Mustang Resources Ltd (MUS) – ASX Release

Caula Testwork Delivers High Grade Vanadium Concentrates

Key Points

  • Preliminary metallurgical testwork focussed on vanadium recovery has produced outstanding results, through bench-scale Wet High Intensity Magnetic Separation (WHIMS), after extraction of graphite from the same feed material

  • Preliminary WHIMS testwork on composite samples from the Fresh Zone has resulted in a Cleaner Concentrate grade of 1.66% V2O5 at a recovery rate of 80.6%. Results were achieved from an overall feed grade of 0.401% V2O5 before graphite extraction

  • Combined Cleaner and Scavenger Concentrates from WHIMS resulted in a recovery rate of 90.8% with a concentrate grade of 1.42% V2O5

  • These excellent preliminary vanadium metallurgical results from the WHIMS testwork further demonstrate the potential of combined vanadium and graphite extractions from the Caula Project

  • Quantitative mineralogy studies are underway to investigate mineral associations in vanadium concentrate, with initial studies confirming micaceous nature of the concentrate

  • Extraction process for vanadium hosted in mica and silicate minerals are significantly different from vanidiferous titanomagnetite (VTM) deposits

  • Ongoing metallurgical testwork is aimed at improving vanadium recovery concentrate grades and recovering high-purity (>98% V2O5) vanadium pentoxide

  • Caula Scoping Study nearing completion with report expected around 5 October 2018

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