Mustang begins graphite scoping study

Published 31-MAY-2018 13:54 P.M.


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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.

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S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (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 and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

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