JOHANNESBURG (miningweekly.com) – Junior Mustang Resources has raised $1-million through a placement to professional and sophisticated investors to scale up a planned bulk sampling programme at the Montepuez ruby project, in Mozambique.
Mustang has received commitments for 25-million new shares at 4c each from professional and sophisticated investors. Hartley’s is acting as lead broker.
The bulk sampling programme at Montepuez will start later this quarter.
While undertaking trenching activities in preparation for the bulk sampling programme, Mustang recently recovered ten rubies, totalling 2.61 ct.
Mustang’s Montepuez ruby project comprises three licences covering 15 800 ha within the Montepuez Complex. It is adjacent to Aim-listed Gemfields’ 75%-owned Montepuez ruby mine.