Australia’s Mustang Resources discovers new ruby deposit in Mozambique

18 April 2018

Australia’s Mustang Resources has discovered a new ruby deposit located just 3,500 metres from its Montepuez project processing unit in Cabo Delgado province, northern Mozambique, the company said in a statement to the market.

The statement said that the discovery came during a widespread excavation of 196 exploration wells in the region in March.

The company resumed the sampling programme in Montepuez, after the rainy season, including the block that has now been identified.

During the first quarter of the year, rubies totaling 29,069 carats were extracted following the processing of 43,940 cubic metres (68,107 tons) of materials, resulting in an average of 0.42 carats per ton.

The Montepuez ruby concession is located in the centre of the region where Gemfields has been operating for some time, and where Canadian company Fura Gems has an 80% stake in four licenses for ruby prospecting, which it acquired in November with the purchase of Cobadale, Ltd. (macauhub)