resource estimate. Mustang Managing Director Dr. Bernard Olivier said the combination of the vanadium and graphite resources shows Caula is rapidly emerging as a highly valuable project. “This is an exceptional result, with over 81,000 tonnes contained V2O5, particularly given that the entire JORC Resource is in the Measured category,” Dr Olivier said. “With vanadium pentoxide prices running at more than US$40,000 per tonne (98% V2O5), the Caula resource translates to a highly valuable resource. “Furthermore, the potential of the project is even greater as our vanadium is mica-hosted and associated with the graphite mineralisation and potentially far cheaper to extract and recover through two simple processing steps, compared with most vanadium projects, where the vanadium is located in a complex titaniferous magnetite ore body.” | |
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