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New Energy Minerals granted trading halt ahead of scoping study release

The company is progressing the Caula Vanadium-Graphite Project in Mozambique.

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New Energy recently produced high-grade vanadium concentrate

New Energy Minerals Ltd (ASX:NXE) has been granted a trading halt by the ASX today pending the release of an announcement in relation to a material scoping study report.

The halt will remain in place until the earlier of the start of normal trading on Thursday, October 11, or when the announcement is released to the market.

Earlier this week, the company changed its name from Mustang Resources after receiving shareholder approval and registration by the Australian Securities and Investment Commission (ASIC).

The name change reflects the company’s focus on vanadium and graphite exploration and mining, commodities that are crucial for the rapidly-growing new energy market.

READ: New Energy Minerals’ rebrand reflects focus on vanadium and graphite

New Energy recently produced high-grade vanadium concentrate in initial bench-scale metallurgical test work on ore from its Caula Vanadium-Graphite Project in Mozambique.

The company used an integrated graphite and vanadium flowsheet and the test work utilised wet high-intensity magnetic separation (WHIMS) on composite samples.

This resulted in a cleaner concentrate grade of 1.66% vanadium pentoxide with 80.6% recovery.

Quick facts: New Energy Minerals Ltd

Price: 0.016 AUD

ASX:NXE
Market: ASX
Market Cap: $2.45 m
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