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Francesca’s To Close All StoresThe retailer operates more than 450 boutiques across 45 states, according to its website.
SourcingAug 23, 2016
Mustang Resources Finds More Rubies in Mozambique
The mining company said it has discovered a second ruby deposit at its Montepuez site in addition to uncovering more rubies at its initial pitting program.
Sydney--Mustang Resources has reported a couple of significant discoveries for the company in its latest project update on the Montepuez ruby project in Mozambique.
The company’s Montepuez project consists of three licenses covering 15,800 hectares, directly adjacent to the Gemfields ruby deposit.
An additional 19 rubies have been recovered from the ongoing reconnaissance pitting, bringing the total to 29 rubies weighing 5.79 carats combined from the reconnaissance pits in the last few months.
The company also noted in its update that they have confirmed the existence of a secondary ruby deposit, approximately 1.6 miles southeast of the exploration based camp, though full details on the extent of the deposit are not yet available. Further exploration pitting and auger drilling will be done in conjunction with the bulk sampling starting next month.
They also have identified the gravel pits where the first bulk sampling pit will be opened.
The bulk sampling mining plant is scheduled for commission in September, after they have finished mapping the geography of the area. It will be capable of operating at about 1,300 tons per day.
The company also said that the Gemological Institute of America sent a team of geologists and gemologists, led by head field gemologist Vincent Pardieu, to the site in July.
During the visit, they reviewed the project’s progress so far and evaluated the rubies recovered by Mustang from the initial exploration pits. The company said visual assessments determined that the rubies are of high quality, with some showing a variety of color, size and clarity.
Mustang plans to begin initial sales of the rough rubies from Montepuez to jewelry manufacturers in December, provided the company sees bulk sampling success, through organized auction/closed-tender processes.
Mustang Resources also has interests in the Save River Diamond Project and the Balama Graphite Project in Mozambique.
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