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Mustang Resources Ltd.
Summary
| Project: | Balama | |
|---|---|---|
| Deposit: | Caula | |
| Location: | Mozambique | |
| Commodities: | Graphite-Vanadium | |
| Date: | 7/31/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 31-7-2018: Mustang Resources Ltd. announces a Resource Estimation report for its Caula deposit at the Balama project. Amended report retracting statements to comply with JORC and ASX listing rules. Mustang Resources Ltd (ASX: MUS, FRA: GGY) is pleased to | |
| Resources: | (Resource, Meas.): 21.9Mt @ 13.4% TGC for 2.933Mt Graphite contained at Caula | |
| CP/QP: | [Resources]: Johan Erasmus (Sumsare Consulting) | |
| ABSTRACT: | Mustang Resources Ltd (ASX: MUS, FRA: GGY) is pleased to announce that its Caula Vanadium-Graphite project in Mozambique has taken another key step towards development with the completion of an upgraded JORC-compliant Graphite Mineral Resource estimate. The Mineral Resource, which is all in the Measured category, is 21.9Mt at 13.4% Total Graphitic Carbon (“TGC”) (8% cut-off) for a total of 2,933,100 tonnes of contained Graphite. The Mineral Resource is an update from the previous Inferred Graphite Resource of 5Mt at 13% TGC for 702,600 of contained Graphite1 based upon the completion of eleven additional cored boreholes during November and December 2017. The upgraded Mineral Resource represents a 317% increase in the size of the Mineral Resource from 702,600 tonnes of contained graphite to 2,933,100 tonnes of contained graphite. Mustang Managing Director Dr. Bernard Olivier said: “This is an exceptional result, Caula’s Graphite Mineral Resource has not only increased over 300% but the entire resource is now in the Measured Category. The combination of the upgraded Graphite Mineral Resource and our recently announced maiden Vanadium Mineral Resource now paves the way for the fast-tracked development of the Caula project into production.” | |
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