Mustang Resources – Excellent results from the testwork at its Graphite Project

Mustang Resources Ltd (ASX: MUS) announced remarkable results from further graphite metallurgical testwork at its Caula Graphite-Vanadium Project in Mozambique. The Group somehow managed to achieve an extraordinary 27 per cent increase in the cumulative proportion of large to super jumbo flakes (>180mm) while maintaining its exceptional concentrate grade of 97 per cent. The Caula Project is located along strike from Syrah Resources’ (ASX: SYR) world-class Balama graphite project in Mozambique and is in a unique position of hosting high-grade. The testwork was nothing more than a modified and improved flowsheet design that allows for integrated graphite and vanadium extraction.

These tests were conducted on samples of oxide, transition and fresh material which was taken from the area of Caula drilled in 2017. Further, it was reported that the large to super jumbo flake-sizes in the fresh zone increased from 55 per cent to 68 per cent while the cumulative oxide zone increased from 44 per cent to 60 per cent. These outstanding metallurgical results continued to demonstrate Caula’s potential to be a low-cost supplier to the expandable graphite and lithium battery industries. These results will be incorporated into the Scoping Study which is well underway. The main difference from the test work was that it used to use a single-stage grind with a target of 80 per cent passing 650 mm, rather than the multi-stage grind to 95 per cent passing 710 mm. After an initial rise in stock price, MUS traded flat post noon on June 25, 2018.


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