Troubled metals and mining company, Mustang Resources Ltd., saw its stock recovering 15.4% on November 06, 2017 with the release of its maiden JORC Compliant Mineral Inferred Resource estimate for the Caula Graphite Deposit (Licence 6678L), which is located along strike from Syrah Resources’ Balama graphite project.

Caula has been identified as one of the highest-grade graphite deposits in the world; and is said to be a prime candidate to supply the rapidly-growing expandable graphite and lithium battery market.As per the group’s result, the Inferred Mineral Resource (at a 6 % cut-off grade) totalled 5.4 Mt at 13.0% TGC (Total Graphitic Carbon) for 702,600 tonnes of contained graphite. This includes oxidised zone of 2.4 Mt at 10.9% TGC for 261,600 tonnes of contained graphite and fresh zone of 3.0 Mt at 14.7 %TGC for 441,000 tonnes of contained graphite. Further, high-grade concentrates (>95% TGC) with exceptional recoveries (96% recovery from fresh rock composite sample) have been unveiled with more than 55% of the fresh graphite assayed being classed as Jumbo & Large Flake. The group aims to take up follow-up drilling along the large-scale geophysical anomaly which has been defined.

While the prospect from an initial level looks encouraging, it would be better to wait for further positives, given the recent shortcomings highlighted by the embattled miner at the end of its inaugural ruby tender.
 

Mustang Graphite Project (Source: Company Reports)

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