Mustang Mobilises Geophysical Crew in Nevada, USA Plans Q4 Drilling Program
NEWS RELEASE
August 18, 2026
Trading Symbols:
TSX-V: MMX; OTCQB: MMXLF
www.mustang-minerals.com
Mustang Mobilises Geophysical Crew in Nevada, USA
Plans Q4 Drilling Program
VANCOUVER, B.C. Mustang Minerals Limited ("Mustang" or the "Company") (TSX -V: MMX; OTCQB:
MMXLF) is pleased to announce that IP geophysical work has commenced at its Confusion Hills project in
Nevada. This work has been planned to help with final drill targeting for a first pass drill program. Once
work is completed at Confusion Hills project, the crew will move to the Pilot project where similar work will
be carried out, again to help finalise drill targets. Once all data has been gathered and processed , a final
drill plan will be developed for first pass drilling on each project. The Company plans to conduct first pass
drilling on both projects and expects to commence with the first project in the autumn of this year. Further
updates will be provided when all exploration data has been compiled and plans are finalized.
J Duane Poliquin, Chairman of Mustang commented, “We are excited to be back at work on our Nevada
portfolio and look forward to starting our drilling program later this year.”
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 . 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 samples 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 t he central zone of alteration and a Mo anomaly on one 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.
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 economic, market or business conditions. There can be no assurances that s uch
statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncert ainties. 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/