Latest high-grade results will form part of maiden vanadium Resource and graphite Resource upgrade next quarter
Further Strong Vanadium and Graphite Assays at Caula Project
- Further high-grade assays from the final holes drilled as part of the Scoping Study on the Caula Graphite and Vanadium project (Licence 6678L)
- Assays include intersections of up to 1.9% vanadium (V2O5) and 28.9% Total Graphitic Carbon (TGC)
- The results contain multiple high-grade intersections over extensive widths, including 215m at 14.72% TGC average and 0.51% V2O5 average (MODD018)
- The latest Vanadium results include:
o 32m @ 0.82% V2O5 including 14m @ 1.29% V2O5 (MODD018)
o 46m @ 0.39% V2O5 including 3m @ 0.67% V2O5 (MODD019)
o 79m @ 0.39% V2O5 including 6m @ 0.55% V2O5 (MODD022)
- The latest Graphite results include:
o 48m @ 17.68% TGC including 13m @ 21.5% TGC (MODD018)
o 45m @ 13.91% TGC including 7m @ 19.17% TGC (MODD019)
o 66m @ 15.41% TGC including 13m @ 17.79% TGC (MODD022)
- These results will now be incorporated into the Maiden Vanadium Resource and upgraded Graphite Resource which are scheduled for release in the coming quarter
The assays come from the final seven holes drilled as part of the Caula Scoping Study, which is scheduled for completion in the coming quarter.
The latest results contain exceptional assays of up to 1.9% vanadium (V2O5) and 28.9% Total Graphitic Carbon (TGC), as well as confirming the presence of elevated mineralisation around the anticlinal hinge.
The results also provide an important insight into the structure and controls of the vanadium-graphite mineralisation at Caula. Mustang is integrating these latest results with the existing data.
Mustang Managing Director Dr. Bernard Olivier said: "These latest assays provide more strong evidence that Caula hosts extensive high-grade graphite mineralisation as well as highly promising vanadium mineralisation.
"The results further highlight the potential for Caula to be a world-class, low-cost graphite and vanadium supplier to the fast-growing battery industry."
The Caula Project is located along strike from Syrah Resources' (ASX:SYR) Balama graphite project in Mozambique.
Caula Infill Diamond Drilling, December 2017
The December 2017 diamond drilling campaign was designed as Resource infill and extension drilling as part of the Scoping Study for Caula. A total of 11 holes were completed for 1,421.5m with detailed logging undertaken.
Summary of the Drilling Results
This drilling has produced a number of exceptional shallow intersections.
Figure 2 (see link below) shows the locations of the diamond drill holes used to calculate the 2017 Inferred Mineral Resource as well as the locations of the drill holes with the assay results received in 2018. Figures 3 and 4 (see link below), show high-grade graphitic schists in the diamond drill core from MODD018 and MODD020.
Mustang is currently completing its Maiden Vanadium Resource and Upgraded Graphite Resource which it expects to be released by the end of July 2018 with the Scoping Study to be completed soon after.
To view tables and figures, please visit:
About Mustang Resources Ltd
Mustang Resources Limited (ASX:MUS) (FRA:GGY) is an ASX listed company focused on the development of the Caula Vanadium-Graphite Project in Northern Mozambique, located along strike from the Syrah Resources Ltd (ASX:SYR) Balama Project. In July 2018 Mustang announced a maiden vanadium JORC Measured Resource for Caula of 22Mt at 0.37% V2O5 for 81,600 tonnes of contained vanadium pentoxide. The Company concurrently announced a 317% increase in its JORC Graphite Resource to 21.9Mt at 13.4% Total Graphitic Carbon ("TGC") (8% cut-off), for a total of 2,933,100 tonnes of contained Graphite, all in the measured category.
The Company has a highly experienced board and management team with a 15-year track record of investment and successful project development in Mozambique and the Africa region. With the aim to become a key provider of graphite and vanadium, both key components used in battery production, the company currently has a scoping study underway, which is due for completion in Q3 2018.
Visit the Mustang website at http://www.mustangresources.com.au for more information.
Syrah Resources Ltd
Mustang Resources Ltd