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Mustang Resources funded and fast tracking graphite and vanadium projects

Mustang Resources (ASX:MUS) is due to release a scoping study at the end of Q2 that depicts an updated resource for graphite and a maiden resource for vanadium from its site in Mozambique, with assay and metallurgical test results set to be released in the interim.  The project has been fast tracked, with managing director Dr Bernard Olivier commenting “it is a really fascinating and high-grade deposit so we are in a very unique and exceptional position.”

Meanwhile, exploration at Mustang’s neighbouring ruby project is generating cash. The market analysis expected from its newly established Thai sales and marketing office will inform the resource and mine plan models for ramping up from exploration to production.

Mustang recently closed a rights issue securing $2.45 million in funding to support its synergistic development plan.

Quick facts: New Energy Minerals Ltd

Price: 0.012 AUD

Market: ASX
Market Cap: $2 m

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Mustang Resources shifts focus to graphite and vanadium

Vanadium is another metal that has in the past received little attention but has undergone a huge price surge over the past two years, as China tightens its standards around the strength of steel and the battery revolution continues. Mustang Resources (ASX: MUS) is an Australian listed...

on 26/7/18

2 min read