Mustang Energy Corp Expands Land Portfolio Across the Athabasca Basin, Saskatchewan
Mustang Energy Corp. Expands Land Porƞolio Across the Athabasca Basin, Saskatchewan
Vancouver, BriƟsh Columbia, October 10, 2024 – Mustang Energy Corp. ( CSE: MEC)(the “ Company” or “ Mustang”) is
pleased to announce the acquisiƟon of 45,585 hectares of prospec Ɵve land across the Southern and Western Athabasca
Basin in Saskatchewan. This expansion was achieved through a combina Ɵon of low-cost staking and a strategic purchase
agreements, as previously announced in the Company’s news release dated September 9, 2024 and September 26, 2024.
The newly acquired properƟes include the Yellowstone Project (21,820 hectares – see Figure 2), the DuƩon Project (9,666
hectares – see Figure 3), and three addi Ɵonal claims (14,098 hectares) which are currently unnamed. With these
acquisiƟons, Mustang’s total land holdings in the Athabasca Basin have increased from 10,644 hectares—comprising the
Ford Lake, Cigar Lake East, and Roughrider South projects—to an impressive 56,229 hectares (see Figure 1).
“This is another significant land acquisi Ɵon that marks a major milestone for Mustang Energy Corp as we con Ɵnue to
strengthen our asset base in the world's premier uranium-producing region,” stated Nick Luksha, CEO of Mustang Energy.
“We successfully secured these adjoining claims to our exis Ɵng land package. Since going public in early June, we've
expanded our porƞolio and intend to further strengthen our team. These claims are located in uranium-rich areas, offering
excellent exploraƟon potenƟal, and we believe they will enhance long-term value for our shareholders.”
AcquisiƟon of the Yellowstone Project
Mustang completed the previously announced acquisiƟon of a land package in the Cluff Lake region of the Athabasca Basin
from Proton Uranium Ltd. and Electron Uranium Ltd. (together, the “Vendors”), in exchange for the issuance of 12,000,000
common shares (each, a “ Share”) in the capital of Mustang to three nominees (the “ Nominees”) of the Vendors at a
deemed price per Share of $0.255. All Shares issued as considera Ɵon to the Nominees are subject to a statutory hold
period of four months and one day from the date of issuance. Moreover, the Nominees have entered into a voluntary
pooling agreement whereby the Shares cannot be sold, transferred, or otherwise disposed of unƟl February 10, 2026. The
claims comprising the Yellowstone Project are currently held in trust for Mustang by the Vendors, pending confirmaƟon of
transfer from Mineral AdministraƟon Registry Saskatchewan.
For more informa Ɵon regarding the acquisi Ɵon of the Yellowstone Project, see the Company’s news release dated
September 9, 2024 filed under its profile on SEDAR+.
AcquisiƟon of a 90% Interest in the Brown Lake Project
Further to the acquisiƟons discussed above, Mustang is also pleased to announce that it has completed the acquisiƟon of
a 90% interest in the Brown Lake project (the “Project”) pursuant to the terms of a mineral property acquisiƟon agreement
(the “Agreement”) with Standard Uranium (Saskatchewan) Ltd. (“ Standard Uranium SK”) dated September 25, 2024, as
previously announced in Mustang’s news release dated September 27, 2024. Mustang issued 60,000 Shares at a deemed
price per Share of $0.33 to Standard Uranium Ltd. (“ Standard Uranium”), Standard Uranium SK’s parent company, as
consideraƟon for the acquisi Ɵon. All Shares issued to Standard Uranium are subject to a statutory hold period of four
months and one day from the date of issuance. In addi Ɵon, the Shares are subject to a voluntary escrow arrangement
whereby the Shares will be released from escrow in four equal parts with the first part released at the expira Ɵon of the
statutory hold period, and each successive release occurring every two months thereaŌer.
Pursuant to the Agreement, Standard Uranium SK will hold a 10% carried interest in the Project, while Mustang will be
solely responsible for funding all expenses and obliga Ɵons associated with maintaining, exploring and developing the
Project. Mustang may only surrender its interest in the Project with prior approval of Standard Uranium SK. The mineral
license underlying the Project is currently held in trust for Mustang by Standard Uranium SK , subject to confirma Ɵon of
transfer from Mineral AdministraƟon Registry Saskatchewan.
For more informaƟon regarding the acquisiƟon of the 90% interest in the Project, see the Company’s news release dated
September 26, 2024 filed under its profile on SEDAR+.
Figure 1: Map of Mustang Energy's Claims across the Athabasca Basin, Saskatchewan.
AcquisiƟon Highlights:
Yellowstone Project
100% owned by Mustang Energy, the Yellowstone Project consists of seven adjoining claims totaling 21,820
hectares.
The property is located approximately 16 kilometers from the Cluff Lake Mine, which has produced over 62 million
pounds of uranium¹, and is adjacent to Fission Uranium’s West Cluff Project.
Surrounds the Carswell Impact Structure, an 18-kilometer-wide feature believed to have been created by a
meteorite impact, exposing basement rock with significant high-grade uranium potenƟal.
The property is transected by known conductors, suggesƟng potenƟal exploraƟon targets.
One historic drill hole (SYL-1) encountered strong alteraƟon but missed the intended conducƟve target.²
DuƩon Project
The Du Ʃon Project spans 9,667 hectares over three adjoining claims in the Southern Athabasca Basin,
Saskatchewan.
Situated near the Cable Bay Shear Zone within the Mudja Ɵk Domain, which is known to host uranium anomalies
in the basement rock.
The project is located approximately 20 kilometers east of the Virgin River Shear Zone, which hosts the Dufferin
Lake Zone and Centennial deposit. These deposits have demonstrated high-grade uranium mineraliza Ɵon,
including intersecƟons of 1.73% U₃O₈ over 6.5 meters and 8.78% U₃O₈ over 33.9 meters.³,⁴
The area remains underexplored, offering what Mustang believes to be potenƟal for uranium discoveries.
Figure 2: Mustang Energy's Yellowstone Project in the Western Athabasca Basin, SK.
Figure 3: Mustang Energy's DuƩon Property in the Southern Athabasca Basin, Saskatchewan.
Taken together, Mustang believes these acquisiƟons highlight Mustang’s commitment to expanding its porƞolio of high-
quality uranium assets within the Athabasca Basin, renowned for its uranium producƟon. As global energy markets
transiƟon toward low-carbon soluƟons, the Company believes that nuclear energy—and the uranium that fuels it— will
conƟnue to play an important role in the sustainable energy landscape.
Mustang remains commiƩed to responsible exploraƟon, ensuring that its operaƟons are conducted in an
environmentally and socially sustainable manner, while contribuƟng posiƟvely to the communiƟes in which it operates.
References:
1. Cluff Lake Mine Uranium ProducƟon – Orano
2. SMAD# 74K05-0140, Drill hole SYL-1, Sylia Lake Project 1998, Cogema Resources Inc.
3. SMDI# 2758, Centennial Zone, Virgin River Project,
hƩps://mineraldeposits.saskatchewan.ca/Home/Viewdetails/2758
4. SMDI# 2056, Dufferin Lake Uranium Zone, hƩps://mineraldeposits.saskatchewan.ca/Home/Viewdetails/2056
Qualifying Statement:
The scienƟfic and technical informaƟon in this release has been reviewed by Lynde Guillaume, P .Geo., Technical Advisor
for Mustang Energy, and a registered member of the Professional Engineers and Geoscien Ɵsts of Saskatchewan. Ms.
Guillaume is a Qualified Person as defined by NaƟonal Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Mustang Energy Corp.:
Mustang is a resource explora Ɵon company focused on acquiring and developing high -potenƟal uranium and cri Ɵcal
mineral assets. The Company is ac Ɵvely exploring its proper Ɵes in the Athabasca Basin of Saskatchewan, Canada.
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 2,901 hectares in the Wollaston Domain. Mustang has also established its
footprint in the Cluff Lake region of the Athabasca Basin with the acquisi Ɵon of the Yellowstone Project and further
expanded its presence in the southeastern margin of the Athabasca Basin through its 90% interest in the Brown Lake
project.
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 informaƟon that may consƟtute forward-looking informaƟon within the
meaning of applicable Canadian securiƟes laws. Forward-looking statements relate to future events or future performance
and reflect the expectaƟons or beliefs of management of the Company regarding future events. Generally, forward-looking
statements and informaƟon can be iden Ɵfied by the use of forward -looking terminology such as “intends”, “believes” or
“anƟcipates”, or variaƟons of such words and phrases or statements that certain acƟons, events or results “may”, “could”,
“should”, “would” or “occur”. This informaƟon 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 limitaƟon, statements regarding
discussions of future plans, esƟmates and forecasts and statements as to management's expectaƟons and intenƟons with
respect to, among other things: the expected benefi ts of the various transac Ɵons contemplated herein and the future
potenƟal of the minerals claims acquired pursuant to the transacƟons contemplated herein. In making the forward-looking
statements in this news release, the Company has applied several mat erial assumpƟons, including without limitaƟon the
assumpƟon that the Company will be able: to receive expected benefits and achieve an Ɵcipated integra Ɵon post -
transacƟon and con Ɵnue exploring the various projects and surrounding minerals claims acqu ired pursuant to the
transacƟons contemplated herein. Although management of the Company has aƩempted to idenƟfy important factors that
could cause actual results to differ materially from those contained in forward-looking statements or forward-looking
informaƟon, there may be other factors that cause results not to be as anƟcipated, esƟmated 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 anƟcipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements
and forward-looking informaƟon. Readers are cau Ɵoned that reliance on such informa Ɵon may not be appropriate for
other purposes. The Company does not undertake to update any forward-looking statement, forward-looking informaƟon
or financial out-look that are incorporated by reference herein, except in accordance with applicable securiƟes laws.