Ruby inventory hits 120,000cts; Bulk sampling confirms new ruby discovery; On-track to accumulate 200,000cts for initial auction in October
Quarterly Activities Report for the Period Ending 30 June 2017
Sydney, July 28, 2017 AEST (ABN Newswire) - Mustang Resources (
ASX:MUS) (GGPLF:OTCMKTS) is pleased to provide the report on its activities during the June Quarter 2017.
Highlights
MONTEPUEZ RUBY PROJECT, MOZAMBIQUE
- Mustang firmly on track for first sale of 200,000cts in October, with inventory reaching 120,000cts at Quarter-end
- 71% increase in ruby inventory over the June Quarter owing in part to the success of the upgraded processing plant at Montepuez, which is expected to achieve full operating capacity by the end of July
- Initial bulk sample confirms significant new ruby discovery on recently acquired licence:
o Shallow secondary deposit, with initial bulk sample of 5,692m3 delivering 4,445 cts of gem quality rubies
o Consistent recovery of stones classed in the special/premium category
o Extensive secondary ruby mineralisation proven over 2,200m strike (open ended)
BALAMA GRAPHITE PROJECT, MOZAMBIQUE
- Subsequent to the end of the quarter metallurgical tests have produced high-grade concentrates (>95% TGC) and exceptional recoveries (96% recovery from fresh rock composite sample) from the Caula Graphite Project
- More than 55% of the fresh graphite assayed has been classed as Jumbo and Large Flake (46% classed as Jumbo and Large Flake for fresh and oxide composites combined)
- Results demonstrate Caula's potential to be a low-cost supplier to the expandable graphite and lithium ion battery industries
CORPORATE
- Appointment of highly experienced resource industry executive Peter Spiers as a Non-Executive Director
- New broker research issued by Independent Investment Research; Subsequent to the end of the quarter, Hartleys initiated research coverage
- $0.399m cash on hand at 30 June 2017
- Subsequent to the end of the quarter Mustang secured a $8.5m funding package from Arena Investors LP a leading institutional investor with more than US$600m assets under management
- Funding arrangement ensures that Mustang is fully-financed through to its first rough ruby tender of 200,000cts planned for October 2017
To view the full report with tables and figures, please visit:
http://abnnewswire.net/lnk/K88WT16P
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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