(Ecofin Agency) - ASX-listed Australian miner Mustang Resources Ltd, told its shareholders on March 25, 2016, it will acquire 90% of shareholding rights to n°6363L graphite exploration licence, and 95% rights to the n°7560L exploration licence, in Balama, Mozambique.

The two licences that cover 2,085 km2 were transferred to Regius Resources group Ltd in September 2015. The transaction will be effective only after Mustang Resources pays Regius Resources $50,000, by April 15, 2015.

The firm said electro-magnetic surveys conducted in both licence areas identified various priority targets for exploratory drilling, with a high potential for the discovery of high-grade graphite deposits.

“Both licences areas yielded well-defined EM anomalies. These anomalies were prioritized and warrant immediate follow-up exploration,” said Christian Jordaan, Mustang Resources Managing Director.

Mustang Resources Ltd, formerly OGI Group Ltd, is also active in the exploration and exploitation of diamond in Mozambique. It is in charge of the Save River diamond project, in the South of Mozambique, near the Zimbabwe border where it has two exploration licences, 4525L, which covers about 24km2, and 4969L, which covers about 220km2.

Louis-Nino Kansoun