Mustang Energy Corp. Announce Results from Drilling Program at Surprise Creek Project, Saskatchewan
Mustang Energy Corp. Announce Results from Drilling
Program at Surprise Creek Project, Saskatchewan
VANCOUVER, British Columbia, April 29, 2026 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC,
OTC:MECPF, FRA:92T) (the “Company” or “Mustang”) is pleased to announce it has received assay results
from all 11 diamond drill holes on the Surprise Creek Uranium-Copper (“Surprise Creek” or the “Project”),
located in a prospective region known for its mineral potential northwest of the Athabasca Basin. The
Company entered into an option agreement (the “Option Agreement”) with Thunderbird Resources Ltd.
(“Thunderbird”) to acquire an undivided 80% interest in the Project. Please refer to the Company’s news
release dated June 4, 2025, and June 16, 2025, as filed under the Company’s SEDAR+ profile, for further
details regarding the Option Agreement.
Surprise Creek Uranium-Copper Project
The Project is located 25 km north-west of the Beaverlodge Uranium District, which hosts the historical
uranium mines of Gunnar and Eldorado (Ace-Fay-Verna) and is located northwest of the Athabasca
Basin (see figure 1).
Mustang holds an option to acquire an 80% interest in the Project from Thunderbird Resources under an
agreement announced on June 4 and June 16, 2025. The program is fully permitted, with drilling approvals
granted by the Saskatchewan Government.
Cautionary Statement
The Company advises that, notwithstanding their proximity and location, discoveries of minerals on or near historic
mines such as Gunnar and Eldorado , and any promising results thereof, are not necessarily indicative of the
mineralization of, or located on the Project, or the Company’s ability to commercially exploit the Project, or to locate
any commercially exploitable deposits therefrom. The Company cautions investors on relying on th is information as
the Company has not confirmed the accuracy or reliability of the information.
Figure 1: Surprise Creek Uranium-Copper Project Overview and Location 1, 3, 4, 5, 6
Surprise Creek and Bob Lake Drill Program
The 2025 Surprise Creek Drill Program focused on testing the continuity of polymetallic high -grade
uranium-copper vein s exposed on surfac e. Historically, the area has produced encouraging results
highlighted by historic drill hole VT20 revealing 2.1m @ 4.37% U 3O8 at 57m 1, 3. The Surprise Creek drill
program aimed to further refine historically drilled target areas where previous uranium and copper
mineralization has been observed, or recent summer 2025 prospecting and mapping with geophysical
anomalies have identified mineralization and alteration. A total of nine diamond drill holes, comprising
1123m, were completed during the 2025 fall program in the Surprise Creek area. An additional two drill
holes totaling 135m were drilled at the Bob Lake area, bringing the combined drilling total for the Surprise
Creek and Bob Lake areas to 1,258m. The core samples collected from drill holes within the Surprise Creek
and Bob lake areas were sent to SRC geoanalytical for geochemical analysis. Both locations warrant
additional follow-up with ground drill targeting to test anomalies at deeper subsurface depths.
Mustang’s CEO, Nicholas Luksha is encouraged by the drilling, saying, “These initial drill results represent
a very encouraging start for the project, with high -grade copper mineralization intersected at shallow
depths. Intervals such as 2.69% copper over nearly 5 metres, including significantly higher -grade zones,
validate our geological model and confirm the presence of a robust mineralized system. With
mineralization starting close to surface and supported by strong surface expressions, we see potential to
expand both along strike and at depth. We are excited to advance the project with additional drilling as
we work to better define the scale and continuity of this high-grade copper system.”
Key Highlights
Surprise Creek
• 9 drill holes totalling 1123m comprising 333 samples including QA/QC with the highest grading up
to 535 ppm U308
• High grade Uranium on surface traced discontinuously over a strike length of approximately 500
meters2
Figure 2: Surprise Creek uranium intercept highlights
Bob Lake
• 2 drill holes totalling 138m comprising 68 samples including QA/QC
• Drill hole BOB25 -002 intersected 4.9 metres of copper mineralization beginning at 6.8 metres
depth, grading 2.69% Cu, including 0.5 metres assaying up to 15.9% Cu. A separate 0.7 metre
interval downhole at 22.5 metres returned grades of up to 3.91% Cu.
• Drill hole BOB25-001 intersected 2.4 meters of copper mineralization at 6.2 meters depth, grading
1.09% Cu, including 0.5 meters grading up to 3.57% Cu
• Both drill holes are located within an easily accessible area with shallow mineralization
• 3 metre wide by 9 metre strike length mineralized quartz vein on surface
Figure 3: Bob Lake Copper intercept highlights
Drill Highlights
Table 1
Hole number From To Length (m) Cu % Au ppm
BOB25-001 6.2 8.6 2.4 1.09 *
including 6.2 6.7 0.5 3.57 *
including 8 8.6 0.6 1.13 *
BOB25-002 6.8 11.5 4.7 2.69 *
including 6.8 7.5 0.7 3.44 *
including 7.5 8.3 0.8 1.95 *
including 8.3 8.8 0.5 15.9 1.97
BOB25-002 19 23.2 4.2 0.85 *
including 22.5 23.2 0.7 3.91 *
Future Steps
Follow-up drilling and ground prospecting is warranted at the Bob Lake and Surprise Creek areas based on
the encouraging surface mineralization and the highlighted drill results listed above. Several geophysical
anomalies have been identified across Surprise Creek that require additional ground prospecting follow-
up to refine targets and prioritize future drilling. Future drilling will focus on evaluating high-grade surface
expressions at deeper depths to determine their subsurface continuity and potential scale.
The Project is a multi -commodity project with prospective drill targets beyond the immediate areas of
focus, including the Maimann Lake area and Surprise Creek NW area where surface sampling produced up
to 63.4% Cu and 7.93% U3O8 (see the Company’s news release dated April 17, 2026 for prospecting assay
results).
Table 2 Drill Hole Collar Locations
*Datum for all drill hole coordinates are NAD83/UTM ZN12
Hole Number Easting Northing Azimuth Dip Elevation Final Depth
DD25-001 618630 6619585 340 -45 328 122
DD25-002 618624 6619579 325 -45 328 112.3
DD25-003 618485 6619557 348 -45 354 129.4
DD25-004 618485 6619557 33 -55 354 179
DD25-005 618560 6619617 271 -67 328 149
DD25-006 618787 6619826 239 -45 369 92
DD25-007 618527 6619602 344 -47 342 50
DD25-008 618471 6619347 85 -45 371 150
DD25-009 618445 6619720 45 -45 339 151
BOB25-001 600945 6617557 150 -55 394 74
BOB25-002 600945 6617557 150 -75 394 61
Figure 4: Surprise Creek drillhole traces
Figure 5: Bob Lake drillhole traces
References
1 ASX:THB announcement dated 6th July 2022 titled “Surprise Creek data review highlights high-grade targets”
2 ASX:THB announcement dated 22 December 2022 titled “High-grade Uranium rock chip results at Surprise Creek”
3 Saskatchewan Mineral Assessment Database Drill hole VT20, SMAD# 74N10-0368, Retrieved from http://mineral-
assessment.saskatchewan.ca/Pages/BasePages/Main.aspx
Qualifying Statement
The scientific and technical information in this news release has been reviewed and approved by Troy
Marfleet, P .Geo., Technical Advisor for Mustang Energy, a registered member of the Professional Engineers
and Geoscientists of Saskatchewan. Mr. Marfleet is a Qualified Person as defined by National Instrument
43-101.
QAQC
Geochemical Sampling Procedure
All drill core samples were transported by helicopter to the logging facility in Uranium City where they
were logged, photographed, sampled and bagged on site. Samples were then shipped by air to Fort
McMurray, Alberta by McMurray aviation then transported by truck to SRC Geoanalytical in Saskatoon,
Saskatchewan. Blanks, certified reference material (CRM), and duplicates were inserted into the sample
stream at regular intervals of 1:25 or better in accordance with Axiom Groups quality assurance/quality
control (QA/QC) protocols. All samples passed internal QA/QC protocols and the results presented in this
release are deemed complete, reliable, and repeatable. Drill core samples collected for analysis at Surprise
Creek were sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan for preparation and