is focused on exploration and development for nickel, copper and platinum group metals. The Company has two open pit deposits which comprise the Mayville Makwa nickel copper cobalt palladium project (the Project). The Project is located in southeast Manitoba in the Bird River Greenstone Belt.
The Company announced a Preliminary Economic Analysis (PEA) which included an updated resource estimate for the project in April 2014. The PEA was completed by RPA Inc. and was based on a conventional truck and shovel operation and recovery by flotation concentration at a central mill located at Mayville. The Project life was 14 years.
The Net Present Value of the Project using US$3.40 lb copper and US$8.50 nickel was C$ 107.4 million.
Western Areas Ltd. (ASX: WSA) an Australian nickel producer owns ~ 19% of the equity of Mustang.
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Above: Location of trenches at Dumbarton Horizon and VTEM conductors.
Above: View to the North. Mayville Resource in pink and interpreted ZTEM Keel Target.