Listed on the Australian Securities Exchange, Mustang Resources Limited (ASX:MUS) is an emerging gemstone explorer focused on the 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 rubies.
The Company is has rapidly advanced its work program on the Montepuez Ruby Project with high priority targets identified and low-cost bulk sampling and exploration work underway.
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).Caula is already proving to host one of the highest grade graphite resources in the world with a maiden JORC Compliant (Inferred) Resource of 5.4 Mt at 13% TGC (6% cut-off grade) for 702,600 tonnes of contained graphite.