Australian gem miner Mustang Resources said it has received commitments to raise up to $1-million (R13.59-million) to fund a bulk sampling programme aimed at recovering rubies for sale from its Montepuez Ruby Project in Mozambique.
In a statement sent to shareholders on Monday, the Australian Stock Exchange (ASE)-listed company said the sampling programme seeked to recover rubies that would be sold as soon as marketable parcels were available.
Last week, the company reported a record recovery of ten rubies weighing 2.61 carats from initial drilling operations at Montepuez.
Further, the company said data gathered during ongoing surface pitting, sampling and ore-processing activities would be used to compile a mineral resource estimate chart and prepare for a feasibility study.
Mustang Resources hold three licences which cover the 15,800 hectars which make up the Montepuez Ruby Project. Apart from the Montepuez prospecting licences, the company has interests in the Sabi River Diamond and Balama Graphite Projects in Mozambique.