Mustang Resources Ltd. said Sept. 6 that it completed a drilling program at the Caula vanadium-graphite project in Mozambique ahead of schedule.
The program returned large visible high-grade graphite and vanadium-mica intersections, resulting in the expansion of the site's mineralized zone.
The company said a scoping study will be released by Oct. 5, followed by an expected resource upgrade in the fourth quarter and delivery of feasibility studies in the first quarter of 2019. Phase one mining and pilot plant processing remains on track in mid-2019.
Caula hosts 81,600 tonnes of vanadium pentoxide contained within measured vanadium resources of 22 million tonnes grading an average of 0.37% vanadium pentoxide, at a cutoff grade of 0.2% of vanadium pentoxide.
The property also has 2.9 million tonnes of graphite contained within measured graphite resources totaling 21.9 million tonnes grading an average of 13.4% total graphitic carbon, at a cutoff grade of 8.0% of total graphitic carbon.
Meanwhile, Mustang said that it will change its name to New Energy Minerals, subject to shareholder approval on Oct. 2. The rebrand reflects the company's new focus on lithium and vanadium battery markets, next-generation steel and fire-resistant building materials.