FURA’s ruby partner reports on their 8% holdings of FURA shares
“New Energy Minerals Ltd (MTTGF) Quarterly Activities Report for the Period Ending 30 September 2018
Sydney, Australia, Oct 31, 2018 - (ABN Newswire) - New Energy Minerals Limited ("New Energy Minerals" or the "Company") (ASX:NXE) (FRA:GGY) is pleased to provide an update to the market in relation to the Company's activities for the period ending 30 September 2018.
HIGHLIGHTS
- The feasibility study drilling program on the Caula Vanadium-Graphite Project in Northern Mozambique was completed with 3,025m of diamond drilling and 1,130m of reverse-circulation drilling completed in Q3
Caula hosts a JORC (Measured) mica-hosted vanadium resource of 22Mt @ 0.37% V2O5 (0.2% cut-off) for 81,600 tonnes of vanadium pentoxide (180 million pounds) with high-grade intersections up to 1.9% V2O5 (see Note 1 below)
- The Caula Graphite Mineral Resource, which is all in the Measured category, was upgraded to 21.9Mt at 13.4% Total Graphitic Carbon ("TGC") (8% cut-off) for a total of 2,933,100 tonnes of contained Graphite (see Note 2 below)
- The Company's Montepuez ruby assets were merged with TSX-V listed Fura Gems Inc. (CVE:FURA) for A$10 million in shares. Under the agreement the shares will be issued to New Energy Minerals in three tranches over a 20-month period, which will result in New Energy owning approximately 8% of Fura
- The Company announced its intention to change the Company name to 'New Energy Minerals Limited', to reflect its focus on vanadium and graphite exploration and mining, critical commodities for the rapidly growing New Energy Market.
