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Mustang Resources Ltd.
Summary
| Project: | Balama | |
|---|---|---|
| Deposit: | Caula | |
| Location: | Mozambique | |
| Commodities: | Graphite | |
| Date: | 3/6/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 6-3-2017: Mustang Resources Ltd. announces an Exploration/Drilling Update report for its Caula deposit at the Balama project. Drilling results incl. 87m @ 15.2% TGC average from 14.85m. Mustang Resources Ltd (ASX: MUS) is pleased to announce that it has m | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Johan Erasmus (Sumsare Consulting) | |
| ABSTRACT: | Mustang Resources Ltd (ASX: MUS) is pleased to announce that it has made a spectacular high-grade graphite discovery at its 80% owned Caula Project (License 6678L) along geological strike of the Syrah Resources (ASX:SYR) world-class Balama graphite project in Mozambique. Each of the first five diamond drill holes at Caula returned exceptionally high grades of up to 26 per cent Total Graphitic Carbon in multiple 1m samples/intersections. Graphite was also intersected over extensive widths of 14m to 87m (downhole based on an incline of between 55° and 60°), providing strong evidence that Caula is both a large and extremely high-grade deposit with graphite mineralisation starting at shallow depth in the oxidised zone near surface. The Caula Project sits within Mustang’s Balama Project licence areas. Due to the highly successful results at Caula, Mustang has decided to name this project in its own right. The licence areas which do not form part of Caula will continue to be referred to as the Balama Project. Mustang Managing Director Christiaan Jordaan said that the results showed Caula was set to be a Tier 1 graphite project. “It is already clear that Caula will be one of the highest-grade graphite deposits in the world,” Mr Jordaan said. “This high grade will enable us to generate a top-quality product at a relatively low cost, maximising margins and providing protection against any price volatility.” | |
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