Mustang Resources has discovered a new ruby-bearing gravel deposit within its Montepuez ruby project in Mozambique.

The newly found ruby-bearing gravels are located 3.5km directly south-west from the site’s 200tph processing plant, marking the discovery as particularly significant.

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Mustang discovered the deposit during an extensive exploration and test pitting campaign, which was conducted at the Montepuez project during the first quarter of this year.

The company developed a total of 196 test pits during the initiative.

"We are confident that we can continue to steadily build value around this high-quality asset, which is strategically located in the heart of the Montepuez gem field."

Mustang has announced plans to capitalise on the positive results obtained during the programme through the establishment of a new exploration field season.

Mustang Resources managing director Bernard Olivier said: “The discovery of the Block D ruby-bearing gravels and the success of our ongoing exploration activities continue to show the significant prospectivity of the Montepuez ruby project.

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“When combined with the recent initial success of our newly implemented sales and marketing strategy, we are confident that we can continue to steadily build value around this high-quality asset, which is strategically located in the heart of the Montepuez gem field, currently the world’s leading supply source of rubies.”

The discovery was made in an area known as Block D, which is situated within Licence 8955C.

Furthermore, Mustang also confirmed the presence of ruby-bearing gravels in Blocks A, B and C, which are expected to enable the extension of ruby mineralisation extending from the LM bulk sampling pits.

The company is now set to resume its exploration bulk sampling programme at the project, which will include work within the newly identified Block D.