Mustang acquires 65% stake in another Moz licence

Ruby miner Mustang Resources has acquired a 65% interest in a new ruby licence that borders its existing Montepuez project, in Mozambique, for 30-million of its own shares and $100 000 in cash. Artisanal miners are reportedly recovering large, high-quality rubies from the licence area, which is located only 3 km from Mustang’s plant site and its Alpha ruby deposit, and lies adjacent to London-listed Gemfields' licences.