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Ruby miner Mustang Resources has reported the discovery of a significant new ruby deposit at its Montepuez project, in Mozambique.
The ASX-listed company on Tuesday told shareholders that the new ruby-bearing gravels were discovered some 3.5 km directly south-west from Mustang’s 200 t/h processing plant.
The discovery was made during an extensive exploration and test pitting campaign during the March quarter, which resulted in the development of 196 test pits during the period.
The company noted that preparations have now commenced to restart the exploration bulk sampling programme at Montepuez as the rainy season draws to an end, with the newly identified deposit forming part of the upcoming bulk sampling programme.
Meanwhile, Mustang reported that 29 069 ct of rubies were recovered during the three months to March, from the processing of 43 940 m3 of material at the Montepuez project, resulting in an average grade of 0.42 carats per tonne.
The March quarter recovery grades were 13.5% higher than the previous quarter, while tonnes processed was some 15% lower. (miningweekly.com)