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Mustang Resources makes high grade graphite discovery
Mustang Resources (ASX:MUS) has made a high-grade graphite discovery at its 80% owned Caula Project located in Mozambique.
Results from the first five diamond drill holes have returned grades of up to 26% total graphitic carbon (TGC).
Caula is along geological strike from the Syrah Resources (ASX:SYR) world-class Balama graphite project.
Christiaan Jordaan, managing director, commented: "It is already clear that Caula will be one of the highest-grade graphite deposits in the world.
"This high grade will enable us to generate a top-quality product at a relatively low cost, maximising margins and providing protection against any price volatility."