Mustang Energy Corp. Prepares for a Follow-Up Drill Program on Surprise Creek Project, Saskatchewan
Mustang Energy Corp. Prepares for a Follow-Up Drill
Program on Surprise Creek Project, Saskatchewan
VANCOUVER, British Columbia, July 21, 2026 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC,
OTC:MECPF, FRA:92T) (the “Company” or “Mustang”) is pleased to announce their plans to follow-up the
copper intercepts at Bob Lake on the Surprise Creek Uranium-Copper Project (the “Project”), located in
the prospective Beaverlodge Domain which is 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) . The Project is fully permitted, with exploration approvals granted by the Saskatchewan
Government.
Mustang has enlisted Axiom Exploration Group of Saskatoon, Saskatchewan to plan and execute a 2,000m
drill program on the Project to follow-up on the 2025 Bob Lake intercepts.
The drill program conducted on the Project in late 2025 mainly focused on the Surprise Creek uranium
targets, with nine out of eleven targets focused on the uranium targets. Only two drill holes were focused
on the Bob Lake showing, which was a follow-up to the encouraging prospecting results from the summer
of 2025. Surface mineralization assays from the summer 2025 prospecting program returned results up
to 11% Copper (Cu) and 0.9% Gold (Au) from a vein system in outcrop (Table 1). The drill hole BOB25-002
at Bob Lake returned assay results up to 15.9% Cu (Table 2).
Figure 1: Surprise Creek Uranium-Copper Project Overview and Location with sample results
2025 Bob Lake Drill Program
Surface sampling carried out at the historic Bob Lake and Maimann Lake areas returned encouraging
copper assays. Exploration at Bob Lake, which included a total of 16 grab samples, returned values of up
to 11.8% and 5.27% Cu with gold values reaching 1.2 g/t and 0.9g/t Au (Table 2). An additional 12 grab
samples were taken from the Maimann Lake showings and yielded high-grade surface samples reaching
63.4% and 43.38% Cu (Table 2). These results were followed with drill hole testing of the Bob Lake surface
vein. These results were promising, intercepting a vein system up to 4.9 m in width with 0.5 m grading up
to 15.9% in drillhole BOB25-002.
Table 1. Summer 2025 Bob Lake and Maimann Lake Area Grab Sample Results (Cu and Au)
*Datum for all coordinates are NAD83/UTM ZN12
Drill Highlights
Table 2. Fall 2025 Bob Lake Area Drillhole Sample Results (Cu and Au)
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 *
2026 Bob Lake & Maimann Lake Drill Program
The 2026 drill program will focus on extending the Bob Lake showing by testing the vein system at depth
and along strike, as well as testing the subsurface potential of the Maimann Lake showing.
SRC385442 Maimann Lake 612680 6616864 Granite / Vein Boulder 63.40% -
SRC385443 Maimann Lake 612678 6616862 Granite/Vein Outcrop 1.16% -
SRC385444 Maimann Lake 612679 6616859 Granite / Vein Outcrop 4.45% -
SRC445372 Maimann Lake 612680 6616861 Quartz Vein Outcrop 0.63% -
SRC445373 Maimann Lake 612918 6616631 Mylonite Outcrop 0.12% -
SRC445374 Maimann Lake 612918 6616628 Granite / Vein Boulder 43.38% -
SRC445375 Maimann Lake 612916 6616625 Granite / Vein Outcrop 32.22% 0.3 g/t
SRC445311 Bob Lake 600915 6617210 Granite Outcrop 2.02% -
SRC445313 Bob Lake 600933 6617221 Granite Outcrop 3.38% -
SRC445314 Bob Lake 600925 6617241 Granite Outcrop 0.50% -
SRC445316 Bob Lake 600931 6617265 Granite Outcrop 1.78% -
SRC445318 Bob Lake 600956 6617541 Quartz Vein Outcrop 5.27% 1.2 g/t
SRC445319 Bob Lake 600955 6617539 Pelitic Gneiss Outcrop 0.63% 0.01 g/t
SRC445324 Bob Lake 600956 6617538 Quartz Vein Outcrop 11.80% 0.9 g/t
SRC445325 Bob Lake 600955 6617537 Quartz Vein Outcrop 3.48% 0.9 g/t
Cu (%) Au (g/t)*Easting (UTM) Northing (UTM) Sample ID Area Rock Type Source
Nick Luksha, CEO of Mustang Energy, commented:
“With the market demand for critical minerals remaining strong through 2026, we’re excited to return to
Surprise Creek to further evaluate the extent of the Bob Lake copper showing , and to finally test the
Maimann Lake showing with drilling. The Beaverlodge Domain remains one of the most highly prospective
exploration districts for uranium, copper, gold, and rare earth elements.”
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
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.
Qualifying Statement
The scientific and technical information in this news release has been reviewed and approved by Troy
Marfleet, P .Geo., a non-independent 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
Field procedures
Rock samples from the prospecting program were described, photographed, and assigned unique IDs in
the field. Sample locations and observations were recorded using handheld GPS units. All rock
samples were bagged, sealed and stored at the Uranium City base before shipment to SRC Geoanalytical
Laboratories in Saskatoon at the end of the program . Surficial grab samples are selective in nature and
may not be representative of the underlying mineralization or the overall grade of the mineralized system.
Lab Analysis for Bob Lake and Maimann Lake
Rock Samples collected for analysis at Bob Lake and Maimann Lake were sent to SRC Geoanalytical
Laboratories in Saskatoon, Saskatchewan for preparation and processing. Samples were tested using fire
assay, ICP-MS and ICP-OES multi-element analysis using total and partial digestion. Samples were tested
using the ICPMS4AT multi-element exploration package. All samples marked as radioactive upon arrival to
the lab were also analyzed using the U3O8 assay (reported in wt.%). Copper samples were tested using
ICP-OES multi-element analysis ICP3 and ICP4 partial and total digestion exploration packages. Select gold
samples were tested using AU1 low -grade fire assay exploration package excluding samples SRC385442,
SRC445374, and SRC445375 mentioned in this report. SRC Geoanalytcial Laboratories is an ISO/IEC
17025:2005 and Standards Council of Canada certified analytical laboratory. Blanks and standard reference
materials were inserted into the sample stream at regu lar intervals in accordance with Axiom Group’s
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.
Geochemical Sampling Procedure
Drill core samples were transported by helicopter to the logging facility in Uranium City where they were
logged, photographed, sampled and bagged on site. Drill core was NQ size, and samples were a split of the
core diameter with a manual core splitter, with half the core sample going into the sample bag and half of
the core sample was returned to the core box to remain as a reference. All core is stored in Uranium City
next to the Uranium City logging facility. 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. Drill core samples collected for analysis at Surprise Creek were sent to SRC Geoanalytical
Laboratories in Saskatoon, Saskatchewan for preparation and processing. SRC Geoanalytical Laboratories
is an ISO/IEC 17025:2017 and Standards Council of Canada certified analytical laboratory.
The QP has not independently verified the geochemical analytical data disclosed and is reliant on the
QAQC of the independent laboratory.
About Mustang Energy Corp.:
Mustang Energy is a Canadian mineral exploration company focused on the discovery and development
of high-potential uranium and critical mineral assets. The company holds a portfolio of 147,153 hectares
of strategically located properties in Saskatchewan's Athabasca Basin—one of the world’s premier uranium
districts. Mustang is advancing early-stage exploration through modern techniques and a disciplined, data-
driven approach. The Company is committed to building long-term value through responsible exploration
and a focus on high-impact targets in underexplored areas.
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 th e 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 informatio n 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 , the results from the current phase of
exploration on the Project informing drill targeting on the Project and the completion of future work on
the Project. 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 Company will be able to obtain its intended results from the exploration on the Project.
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 shou ld 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.