Mustang Resources Ltd (ASX:MUS) has recovered a total of 810.46 carats of rubies to date from its flagship Montepuez Ruby Project in northern Mozambique.
These rubies have been recovered from 3,807 cubic metres of initial material processed by the company during the first seven weeks of the bulk sampling plant’s operation.
Mustang remains focused on ramping up the rotary-pan processing capacity to 350 cubic metres per day by achieving consistent nameplate production capacity.
The Alpha ruby deposit discovered in July 2016 is the current focus of the bulk sample mining operations, with 12,195 cubic metres of gravel already mined.
Importantly, initial geological investigation undertaken by Mustang has indicated the potential for the project to host significant ruby-bearing gravels sufficient to support a long mine life.
The company is currently planning a full auger drilling campaign, starting from the Alpha deposit extending outwards.
The purpose of this drilling campaign is to map the extension of the Alpha deposit and to prepare a mineral resource estimate.
It is expected that the rubies being recovered from the Alpha deposit would fetch market related prices for high quality Mozambican rubies.
The ruby market remains strong with reported cut/polished high quality ruby prices up to US$35,900 per carat.
Source: ProActive Investors Australia