VANCOUVER, British Columbia, March 24, 2025 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC, OTC:MECPF, FRA:92T) (the "Company" or "Mustang") is pleased to announce that it has completed an Aerial Electromagnetic Survey (Xcite TDEM) over its 100% owned Dutton Project (or the "Project") in the southern Athabasca Basin, Saskatchewan.
The Xcite TDEM survey commenced February 15, 2025 and covered the eastern portion of the claim package which has not been previously surveyed for electromagnetic (EM) conductors. The helicopter supported survey was completed by Axiom Exploration Group with 263 line-km flown at a 200 meter spacing. The survey is expected to precisely locate EM anomalies and aid in structural interpretations on the property for future drill targeting.
Nick Luksha, CEO, commented: "We are pleased to have now completed our geophysical program at our Dutton project. This marks another important step in our path to developing drill targets across much of our highly underexplored portfolio of prospective uranium projects. We thank the field crew for a safe and efficient program and look forward to receiving results."
Xcite is a new generation of helicopter-borne time-domain electromagnetic (TDEM) systems developed by New Resolution Geophysics (NRG). Axiom is an exclusive provider of this service in North America. This state-of-the-art technology provides an efficient alternative to all prior TDEM technologies for the mineral exploration. The system utilizes a patented inflatable transmitter loop with a diameter of approximately 20 meters, suspended about 30 meters below the helicopter. The Xcite system offers exceptional signal clarity, enabling the detection of subtle subsurface features. It features a programmable waveform with a fast turn-off time, allowing for flexibility in data acquisition and improved resolution of both shallow and deep targets.
About the Dutton Project
The 100% owned Dutton Project spans 7,633 hectares over three adjoining claims in the Southern Athabasca Basin, Saskatchewan. Approximately 20 kilometres to the East of the Project lies the Virgin River Shear Zone which hosts known high-grade uranium deposits such as Cameco Corp's Centennial Deposit. The property is positioned just west of the Cable Bay Shear Zone within the Mudjatik Domain, a major structural discontinuity which hosts several uranium occurrences. The project encompasses a diabase dyke complex, including conductive anomalies and elevated radioactivity.2 Historical exploration (1978-1981) identified several features of interest, including weakly conductive EM anomalies, biogeochemical uranium enrichment, and radioactive dykes.3 The Project has never been drill-tested, and will benefit from additional geophysical surveys and surface sampling to aid in future drill target generation.
Figure 1: Overview of Mustang Energy Corp's Dutton Project1
References:
1. Saskatchewan GeoAtlas, Retrieved from: https://gisappl.saskatchewan.ca/Html5Ext/index.html?viewer=GeoAtlas
2. Saskatchewan Mineral Deposits Index, SMDI# 2058, Abraham Bay Radioactive Diabase Dykes, Retrieved from: https://mineraldeposits.saskatchewan.ca/Home/Viewdetails/2058
3. Saskatchewan Mineral Assessment Database, Report# 74G06-0024, Retrieved from: http://mineral-assessment.saskatchewan.ca/Pages/BasePages/Main.aspx
Qualifying Statement
The scientific and technical information in this release has been reviewed and approved by Lynde Guillaume, P.Geo., Technical Advisor for Mustang Energy, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Ms. Guillaume is a Qualified Person as defined by National Instrument 43-101.
Adjacent Property Disclaimer:
This news release includes references with respect to uranium deposits which are located near the Dutton Project. The Company advises that, notwithstanding their proximity of location, discoveries of minerals on nearby properties and any promising results thereof are not necessarily indicative of the mineralization of, or located on the Dutton Project, or the Company's ability to commercially exploit the Projects, or to locate any commercially exploitable deposits therefrom. The Company cautions investors on relying on this information as the Company has not confirmed the accuracy or reliability of the information.
About Mustang Energy Corp.:
Mustang is a resource exploration company focused on acquiring and developing high-potential uranium and critical mineral assets. The Company is actively exploring its properties in Northern Saskatchewan, Canada and holds 77,318 hectares in around the Athabasca Basin. Mustang's flagship property, Ford Lake, covers 7,743 hectares in the prolific eastern Athabasca Basin, while its Cigar Lake East and Roughrider South projects span 3,442 hectares to the north and the Spur Project to the south covering 17,929 hectares. Mustang has also established its footprint in the Cluff Lake region of the Athabasca Basin with the Yellowstone Project (21,820 hectares) and further expanded its presence in the south central region of the Athabasca Basin with the Dutton Project (7,633 hectares).
For further information, please contact:
Mustang Energy Corp.
Attention: Nicholas Luksha, CEO and Director
Phone: (604) 838-0184
Figure 2: Mustang Energy Corp. Projects Map - Athabasca Basin, Saskatchewan1
Neither the CSE nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "believes" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the future potential of the minerals claims held by the Company, including the Dutton Project; the completion of future work on the Yellowstone Project; that marketing campaigns led by MCS will expand the Company's presence in Europe; and that the Company is strategically positioned for substantial growth. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation the assumption that the Company will be able to continue exploring its properties given various environmental and economic factors outside of its control; that the marketing campaigns created by MCS will be completed as planned; and that the marketing engagement with MCS will have the desired impact on Mustang's presence in Europe. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d4de28ca-02fc-4959-b1b9-c2db2a80b9b6
https://www.globenewswire.com/NewsRoom/AttachmentNg/15b6b488-58d5-4109-8fed-29b94b655e69
