Mustang Confirms and Expands Large IP Geophysical Anomaly at the Pilot Cu-Au Project, Provides Update on General Exploration Activities in Nevada, USA
NEWS RELEASE
March 26, 2026
Trading Symbols:
TSX-V: MMX; OTCQB: MMXLF
www.mustang-minerals.com
Mustang Confirms and Expands Large IP Geophysical Anomaly
at the Pilot Cu-Au Project,
Provides Update on General Exploration Activities in Nevada, USA
VANCOUVER, B.C. Mustang Minerals Limited ("Mustang" or the "Company") (TSX -V: MMX; OTCQB:
MMXLF) is pleased to announce that following TSXV approval of its option to acquire a 60% interest in
three copper and gold exploration properties in Nevada (see Mustang news release of May 1 and October
3, 2025), exploration and logistical activities began on the projects in late 2025. A 2026 work program began
with the surveying of induced polarization (“IP”) geophysical lines at the Pilot project. Details are provided
below.
Highlights
• Geophysical field work has been carried out on the Pilot Project in Nevada;
• The survey has identified a large 1.25 by up to 2.2 km chargeability high feature that remains open;
• The anomaly is associated with, and surrounds a magnetic high and a broad zone of elevated Au-
Cu-Bi-Mo in soils;
• Further soil sampling has recently been completed and additional IP geophysical survey lines are
planned.
J Duane Poliquin, Chairman of Mustang commented, “Exploration geophysical surveys at the Pilot Project
highlight the scale of this large hydrothermal alteration system prospective for copper-gold mineralisation.
We are excited for the next steps and to be now actively exploring our new Nevada copper and gold project
portfolio.”
The Company’s USA exploration properties are located in central Nevada and are considered prospective
for copper-gold porphyry and high sulphidation gold-silver-copper style mineralisation. The Red Ring and
Confusion Hill s Projects have preserved high sulphidation style alteration on surface with potential for
associated gold mineralization, while the Pilot Project is being explored for copper-gold mineralisation
beneath pyrophyllite-sericite alteration mapped at surface . In late 2025 Mustang extended previous IP
geophysical line s surveyed by Almadex at the Pilot and Red Ring Projects. In addition, l ogistical
preparations were undertaken at Confusion Hills for a potential 2026 drill program.
Recent work completed on the Pilot Project included additional surface geophysical induced polarization
“IP” surveying. The first line in this survey identified a broad IP chargeability anomaly associated with low
resistivity (high conductivity). Five east-west and three north-south lines have now been completed on the
project. The chargeability anomaly remains open but at present has been traced over 1.25 kilometers along
strike and is up to 2.2 kilometers wide. The IP anomaly is proximal to the high magnetic response feature
identified in a previous drone -based magnetics survey conducted on the property. Alteration mapping in
this area and previous soil sampling have confirmed a broad Cu -Au-Mo soil anomaly and the presence of
widespread pyrophyllite, an alteration mineral often associated with the upper parts of porphyry copper
deposits. A plan map showing the locations of the IP lines along with a chargeability pseudo section of Line
4,244,000N are attached. The Company has recently completed additional soil sampling and further IP
survey lines are planned to explore the limits of this large anomaly in order to best design a potential first
pass drill program.
Additional information on each property is provided below.
Pilot Porphyry Copper-Gold Prospect, Nevada
The Pilot project covers an area of hydrothermal alteration developed in folded sedimentary rocks that have
been intruded by tonalite porphyry bodies exposed in drainages. In 2024 , Almadex conducted extensive
alteration and geologic mapping along with rock and soil sampling, IP geophysics and a drone -based
magnetics survey. The alteration is dominated by pyrophyllite with white mica. A soil sampling program
defined a broad zone of anomalous copper -molybdenum and gold coincident with high chargeability from
an IP survey and a distinct magnetic high. A drill permit for the Pilot project has been approved.
Confusion Hills Porphyry-Epithermal Gold-Copper Prospect, Nevada
The Confusion Hills high sulphidation prospect covers a large alteration zone developed in volcanic rocks.
On April 15, 2025 Almadex announced that to date 107 grab rock samples had been taken from outcrop,
subcrop and float (grab samples are selected samp les and may not represent true underlying
mineralisation). These preliminary results were very encouraging as 6 of these samples returned over
0.1 g/t gold with 3 returning more than 0.5 g/t gold (up to 7.1 g/t gold in a grab sample of subcrop and
averaging 1.6 g/t gold for all 6). These significant results are all associated with altered breccia in the central
part of the project where mapping in 2024 and 2025 defined a high sulphidation/porphyry lithocap over an
area of 1.6 km x 0.5 km. The lithocap displays complex alteration with central zones of vuggy quartz with
alunite and massive pyrophyllite zones. Soil sampling carried out in 2024 returned anomalous Au, Mo and
Cu with an association of Au within the central zone of alteration and a Mo anomaly on on e edge. An IP
geophysical survey on the Property identified a high chargeability feature (interpreted to represent sulphide
development) directly beneath the area of quartz alunite alteration and high gold in grab samples at surface.
A drone -based magnetic survey was also conducted to aid with interpretation. A drill permit has been
approved for the Confusion Hills prospect.
Red Ring Porphyry-Epithermal Gold-Copper Prospect, Nevada
The Red Ring prospect covers an area of hydrothermal alteration developed in volcanic rocks adjacent to
carbonate rocks. Alteration mapping in 2024 identified a large alteration zone interpreted to be a porphyry
lithocap extending 2.8 km NW-SE by at least 1 km NE-SW. Mapping also defined a very strong surface
pyrophyllite footprint of 1 km (NW-SE) by 0.5 km (NE-SW). Preliminary rock sampling returned high values
of pathfinder trace elements typically associated with the lithocap alteration identified. Soil sampling
conducted in 2024 also highlighted areas of anomalous trace elements indicative of a high sulphidation
environment above or near a porphyry system.
Qualified Persons and Technical Details
Morgan J Poliquin, PhD, PEng, the President and CEO of Mustang and a Qualified Person as defined by
National Instrument 43-101 ("NI 43-101"), has reviewed and approved the scientific and technical contents
of this news release. Independent 43 -101 Technical Reports describing the work conducted on each
property to date and authored by Brian Brewer, MSc, CPG, a qualified person as defined by 43-101, have
been filed on SEDAR.
The samples reported in this news release were taken from outcrop, subcrop and float. Grab samples are
selected samples and may not represent true underlying mineralisation. The analyses reported were carried
out at ALS Chemex Laboratories of Reno and North Vancouver using industry standard analytical
techniques. For gold, samples are first analysed by fire assay and atomic absorption spectroscopy (“AAS”).
Samples that return values greater than 10 g/t gold using this technique are then re analysed by fire assay
but with a gravimetric finish.
The IP lines were surveyed using Almadex’s highly experienced team and equipment (GDD transmitter and
Iris Elrec -6 receivers using a 100 m dipole in a pole -dipole array on 8 levels). Pseudo sections were
prepared, and the data was inverted using RES2DINV software. The magnetics survey s were conducted
by a third -party contractor using a Geometrics MagArrow Cesium Magnetometer flown under a n ArcSky
X55 quadcopter. The MagArrow sensor takes 1000 readings per second and is flown at a maximum speed
of 8m/second. The sensor is suspended on a 3m lanyard to remove it from the electromagnetic noise of
the UAV. Data is down sampled after collection to 10Hz. The MagArrow readings are diurnally corrected
via a geometrics G -862RBS Magnetometer, cycling at 10Hz. Geophysical surveys are not definitive, and
the results are still at an early stage of interpretation, with no guarantee of a mineral discovery.
About Mustang
Mustang is an exploration company focussed on copper and gold targets in Nevada, USA. The Company
also holds a 100% interest in the El Cobre copper-gold porphyry project (subject to net smelter returns
royalty interests) in Mexico.
On behalf of the Board of Directors,
“Morgan J. Poliquin”
Morgan Poliquin, Ph.D., P.Eng.
President and CEO, Mustang Minerals Limited
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within it, other than
statements of historical fact, are to be considered forward looking. Forward-looking statements in this news release include, among
other things: whether Mustang will exercise the option in respect of any of the projects and any further work to advance exploration
targets at the Pilot, Red Ring and Confusion Hills Projects . Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and
actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued
availability of capital and financing, and general e conomic, market or business conditions. There can be no assurances that such
statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not
assume any obligation to update any forward-looking statements, other than as required pursuant to applicable securities laws.
Contact Information:
Mustang Minerals Limited
Tel. 604.689.7644
Email: [email protected]
http://www.mustang-minerals.com/