Mustang Resources Ltd (MUS) – ASX Release

Feasibility Study Drilling Completed at Caula Vanadium-Graphite Project

Drilling returned large visible high grade graphite & vanadium-mica intersections


  • The feasibility study drilling program on the Caula Vanadium-Graphite Project in Northern Mozambique has been completed ahead of schedule

  • 3,025m of diamond drilling and 1,130m of reverse-circulation drilling within 34 holes has been successfully completed

  • Drilling returned futher large visible high-grade graphite and roscoelite (vanadium mica) with graphite and roscoelite mica mineralisation intersected in all 34 holes

  • Visible intersections of graphite and roscoelite (vanadium mica) confirm the extension of the current deposit boundaries to the East, West and South

  • Mineralisation has now been defined over a 850m strike length (from 540m previously) and estimated 430m wide true thickness (from 230m previously)

  • Caula hosts a JORC (Measured) mica-hosted vanadium resource of 22Mt @ 0.37% V2O5 (0.2% cut-off) for 81,600 tonnes of vanadium pentoxide and within the same deposit, a JORC (Measured) graphite deposit of 21.9 Mt @ 13.4% TGC (8% cut-off) for 2,933,100 tonnes of contained graphite

  • The Scoping Study is well advanced with results to be released by 5 October 2018, followed by an expected Resource upgrade and feasibility studies in Q4-2018 and Q1-2019

  • Phase 1 trial mining and pilot plant processing is on track for mid-2019, to provide early cashflow from both graphite and vanadium

  • Mustang to change its name to ‘New Energy Minerals’ (ASX:NXE) (subject to shareholder approval at 2 October 2018 EGM)

  • The name change reflects the Company’s new focus on critical commodities for the lithium and vanadium battery markets, next generation steel and fire- resistant building materials

The information contained has been prepared by third parties. No warranty of accuracy or reliability is given in relation to any advice or information contained in this document and no responsibility for any loss or damage whatsoever arising in any way for any representation, act or omission, whether express or implied (including responsibility to any persons by reason of negligence), is given by DJ Carmichael Pty Limited or any officer, agent or employee of DJ Carmichael Pty Limited.