Happened to stumble of Mustang after it was mentioned to me by a friend and found the initial story and the hypothesis of Save River diamonds very intriguing.
Having grown up in that part of the world and knowing some of the people involved in the Marange finds I had a look through the MUS investor presentations and it is extremely disappointing.
Based on the results of their intial exploration to date with only 16 stones recovered at average of around 0.2 carats per 100 tonnes - it is not even in the same league as Marange which yields an astonishing 4,000 carats per 100 tonnes of which the top 5% are serious quality and the next 5% being good quality and the vast majority industrial diamonds. In comparison, Rio Tinto's Murowa mine and River Ranch mine near Beitbridge yield 60-80 and 25-30 carats respectively which are also located in Zimbabwe. See page 4 in report below.
At the time when the Marange diamonds were discovered the local villagers descended upon the area and were picking them up just beneath the surface - something that appears unlikely at Save River based on the initial results.
I'm not saying it is not possible that MUR's theories about Marange diamonds being washed downstream and deposited on their gravel patch is not possible, but given the underwhelming results so far it seems to be a long shot.
DYOR
MUS Price at posting:
23.0¢ Sentiment: None Disclosure: Not Held
