November 17, 2017

Mustang Resources recovers rubies from initial exploration pits at Montepuez Project

Mustang Resources Limited (MUS.AX) announces the recovery of ten rubies, totalling 2.61 carats, from the initial trenching activities undertaken at the Company’s flagship Montepuez Ruby Project in Mozambique.

The trenching program was designed to delineate targets for the proposed bulk sampling program and to assist in mapping gravel layers prospective for rubies – recovering rubies during this initial phase is thus a very positive indicator.

Key points include:

  • Total of ten rubies recovered to date from excavation and trenching of alluvial layers at the Montepuez Ruby Project
  • Trenching program continuing with small-scale processing facility (bushman jig) operating on site
  • Successful exploration start-up and ruby recoveries highlight the significant underlying potential for Montepuez Ruby Project
  • Montepuez Ruby Project located adjacent to world’s largest ruby deposit discovered by Gemfields PLC (GEM.LN) in 2012
  • Mustang focused on commencement of bulk sampling in Q3 2016, targeting near-term cash flows from Montepuez Project

Mustang’s Managing Director, Christiaan Jordaan, commented: “The recovery of ten rubies from alluvial sources at the Montepuez Ruby Project, is very encouraging and the team is buoyed by this early stage success. Work is continuing with the trenching and processing of additional pits as we advance towards the commencement of bulk sampling in Q3 2016. We look forward to updating our shareholders on further progress at Montepuez in coming weeks.”

 

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