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Mustang Resources granted trading halt ahead of capital raising news

The ASX trading halt will remain in place until Monday, August 13, or when an announcement is released.
ASX logo on a laptop
Mustang has the drill bit spinning at its vanadium-graphite project in Mozambique

Mustang Resources Ltd (ASX:MUS) has been granted a trading halt by the ASX pending news of a capital raising placement.

The halt will remain in place until the start of trading on Monday, August 13, or until an announcement is released to the market, whichever occurs earliest.

Mustang last traded on Wednesday at 1.5 cents.

READ: Mustang Resources begins feasibility drilling at Caula Vanadium-Graphite Project

Earlier this week the company announced that it has started a drilling program at its Caula Vanadium-Graphite Project in northern Mozambique.

There are 4,000 metres planned for completion this quarter with results to underpin resource expansion and feasibility studies.

It will also provide additional core samples for metallurgical testing.

Drilling is being undertaken by Major Drilling International and will comprise 3,025 metres of diamond drilling and 1,050 metres of reverse circulation drilling.

 

Caula hosts a vanadium resource of 22 million tonnes at 0.37% for 81,600 tonnes of vanadium pentoxide, with high-grade intersections up to 1.9%.

Within the same deposit is a graphite resource of 21.9 million tonnes at 13.4% for 2.93 million tonnes of graphite, with high-grade intersections up to 29%.

Mustang believes potential exists to define additional vanadium-graphite mineralisation adjacent to the existing resource, as well as over a significantly larger area across the prospect.

A scoping study is underway and scheduled for completion in September while a resource upgrade is expected to be completed in the December quarter.

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