logo-loader

Mustang Resources exports rubies to Thailand office to be sold

Published: 10:16 24 May 2018 AEST

ruby
The company is the only revenue-generating listed ruby developer in the world

Mustang Resources Ltd (ASX:MUS) is exporting a further 34,400 carats of medium and higher grade rubies to its sales office in Thailand.

The rubies were recovered as part of Mustang’s bulk sampling operations at its Montepuez Ruby Project in Mozambique from January to May 2018.

In April 2018, Mustang made its first sale of rubies from its newly established sales and marketing office in Thailand.

READ: Mustang Resources makes first ruby sale from new Thailand office

Notably, the newly discovered Block B at Montepuez delivered 10,238 carats from the processing of 22,180 tonnes at a grade of 46 carats per hundred tonnes since April
2018.

Establishing a maiden JORC Resource at Montepuez

Mustang has appointed independent consultants to commence geological and resource modelling based on the comprehensive exploration and bulk sampling to date.

The work aims to establish a maiden JORC resource for the Montepuez Ruby project in the December quarter of 2018.

Mustang has been increasing its exploration and pitting activities to provide additional data for the modelling and to define new potential resource areas.

READ: Mustang Resources developing ruby and graphite-vanadium projects in Mozambique

Mustang’s managing director Dr Bernard Olivier said: “We are pleased to report continuing progress on the development of the Montepuez Ruby Project.

“Our revised exploration and development strategy is now well on track.

“We look forward to completing the maiden JORC resource and economic viability work later this year which, along with the planned plant capacity increase, we hope will pave the way for commercial-scale production operations to start in the first half of next year.”

Support received from Thai Department of Commerce

A delegation from Thai Deparment of Commerce has inspected the project in Mozambique and given their full support to Mustang and future auctions in Thailand.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

12 hours, 39 minutes ago