Mustang
Resources Ltd has recovered a total of 810.46 carats of rubies to date from its
flagship Montepuez Ruby Project in northern Mozambique.These rubies have been
recovered from 3,807 cubic metres of initial material processed by the company
during the first seven weeks of the bulk sampling plant’s operation.Mustang
remains focused on ramping up the rotary-pan processing capacity to 350 cubic
metres per day by achieving consistent nameplate production capacity.The Alpha
ruby deposit discovered in July 2016 is the current focus of the bulk sample
mining operations, with 12,195 cubic metres of gravel already mined. Importantly,
initial geological investigation undertaken by Mustang has indicated the
potential for the project to host significant ruby-bearing gravels sufficient
to support a long mine life.The
company is currently planning a full auger drilling campaign, starting from the
Alpha deposit extending outwards.The purpose of this drilling campaign is to
map the extension of the Alpha deposit and to prepare a mineral resource
estimate.It is expected that the rubies being recovered from the Alpha deposit
would fetch market related prices for high quality Mozambican rubies.The ruby
market remains strong with reported cut/polished high quality ruby prices up to
US$35,900 per carat.
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