Investor Presentation at 121 Mining Investment Conference
Sydney, June 6, 2017 AEST (ABN Newswire) - Mustang Resources Ltd (
ASX:MUS) (GGPLF:OTCMKTS) is pleased to provide the Company's latest Investor Presentation at 121 Mining Investment Conference held on 6 and 7 June, 2017.
Montepuez Ruby Project
STRATEGY: Systematically build a resource base & generate significant revenue whilst doing so
o Auger drilling + bulk sample + auction/tender sales = JORC Resource
- Plant relocated in late 2016, commissioning completed in January 2017, key upgrades in April 2017 to deliver 250tph feed-capacity
- >1,500tpd (~328,000tpa) processing capacity from June 2017 onwards, up from ~300tpd (average) in January
- Current inventory stands at ~73,500cts all sourced from initial processing of material from Alpha deposit and rubies received from artisanal miner development program
- New high-grade and shallow ruby deposits to be excavated and processed in coming months- ruby inventory expected to increase significantly
- Initial processing of material from highly prospective new deposits within licence 8245L to commence shortly
- Auger drilling campaign will continue with goal of estimating mine life with results of bulk sampling over next 6-12 months helping to establish average grades
Montepuez Ruby Project - New Licence Acquisition
- Shareholders approved the acquisition of 65% stake in highly strategic ruby licence bordering the Montepuez Ruby Project on 22 May 2017
-The 3,500ha licence sits between the Montepuez Ruby Project and a key secondary deposit being mined by Gemfields
- Site visit by Paul Allan (chief consulting Geologist) confirms artisanal miners currently recovering large gemquality rubies from the area covered by the new licence
- Mustang will issue 30m shares (escrowed for 24 months) and pay US$100,000 cash as consideration for the 65% interest in the licence
- Mustang will fast-track prospecting from this new area to complement the growing bulk sampling program at Montepuez
- Shallow ruby deposit; less than 2m from surface
- 3km SE from 250tph Processing Plant
- Access road built to pit NT01
- All permitting completed and in place
- Bulk Sampling commencing shortly
Montepuez Ruby Project - Milestones
- Commission upgraded plant & increase throughput to ~1,500tpd (-380,000 tpa) - May 2017
- Auger drilling campaign to map ruby bearing gravels & build resource inventory - Jan-Dec 2017
- Inaugural rough ruby sales through significant auction/tender - October 2017
- JORC Resource & Feasibility Study initiated - Late H2 2017
- Full scale (long life) mining (Modular & cheap plant scale up) - H1 2018
To view the full presentation, please visit:
http://abnnewswire.net/lnk/LM07Q00X
About New Energy Minerals Ltd
New Energy Minerals Ltd (ASX:NXE) (FRA:GGY) is an ASX listed junior mining company, that recently announced the divestment of the Company's Caula vanadium - graphite project and the Montepuez Ruby project in Mozambique.
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