The Balama Graphite Project, consisting of 7 exploration licences totalling more than 70,000ha, is located along strike from, amongst others, Syrah Resources Ltd (SYR:ASX) - a company valued at ~A$1 billion. Lab results of samples taken from the Balama Graphite Project confirm wide (up to 74m) high-grade intervals of up to 26% Total Graphitic Carbon (TGC). Field assessment has also highlighted the potential of large flake sizes, with a 2015 sample analysis showing 57.9% Super Jumbo flakes larger than +1180μm on licence 4662L. High-grade intersections recorded to date suggest likely extensions of nearby world-class graphite deposits.
On 6 November 2017 Mustang announced its maiden JORC (Inferred) Resource for the Caula Graphite Project (Licence 6678L) in which it has an 80% interest. Limited drilling done to date on Caula has delineated a 5.4 Mt Resource @ 13% TGC (6% cut-off grade) with further drilling commenced in November 2017 to increase the size and confidence level of the Resource.
Location of Mustang Prospecting Licences overlaying regional geological mapping and depicting the location of ground held by Syrah Resources, Triton Minerals and Battery Minerals
SkyTEM results within tenements Mustang’s Licenses showing EM anomalies along strike from Triton’s Nicanda Hill deposit and Syrah Resources Balama deposit