Mustang releases “outstanding” results from graphite-vanadium play

Published at Jun 25, 2018, in Small Caps

This product is classified as ‘very high risk’ in nature due to its location and geopolitical situation of the region. Finfeed advises that extra caution should be taken when deciding whether to engage in this product, however if you are not sure whether it is suitable for you we suggest you seek independent financial advice.

Mustang Resources Ltd (ASX:MUS) has today announced positive results from further graphite metallurgical testwork at its Caula Graphite-Vanadium Project in Mozambique.

The company consider the results of the metallurgical tests to be genuinely outstanding, having delivered a significant increase in flake size and a reduction in the costs of processing reagents.

The tests were conducted on samples of oxide, transition and fresh material taken from the area of Caula drilled in 2017.

Results of this calibre act as further indication that the Caula Project has considerable potential as a low-cost supplier to the expandable graphite and lithium battery industries. As such, the results will be incorporated into the company’s Scoping Study, which is well underway.

Mustang Managing Director Dr Bernard Olivier said of the results, “These metallurgical results are outstanding and provide further evidence of the exceptional quality of the graphite at Caula.

“We managed to achieve an extraordinary 27% increase in the cumulative proportion of large to super jumbo flakes (>180μm) while maintaining our exceptional concentrate grade of 97%. The large to super jumbo flake-sizes in the fresh zone increased from 55% to 68% while the cumulative oxide zone increased from 44% to 60%.”

MUS’s Caula Project is unique due to its high-grade, shallow mineralisation combined with the potential for excellent recovery rates, as demonstrated by today’s results. In addition, Caula contains top graphite concentrate flake-size distribution and purity, and is located along strike from Syrah Resources’ (ASX:SYR) world-class Balama graphite project in Mozambique.

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

Test work results in more detail

The latest test work flowsheet created by MUS was a modification of a similar flowsheet it used previously.

By graphite industry standards this latest flowsheet is remarkably simple, and has also been extended to allow integrated extraction of both graphite and vanadium from the same feed material.

MUS expects to release results in the not too distant future regarding the initial vanadium concentration work it is currently undertaking.

In addition to other improvements to the flowsheet, a simpler and lower cost reagent scheme was used in the current test work. The new reagent scheme will cost less than half that used in the test work for the company’s 17 December announcement, further adding value to the project.

The below table shows the graphite concentrate grade and sizing results from the company’s latest round of test work:

MUS stated that it greatly welcomes the prospect of developing a low-cost high-grade graphite product, with the high head-grade and simplified flowsheet presenting even more substantiation for its Scoping Study set to be completed in the third quarter.

View Our Investment Portfolios

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!