Mustang has an 89% interest in Mayville Property which it acquired through a series of transactions in
2005. The Company acquired the Property subject to a 2% Net Smelter Return Royalty. Mustang has subsequently repurchased the NSR.
The property is located approximately 140 kilometers northeast of Winnipeg. It is reachable by all weather roads and logging trails. Mineral tenure is held through unpatented mining claims.
A mineral resource was completed for Mayville in February 2013 and updated as part of the PEA.
TABLE 1-3 MINERAL RESOURCE SUMMARY AS OF NOVEMBER 27, 2013 / RPA Inc.
Mustang Minerals Corp. – Makwa-Mayville Project
Class and Deposit |
Tonnes (Mt) |
Ni (%) |
Cu (%) |
Pt (g/t) |
Pd (g/t) |
Au |
Co (%) |
Indicated Makwa Mayville |
7.2 26.6 |
0.61 0.18 |
0.13 0.44 |
0.10 0.05 |
0.36 0.14 |
N/A 0.05 |
0.01 N/A |
Total Indicated | 33.8 | 0.27 | 0.37 | 0.06 | 0.19 | N/A | N/A |
Inferred Makwa Mayville |
0.7 5.2 |
0.27 0.19 |
0.08 0.48 |
0.05 0.06 |
0.14 0.15 |
N/A 0.04 |
0.02 N/A |
Total Inferred | 5.8 | 0.19 | 0.43 | 0.06 | 0.15 | N/A | N/A |
Notes:
1. CIM Definition Standards have been followed for classification of Mineral Resources
2. Mineral Resources are reported at a net smelter return (NSR) cut-off value of C$15/tonne at Mayville and C$20.64/tonne at Makwa
3. At Mayville, NSR values are calculated in C$ using factors of $51 per % Cu and $41 per % Ni. These factors are based on metal prices of US$3.40/lb Cu and US$8.50/lb Ni, estimated recoveries and smelter terms, and a US$/C$ exchange rate of 0.97.
4. The Makwa Mineral Resources are estimated using metal prices of US$3.40/lb Cu and US$8.50/lb Ni, estimated recoveries and smelter terms, and a US$/C$ exchange rate of 0.97. The NSR factors used are: $87.33 per % Ni, $29.65 per % Cu, $38.25 per % Co, $0.14 per g/t Pt and 0.08 per g/t Pd.
5. Totals may not add correctly due to rounding.
% Copper by Block
Drillhole | From | To | Core Length | Nickel | Copper |
(m) | (m) | (m) | (%) | (%) | |
M-15 | 64.5 | 111.0 | 46.5 | 0.15 | 0.37 |
M-16 | 50.3 | 63.1 | 12.8 | 0.31 | 0.92 |
M-19 | 45.7 | 92.8 | 47.1 | 0.15 | 0.37 |
M-21 | 118.8 | 135.6 | 16.9 | 0.17 | 1.39 |
MAY05-01 | 6.1 | 46.6 | 40.5 | 0.28 | 0.83 |
MAY05-02 | 13.1 | 91.4 | 78.3 | 0.29 | 0.72 |
MAY05-03 | 86.6 | 131.7 | 45.1 | 0.26 | 0.81 |
MAY05-04 | 185.0 | 241.4 | 56.4 | 0.29 | 0.58 |
MAY | 05-0518.6 | 54.6 | 36.1 | 0.15 | 0.34 |
MAY | 05-0630.8 | 98.2 | 67.4 | 0.26 | 0.68 |
MAY | 05-07127.2 | 172.8 | 45.6 | 0.2 | 0.55 |
MAY | 05-07177.0 | 201.8 | 24.8 | 0.25 | 0.61 |
MAY | 05-08139.3 | 183.5 | 44.2 | 0.24 | 0.63 |
MAY | 05-08191.1 | 222.5 | 31.4 | 0.31 | 0.63 |
MAY | 05-099.6 | 51.5 | 41.9 | 0.27 | 0.56 |
MAY | 05-1012.2 | 68.7 | 56.5 | 0.25 | 0.68 |
MAY | 05-11122.5 | 143.0 | 20.4 | 0.39 | 0.74 |
MAY | 05-12150.0 | 200.3 | 50.3 | 0.18 | 0.4 |
MAY | 05-16331.3 | 406.1 | 74.7 | 0.24 | 0.75 |
MAY | 05-20227.7 | 276.5 | 48.8 | 0.2 | 0.42 |
MAY | 05-2646.3 | 78.3 | 32.0 | 0.18 | 0.5 |
MAY | 05-31174.4 | 214.0 | 39.6 | 0.15 | 0.31 |
MAY | 05-3318.9 | 70.6 | 51.7 | 0.18 | 0.42 |
MAY | 05-3795.6 | 134.1 | 38.6 | 0.21 | 0.44 |
MAY | 06-3845.5 | 93.6 | 48.1 | 0.22 | 0.73 |
MAY | 06-39146.3 | 200.3 | 54.0 | 0.19 | 0.7 |
MAY | 06-41162.2 | 210.9 | 48.8 | 0.22 | 0.53 |
MAY | 06-4227.6 | 52.4 | 24.8 | 0.22 | 0.83 |
MAY | 06-4382.3 | 97.8 | 15.5 | 0.26 | 0.86 |
MAY | 06-46209.4 | 270.4 | 61.0 | 0.24 | 0.51 |
MAY | 06-5014.3 | 31.1 | 16.8 | 0.30 | 0.75 |
MAY | 06-53158.8 | 177.4 | 18.6 | 0.20 | 0.54 |
MAY | 06-54111.9 | 136.3 | 24.4 | 0.21 | 0.64 |
MAY | 06-54169.8 | 206.4 | 36.6 | 0.12 | 0.28 |
MAY | 06-55208.3 | 350.5 | 142.2 | 0.19 | 0.41 |
MAY | 06-56163.7 | 189.1 | 25.4 | 0.15 | 0.4 |
MAY | 06-58205.0 | 287.1 | 82.1 | 0.18 | 0.4 |
MAY | 06-5968.3 | 93.6 | 25.3 | 0.18 | 0.36 |
MAY | 06-61178.6 | 211.5 | 32.9 | 0.13 | 0.27 |
MAY | 06-6329.6 | 60.1 | 30.5 | 0.1 | 0.26 |
MAY | 06-67247.5 | 279.5 | 32.0 | 0.16 | 0.35 |
MAY | 06-69100.9 | 114.8 | 13.9 | 0.22 | 0.81 |
MAY | 06-70178.6 | 215.5 | 36.9 | 0.13 | 0.32 |
MAY | 06-7284.4 | 96.2 | 11.7 | 0.16 | 0.97 |
MAY | 06-73185.8 | 258.5 | 72.6 | 0.21 | 0.34 |
MAY | 06-74207.0 | 232.3 | 25.3 | 0.22 | 0.44 |
MAY12-43 | 361.0 | 387.0 | 26.0 | 0.19 | 0.55 |
MAY12-49 | 237.0 | 341.0 | 104.0 | 0.15 | 0.4 |
MAY12-56 | 240.7 | 362.0 | 121.3 | 0.16 | 0.38 |
MAY12-57 | 330.7 | 373.8 | 43.1 | 0.32 | 0.76 |
MAY12-58 | 211.0 | 217.6 | 6.6 | 0.2 | 0.93 |
MAY12-135 | 235.6 | 258.4 | 22.8 | 0.13 | 0.25 |
MAY12-136 | 339.3 | 343.4 | 4.0 | 0.22 | 0.85 |
MAY12-137 | 363.0 | 369.0 | 6.0 | 0.15 | 0.34 |
MAY12-138 | 309.0 | 337.0 | 28.0 | 0.14 | 0.33 |
MAY12-139 | 346.9 | 361.0 | 14.1 | 0.13 | 0.41 |
MAY12-140 | 317.0 | 363.0 | 46.0 | 0.15 | 0.43 |
MAY12-143 | 174.47 | 193.0 | 18.53 | 0.16 | 0.56 |
MAY13-146 | 99.00 | 103.81 | 4.81 | 0.08 | 0.34 |
MAY13-146 | 114.57 | 125.65 | 11.08 | 0.18 | 0.58 |
MAY13-149 | 96.50 | 98.50 | 2.00 | 0.01 | 1.34 |
MAY13-153 | 7.94 | 21.30 | 13.36 | 0.23 | 0.74 |
MAY13-156 | 33.53 | 41.43 | 7.90 | 0.44 | 1.24 |
MAY13-156 | 34.46 | 35.01 | 0.55 | 2.17 | 0.32 |
MAY13-156 | 53.75 | 62.00 | 8.25 | 0.11 | 0.29 |
MAY13-156 | 85.00 | 89.00 | 4.00 | 0.23 | 0.68 |
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