Mustang Resources has completed its 11-hole drilling programme at the Caula graphite project in Mozambique, and the preliminary study is expected to be completed by June, the Australian mining company said in a recent market filing.
“Once the preliminary study is completed, the definitive economic feasibility study will begin, and the drill holes made will make it possible to reveal the occurrence of graphite deposits estimated at 702,600 tons,” the statement said.
The filing said that the samples collected during the drilling “are being sent for assays and metallurgical tests.”
Mustang Resources has a ruby mining concession in the same region where it now intends to extract graphite, which is located next to a mine operated by Syrah Resources, another company from Australia that has started bagging and exporting graphite.
The occurrence of high-quality graphite deposits has led German company Graphit Kropfmuhl GmbH, an operating division of Advanced Metallurgical Group NV of the Netherlands under the name AMG Graphite, to relaunch graphite extraction at the Ancuabe mine in northern Mozambique in May 2017.
The assets of AMG Graphite in Mozambique include a mining concession that includes the graphite processing plant in that district and a prospecting license in Nipacué, where there is a graphite deposit with reserves estimated at 900,000 tonnes. (macauhub)