PERTH (miningweekly.com) – ASX-listed Mustang Resources has reported a maiden Joint Ore Reserves Committee-compliant resource of 22-million tonnes, at 0.37% vanadium pentoxide, at its Caula vanadium/graphite project, in Mozambique.
The Caula project is currently estimated to host some 81 600 t of vanadium pentoxide.
The entire vanadium resource is classified as measured, and is subdivided into the oxidized zone, which contains 8.9-million tonnes, and the fresh zone, which contains 13.1-million tonnes.
The vanadium resource is in addition to the graphite resource at Caula, which is currently estimated at five-million tonnes, at 13% total graphitic carbon.
“This is an exceptional result, with over 81 000 t of contained vanadium pentoxide, particularly given that the entire resource is in the measured category,” said Mustang MD Bernard Olivier.
“With vanadium pentoxide prices running at more than $40 000/t, the Caula resource translates to a highly valuable resource.”
Olivier said that the potential of the project is even greater as the vanadium is mica-hosted, and associated with graphite mineralisation, as well as potentially far cheaper to extract and recover through two simple processing steps, compared with most vanadium projects where the vanadium is located in a complex titaniferous magnetite orebody.
Mustang earlier this month agreed to a A$10-million merger of its resource assets in Mozambique with those of TSX-V listed Fura Gems, in order to focus on the Caula project.