RESOURCE REGION
The additional licences are situated in a well-documented metamorphic belt, between known high-grade graphite regions in Tanzania and Balama
Photo by: Bloomberg
ASX-listed Mozambique-focused junior Mustang Resources has exercised the option to acquire the rights to 90% and 95% interests in two additional exploration licences covering 205 km2 to the north of the company’s existing Balama graphite project, in Mozambique.
Completion of the acquisitions from exploration company Regius Resources Group was subject to a $50 000 payment by April 15, the company said in a statement earlier this month.
The additional licences are located in a well-documented metamorphic belt, between known high-grade graphite regions in Tanzania and Balama.
Acquiring these new licences has enabled Mustang to hold more than 870 km2 of highly prospective graphite exploration licences in the Cabo Delgado graphite province of Mozambique.
These licences are located along strike and/or adjacent to developer Syrah Resources’ Balama graphite deposit and miner Triton Minerals’ Nicanda Hill graphite deposit.
Mustang Resources MD Christiaan Jordaan noted in the statement that these licences “further strengthen the company’s position as a major role-player in what is widely regarded as a world-class graphite province”.
The company recognised the high prospectivity of the added licence areas to host graphite using airborne electromagnetic (EM) surveys.
Following detailed analysis of all available geophysical data, an airborne EM survey was completed over licences 6363L and 7560L in September 2015, which yielded well-defined EM anomalies that were prioritised and prompted immediate follow-up exploration.
Further, multiple priority targets have been identified for drilling, with a systematic programme to be scheduled for a follow-up on these high-priority graphite targets.