Ruby miner Mustang Resources ahs acquired a 65% interest in a new ruby license 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 license area, which is located only 3 km from Mustang’s plant site and its Alpha ruby deposit, and lies adjacent to producer Gemfield’s licenses.