PRECIOUS RETURNS These rubies are the first recoveries from 2 683 t of initial material processed by Mustang’s two 487.6 cm rotary pans during the start-up of the bulk sampling plant
ASX-listed junior miner Mustang Resources has recovered a total of 460.4 ct of “high-quality” rubies from its flagship Montepuez ruby project, in Mozambique.
Mustang MD Christiaan Jordaan notes that these rubies are the first recoveries from 2 683 t of initial material processed by the company’s two 487.6 cm rotary pans during the start-up of the bulk sampling plant.
He says that further mining optimisation is ongoing following the project’s initial commissioning phase with recoveries expected to increase in the coming months. Plant construction work has been completed and the bulk sampling plant is fully operational. The company plans to ensure that the plant is ramped up to a 525 t/d capacity by the end of this month.
Jordaan remarks that robust initial recoveries show all the characteristics of a commercial, high-grade and high-quality ruby deposit at Montepuez with its Alpha deposit open in all directions, with a near-term drilling programme to delineate the full extent of ruby mineralisation. He highlights that there are multiple additional targets with alluvial and colluvial ruby mineralisation proven at two additional locations at Montepuez.
Further, Jordaan comments that strategic sales and marketing agreements are to be finalised prior to the sale of the first Mustang rubies. He notes that alluvially sourced uncut rubies from Mozambique sold for between $317/ct and $688/ct on average at coloured gemstone mining and marketing company Gemfields’ 2014 and 2015 auctions respectively.
“The ruby market remains strong with reported cut and polished high-quality ruby reaching as high as $35 900/ct,” Jordaan concludes.