Listed on the Australian Securities Exchange, Mustang Resources Limited (ASX:MUS) is an emerging gemstone explorer and developer focused on the near-term development of the highly prospective Montepuez Ruby Project in northern Mozambique.
The Montepuez Ruby Project consists of four licenses covering 19,500 hectares directly adjacent to the world’s largest ruby deposit discovered by Gemfields PLC (AIM:GEM) in 2012. Since supply of rubies from sources outside Mozambique has become fractured and unreliable, Mustang stands to capitalise on the current demand around the world for ethically produced rubies by becoming a reliable, consistent supplier of high-quality rubies.
The Company is currently fast-tracking its work program on the Montepuez Ruby Project with high priority targets being identified and low-cost bulk sampling and exploration work already delivering 120,000cts of rubies to date. First rough ruby sales are scheduled for October 2017 through the auction/tender of minimum 200,000 cts gem quality rubies.
The Company has also been receiving excellent results from drilling at its nearby Caula Graphite Project ("Caula"), which is located along strke from Syrah Resources (ASX:SYR) with Caula already proving to host one of the highest grade graphite resources in the world.