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Mustang Resources Ltd.
Summary
| Project: | Balama | |
|---|---|---|
| Deposit: | Caula | |
| Location: | Mozambique | |
| Commodities: | Graphite | |
| Date: | 11/6/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 6-11-2017: Mustang Resources Ltd. announces a Resource Estimation report for its Caula deposit at the Balama project. Initial Mineral Resource for Caula returns 13% TGC. Mustang Resources Ltd (ASX: MUS) is pleased to announce its maiden JORC Compliant Min | |
| Resources: | (Resource, Inf.): 5.4Mt @ 13% TGC for 702.6Kt contained at Caula | |
| CP/QP: | [Resources]: Johan Erasmus (Sumsare Consulting) | |
| ABSTRACT: | Mustang Resources Ltd (ASX: MUS) is pleased to announce its maiden JORC Compliant Mineral Inferred Resource estimate for the Caula Graphite Deposit (Licence 6678L) The Caula Deposit is located along strike from Syrah Resources’ (ASX:SYR) world-class Balama graphite project in Mozambique. The Inferred Mineral Resource estimate for the Caula Graphite Deposit was reported using a cut-off grade of 6.0% Total Graphitic Carbon (TGC). The Inferred Mineral Resource totals 5.4 million tonnes at an average grade of 13.0% TGC for 702,600 tonnes of contained graphite. The result confirms Caula’s status as one of the highest-grade graphite deposits in the world. The results of the Mineral Resource estimate are summarised in Table 1 below. Drillhole information and reporting in accordance with the JORC Code 2012 Edition are included as Appendices to this announcement. Material Type Tonnes. The high-grade nature of the Caula deposit further demonstrates the potential for the Montepuez district to host world-class graphite deposits. The locations of the Caula deposit, Syrah Resources' Balama Project (Syrah market capitalisation of A$999m) and Battery Minerals’ Montepuez Graphite ProjectMustang Managing Director Christiaan Jordaan said the maiden Inferred Mineral Resource estimate for Caula highlighted the project’s outstanding scope to create future value for shareholders. “This result is based on just a small portion of the total target area,” Mr Jordaan said. “The mineralisation remains open in all directions and there is excellent potential to grow the deposit significantly with a third round of drilling, particularly along the large-scale geophysical anomaly which has been defined. | |
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