(2015-06-15) Mustang Resources shares are expected to gain after the company discovered diamonds in Mozambique.
The discovery of gem quality diamonds in the Save River licence areas is a historic event for Mustang, as this discovery is the first known recovery of alluvial diamonds of marketable size and quality in the country.
In total 16 diamonds which the company said were visually identified as gem quality, have been recovered from initial sample pits.
Adding interest – bulk sampling program is being scaled up from 100 tonnes to 1,000 tonnes per day.
This ten-fold increase has the potential to significantly increase the amount of diamonds discovered.
The discovery was made at the Save River Diamonds Project.
Mustang has agreed to acquire majority interests in two diamond prospecting and exploration licences.
The company re-listed on the ASX earlier in the month after an oversubscribed prospectus raising $3.5 million.
Mustang is also currently conducting another project in Mozambique: the Balama Graphite.
Source: Proactive Investors
Photo: File / Very large rough diamond in a file photograph
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