Jan 22, 2009 08:00 ET
Mustang Provides Update on Maskwa Nickel Project Feasibility Study
TORONTO, ONTARIO--(Marketwire - Jan. 22, 2009) - Mustang Minerals Corp., (TSX VENTURE:MUM)(FRANKFURT:NJF) today announced an update to its corporate and project activities. The Company continues to make progress at its Maskwa Nickel Project towards expanding the resource and improving metallurgical response. The Company is commencing a 2,000 meter drill program at the Maskwa Nickel Project targeting new areas proximal to the nickel-copper-pgm-cobalt resource. The project is located near Lac du Bonnet in southeast Manitoba.
Minesite Exploration - Geophysical Program and Drilling
Mustang recently completed a TDIP\Resistivity survey (Time Domain Induced Polarization) survey and magnetic survey over the Bird River Sill in the Maskwa Project area. Quantitative sections were generated over areas of interest from that above mentioned survey to enhance the interpretation of the areas that are being drilled. The geophysical survey outlined several high priority targets warranting drill investigation. Priority targets are associated with the known ultramafic host unit at Maskwa but are external to the known main deposit. Drilling is expected to start during this month and comprises a minimum of 2,000 meters. A second phase of IP geophysics has begun to examine the area to the west of the Maskwa Deposit.
Metallurgical Test Program
The Company has continued additional metallurgical testwork aimed at improving metallurgical recoveries and concentrate grades for the project. Testwork has been completed both on high grade samples from the basal zone and lower grade samples from the hangingwall zone, aimed at establishing a grade-recovery relationship for optimum mine design. Samples tested to date range from 0.18%Ni to 1.40%Ni. Open circuit batch testing has yielded nickel recovery, to a 10%Ni concentrate, of 85% for the 1.40% material. For the lowest grade 0.18%Ni samples associated with the hanging wall mineralisation, nickel recovery ranged from 25-52% to the final concentrate. The tests also showed that concentrate grades up to 12% nickel at acceptable recovery were reproducible. The Company anticipates that these results may allow much of the low grade hanging wall mineralisation which is within the design pit limits to enhance project economics. Testwork is continuing to define the response of a blend of materials and to obtain final metallurgical data for the feasibility study design.
Resource Update
Additional assaying of existing but previously unsampled drill core from the western portion of the Maskwa pit area is underway and will be completed within the next month. The objective of this program is to further define a hangingwall zone across the western section of the deposit where no previous work on this style of mineralization has been conducted. As was the case with the previous two phases of the reassay program, the analysis will focus on areas of interest within the pit shell defined by the prefeasibility study. Results highlighting the potential of the hangingwall zone were announced on December 1, 2008.
Grant of Incentive Options
The Board of Directors has approved the issuance of incentive stock options under the stock option plan approved by shareholders at the last shareholder meeting. A total of 2,230,000 five year options will be granted to employees, directors and officers of the Company. A total of 2,000,000 options will be subject to a two year escrow period restricting their exercise at $0.20 including options granted to officers and directors.
Corporate
The Company continues to focus on enhancing project economics for the Maskwa Nickel Project including developing a longer mine life. As outlined in the 2008 prefeasibility study, the project will utilize well established processing methods and entail a modest project capital cost. Continued project improvement is the corporate focus for 2009.
Carey Galeschuk P. Geo and Ian Ward P. Eng., are the Qualified Persons for Mustang Minerals Corp. for purposes of National Instrument 43-101.
To find out more about Mustang Minerals Corp. (TSX-V: MUM) visit our website at www.mustangminerals.com.
We seek safe harbour.
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include the Company's plans for its mineral projects in Manitoba, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risk, uncertainty of production and capital costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of nickel and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Management Discussion and Analysis for the period ended December 31, 2007 and thereafter and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
Shares Outstanding: 81,228,239
The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this press release.
For more information, please contact
Mustang Minerals Corp.
David Black
Investor Relations
(416) 955-4773
Email: info@mustangminerals.com
Website: www.mustangminerals.com
Click here to see all recent news from this company |
Thread abonnieren
