Mustang positive about Moz ruby licence
JOHANNESBURG (miningweekly.com) – ASX-listed Mustang Resources has taken another significant step in its strategy to ramp up processing at the Montepuez ruby project, in Mozambique, with the start of bulk sampling on licence 8245L, in which Mustang recently acquired a 65% interest from Regius Resources.
The miner considered the licence, which Mustang acquired through the issuing of 30-million ordinary shares and $100 000 cash to Regius, as highly strategic because it borders Mustang’s existing Montepuez licence, as well as a lucrative ruby project owned by London-listed Gemfields.
Importantly, it lies along the south-east, north-west ruby mineralisation trend, which also transects the adjacent Gemfields licences.
Mustang has now made a strong start to the bulk sampling at 8245L, with 10 000 t of gravel already delivered to the Montepuez processing plant from pit NT01 – which holds shallow mineralisation with a very low strip ratio.
Initial manual test pitting by Mustang across a broader area of 8245L has generated strong results, with 11.75 ct of ruby recovered from 2 726 kg of gravel processed through Bushman jigs, highlighting the high-grade potential of the area.
Mustang revealed last week that the commissioning of the upgraded processing plant at Montepuez has been highly successful and processing rates are now ramping up.
Given this progress, Mustang is confident that it will achieve its targeted processing rate of 1 500 t/d within weeks.
The increasing throughput means Mustang is also on track to achieve its target of building a ruby inventory of 200 000 ct ahead of its planned initial auction in October. This will provide an opportunity to increase the volume of rubies available for sale in the October auction.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation