Mustang Resources Limited (ASX: MUS) has announced that its Caula Vanadium-Graphite project in Mozambique has moved up on its development milestones with the completion of an upgraded JORC-compliant Graphite Mineral Resource estimate. As per the recent update, the total Updated JORC (Measured) Resource of 21.9 Mt @ 13.4% TGC (8% cut-off) has been reported and the size of the Mineral Resource has advanced 317% from 702,600 tonnes to 2,933,100 tonnes of contained Graphite. Further, Caula Graphite Resource has been identified to have an oxidised zone having 8.5 Mt @ 13.4% TGC for 1,130,000 tonnes contained Graphite (8% grade cut-off) and a fresh zone having 13.4 Mt @ 13.5% TGC for 1,803,100 tonnes of contained Grapite (8% grade cut-off).
In addition, the quality of graphite has been exception with over 63% of cumulative proportion in large to super jumbo flakes sizes (>180μm) while concentrate grades have been over 97% TGC. It is worth noting that the entire resource is now in the Measured Category. On the other hand, there have been delays in receiving the final vanadium and graphite assay results and thus estimated completion of the Scoping Study has been updated to Q3 2018.
Despite the update, MUS stock traded flat at $ 0.019 on July 24, 2018.
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