Mustang begins graphite scoping study

By Justin Ware. Published at May 31, 2018, in Small Caps

Finfeed presents this information for the use of readers in their decision to engage with this product. Please be aware that this is a very high-risk product. We stress that this article should only be used as one part of this decision-making process. You need to fully inform yourself of all factors and information relating to this product before engaging with it.

Mustang Resources (ASX:MUS) has appointed Bara International to undertake a scoping study at its Caula Vanadium-Graphite Project.

The scoping study is expected to be completed by the end of July this year, with the project on track for production and cashflow by mid-2019.

MUS Managing Director Dr Bernard Oliver issued the following statement, “This appointment is another key step in our strategy to be in production at Caula by the middle of next year.

“We have multiple workstreams underway to deliver a maiden vanadium JORC Resource and an upgraded graphite resource along with metallurgical testing for an integrated vanadium and graphite processing flowsheet.

“We are also awaiting the results of ore-sorting testwork in Australia,” he said.

In addition to the appointment of Bara International, MUS provided the following updates on its Caula Project:

Vanadium and graphite assay results

Samples analysis on the remaining three drillholes from the 2017 scoping study drilling campaign is currently being completed by SGS South Africa.

Final results are expected within the next two weeks. Once finalised, MUS will immediately finalise the incorporation of the results into the geological and resource model.

This will enable the estimation of the maiden JORC compliant vanadium Resource and facilitate the upgrade of the JORC compliant graphite Resource.

It should be noted it is still early stages here, so investors should seek professional financial advice if considering this stock for their portfolio.

Ore sorting testwork and results

MUS has sent initial Caula core samples to TOMRA Sorting Solutions for trial ore test work.

TOMRA will assess the suitability of the ore for upgrade through the use of its proprietary technology. Once the initial results are received, an ore sorting testwork campaign will begin.

Metallurgical testwork

Dual metallurgical testwork being undertaken by IMO and Nagrom Laboratories in Perth is significantly advanced.

MUS expects initial results before mid-June 2018.

Maiden Vanadium JORC Inferred & Indicated Resource

Upon the completion of the metallurgical testwork and receipt of the outstanding assay results from SGS, MUS will estimate a maiden vanadium JORC Inferred & Indicated Resource for Caula. This is expected to be completed and announced to the market by the start of July 2018.

Upgraded Graphite JORC Inferred Resource

In conjunction with the above, the company will also complete an upgraded JORC Inferred Resource for the Caula graphite Resource. This is expected to be completed by the end of June 2018.

Definitive Feasibility Study campaign

The company has informed shareholders that foundational work for the DFS campaign has commenced, with the study requiring additional RC and DD drilling to upgrade the JORC Resource.

As part of this process, MUS plans to extract a large bulk sample for export to China, which will enable additional large scale metallurgical and plant design testwork.

Completion of the DFS campaign is scheduled by the end of calendar 2018.

Where to invest $1,000 right now

When the experts at Next Investors have a stock pick, it may pay to listen.

The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.

They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.

Click the link below to see what they are currently investing in.


S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why is Australia’s leading small cap publication

Founded seven years ago, is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise. provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more. is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!