Mustang Energy Engages Axiom Exploration for Airborne Geophysical Survey over the Spur Project
Mustang Energy Engages Axiom Exploration for Airborne
Geophysical Survey over the Spur Project
VANCOUVER, British Columbia, March 21, 2025 (GLOBE NEWSWIRE) -- Mustang Energy
Corp. (CSE: MEC, OTC:MECPF, FRA:92T ) (the “ Company” or “ Mustang”) is pleased to
announce that it has engaged Axiom Exploration Group (“Axiom”) to conduct an Aerial
Electromagnetic Survey (Xcite™ TDEM) with Radiometrics over its Spur Project located south
of the Athabasca Basin, Saskatchewan (the “Spur Project”).
The Company anticipates that the Xcite™ TDEM survey with Radiometrics will commence in
early May 2025 and encompass the portion of the claim package which has not been covered
by modern day electromagnetic (EM) survey techniques . The airborne survey aims to
precisely locate EM and radiometric anomalies, and aid in geological interpretations on the
property advancing exploration targeting.
In addition, Mustang has applied for exploration permits on the Spur Project and the
Company’s 914W Project. The permit applications include ground based mineral exploration
activities such as trail construction, line-cutting, ground geophysical surveys, and diamond
drilling. Subject to obtaining the required permits and approvals, Mustang plans to initiate
exploration activities aimed at further assessing the viability of these projects, as well as to
continue consultation with local communities.
About Xcite™ TDEM
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 prior TDEM technologies for 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 improved 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.
Figure 1: Mustang Energy Corp. Spur and 914W Project Location Map1
About the Spur Project
The Spur Project comprises nine claims covering 17,929 hectares. It is located just south of
the Athabasca Basin in northern Saskatchewan, a region globally renowned for its high -
grade uranium deposits. The property is approximately 40 kilometers southeast of Cameco’s
Key Lake Mill Operation and 20 kilometers southwest of Skyharbour Resources/Terra Clean
Energy’s Fraser Lakes Zone B deposit (Figure 1) . The Spur Project’s geological setting
combines Proterozoic basement rocks of the Wollaston Group and uraniferous pegmatites,
presenting potential for uranium, thorium and rare earth element (REE) exploration. The Spur
Project offers lower cost e xploration due to the absence of Athabasca Sandstone cover.
Adjacent Properties host high-grade surface grab samples including the Pipe Lake Showing
with up to 8.0% U₃O₈ (sample # R69 -10)2 within a hornblende -rich pegmatite 2.5 km
northeast of the Spur Project boundary . The Red October Showing , east of the project
boundary, shows grab sample assays of up to 1.93% U (sample # JBELR063)3 within syenite,
and an outcrop chip sample through semipelitic gneiss showing 1.34% U (sample #
AGELR008)3 over 1 meter.
About the 914W Project
The 914W Project consists of one claim covering 1,260 hectares. It is situated approximately
48 km southwest of Cameco’s Key Lake Operation, offering favourable logistics and access
via Highway 914. The 914W Project is positioned within the Western Wollaston Domain,
known for unconformity/basement hosted uranium mineralization. The 914W Project hosts
favorable geology with local graphite bearing assemblages. Immediately to the north of the
914W property is the Scurry Rainbow Zone E4 and the Don Lake Trenches5, where up to 1,288
ppm U was encountered in drill hole ML -11, and surface prospecting revealed up to 0.64%
U3O8 in a trench at Don Lake Zone E 4. While historical exploration conducted several
geophysical and geological surveys over portions of the property, most of the 914W Project
remains underexplored. Mustang sees notable potential for advancing uranium and rare
earth element (REE) exploration on this property.
References:
1. Saskatchewan GeoAtlas, https://gisappl.saskatchewan.ca/Html5Ext/index.html?viewer=GeoAtlas
2. Saskatchewan Mineral Deposits Index. SMDI# 1005,
https://applications.saskatchewan.ca/Apps/ECON_Apps/dbsearch/MinDepositQuery/default.aspx?ID=1961
3. Saskatchewan Mineral Deposits Index. SMDI# 5219,
https://applications.saskatchewan.ca/Apps/ECON_Apps/dbsearch/MinDepositQuery/default.aspx?ID=5219
4. Saskatchewan Mineral Deposits Index. SMDI# 1961,
https://applications.saskatchewan.ca/Apps/ECON_Apps/dbsearch/MinDepositQuery/default.aspx?ID=1961
5. Saskatchewan Mineral Deposits Index. SMDI# 1983,
https://applications.saskatchewan.ca/Apps/ECON_Apps/dbsearch/MinDepositQuery/default.aspx?ID=1983
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 occurrences which are
located near the Spur Project and 914W Project, including the Pipe Lake Showing , Red
October Showing, Scurry Rainbow Zone E, and Don Lake Zone E. 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 Spur Project and 914W Project, or the Company’s ability to commercially
exploit the Spur Project or 914W Project, 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
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 mineral claims held by the Company, including the Spur Project and 914W Project;
the granting of exploration permits on the Spur Project and 91 4W Project; the timing for the
commencement of the Xcite™ TDEM survey; and the potential capabilities of the Xcite™ TDEM survey. 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 and that
the results of the Xcite™ TDEM survey will provide the anticipated insights. Although management of the
Company has attempted to identify important factors that could cause actual results to differ material ly
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.