Mustang Resources Limited (ASX: MUS), which is a ruby and graphite exploration company based in Mozambique under metals and mining sector, has requested for a trading halt. Next to the border with Zimbabwe, the Company’s Save River Diamonds Project is in southern Mozambique. The securities are placed in a trading halt pending the release of an announcement by the company that entails an asset merger transaction. This is expected to be released before July 18, 2018 with the scoping study to be completed soon after, while Mustang is completing upgraded graphite resource and Maiden Vanadium Resources.
On the Caula graphite and Vanadium project, further high-grade assays form the final holes drilled as part of the scoping study. It includes intersections of up to 28.9% Total Graphics Carbon and 1.9% Vanadium. Including 215m at 14.72% TGC average and 0.51% Vanadium average, the results include multiple high-grade intersections over extensive widths.
The stock last traded at a market price of $0.017 and over the past 12 months, the stock has seen a performance change or a decline of -67.03%. The market capitalization of the stock stands at $16.3 million with 958.83 million shares outstanding as at July 16, 2018.
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