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 and 28.9% total graphitic carbon (TGC), as well as confirming the presence of elevated mineralisation around the anticlinal hinge.
High grade graphitic schist
The results also provide an important insight into the structure and controls of the vanadium-graphite mineralisation at Caula.
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.
The new results will now be incorporated into the maiden vanadium resource and upgraded graphite resource which are scheduled for release in the coming quarter
Mustang recently received metallurgical test work results further validating Caula as a top global graphite project with regards to flake size distribution and quality.
The shallow deposit is unique given its high grades of 13% TGC and that it has vanadium in the same ore.