Mustang resources discovers new ruby deposit & Other Mining News

The Australian mining company Mustang Resources has announced that it has found another ruby deposit at its concession in Montepuez in the northern province of Cabo Delgado.

The company is at an early stage of developing the mine and is currently taking small samples from various gravel deposits.

In July, the company announced its first discovery of 10 rubies from its initial sampling programme. According to the Mustang, it has now found a further 19 rubies, bringing the total haul to 29 with a combined weight of 5.79 carats.

Once the mapping of the area’s geological makeup is complete, Mustang will move on to the bulk sampling programme. The sampling will involve processing material at a rate of 800-tons per day to get a better picture of the grade and gemstone size distribution of the deposits.

According to Mustang’s Managing Director, Christiaan Jordaan, “that our exploration team has recovered 29 high Montepuez Project to date is very encouraging, and further highlights the potential underlying value to be extracted from the Montepuez Project”.

The Montepuez Ruby Project consists of three licenses covering 15,800-hectares directly adjacent to the world’s largest ruby deposit which is mined by the London-based company Gemfields. So far, Gemfields has held six auctions of Montepuez rubies which have netted a total of US$195-million.

Mustang Resources also has a majority interest in two diamond exploration licences along the Save River, in central Mozambique, downstream from the Murowa and Marange diamond fields in Zimbabwe. In addition, Mustang holds the rights to a graphite resource near the world class graphite deposits discovered by Syrah Resources and Triton Minerals.

Source: Agencia de Informacao de Moçambique

Xtract updates on Manica Project and Chepica Mine

Xtract Resources said purchasers of the Manica gold project in Mozambique had not yet made an initial payment.

Xtract was recently in talks with Nexus Capital Ltd. and Mineral Technologies International Ltd. over the structure of the deal, which might result in further revisions to terms.

The talks might also result in amendments to Xtract’s existing joint venture agreement with Mineral Technologies International to mine the alluvial gold deposit at Manica, to ensure that all parties are able to focus resources on their principal objectives at Manica.

The company also announced on 20 July that it had reached agreement with Auroch Minerals that the remaining US$2.5-million due to Auroch, pursuant to the company’s acquisition of Manica in June 2015, would be settled in full with the payment of US$750,000 to Auroch on 20 July, and a final payment of US$1.75-million on 12 August, once the initial payment had been received by the company.

The company confirms that is has paid Auroch US$750,000 and recently made a further payment of US$100,000. The parties are in discussions with regard to the final settlement of US$1.65-million.

The review of the Bankable Feasibility Study at Manica is continuing and is now expected to be completed in September this year. The company is currently in discussions with the purchasers regarding an extension to the deadline for completion of the Bankable Feasibility Study.

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