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Vancouver, BC – November 13, 2024 – Mustang Energy Corp. (CSE:MEC) (OTCQB:MECPF) (FRA:92T) (“Mustang” or the “Company”) is excited to announce that it has entered into a strategic option agreement (the “Agreement”) with Skyharbour Resources Ltd. (TSX-V: SYH) (“Skyharbour”) dated November 12, 2024 to acquire an undivided 75% interest (the “Option”) in Skyharbour’s 914W Uranium Project (the “914W Project”), located in the Athabasca Basin of Northern Saskatchewan. The Option marks an important step for Mustang as it seeks to expand its presence in a promising uranium district. Additionally, Mustang is pleased to welcome Jordan Trimble, President and CEO of Skyharbour, as a Strategic Advisor to the Company, bringing valuable industry insights and expertise to Mustang’s growing portfolio.
“Being granted the Option to acquire a majority interest in the 914W Uranium Project is an exciting milestone for Mustang as we look to expand our footprint in and around the Athabasca Basin, a promising uranium district.” commented Nick Luksha, CEO of Mustang. “With Jordan Trimble joining as a Strategic Advisor, we are gaining invaluable expertise that will strengthen our exploration efforts and help us unlock the potential of the 914W Project. This partnership aligns with our commitment to building a robust portfolio of high-impact assets while supporting sustainable development practices in the region.”
“The 914W Project’s accessible location, combined with promising geological indicators similar to those seen in the nearby uranium occurrences at Scurry Rainbow Zone E1 and the Don Lake Trenches2, underscores the potential for discovery. With much of the 914W Project remaining underexplored, we see an opportunity to unlock further value through targeted exploration,” said Lynde Guillaume, Technical Advisor for Mustang.
Jordan Trimble, President and CEO of Skyharbour stated “As Skyharbour becomes a shareholder and project partner alongside Mustang at the 914W Project under the Agreement, I am looking forward to working with the Mustang team to advance the asset over the coming years. We believe there is a strong discovery upside potential at the early-stage project, and we are optimistic that Mustang will be able to unlock value at the property.”
About the 914W Uranium Project
The 914W Project is situated approximately 48 km southwest of Cameco’s Key Lake Operation, offering excellent logistics and access via Highway 914. The 914W Project is strategically positioned within the Western Wollaston Domain, known for unconformity-related and pegmatite-hosted uranium (or “U”) mineralization.
The project host favorable geology with local graphite bearing assemblages. Immediately to the north of the 914W Project is the Scurry Rainbow Zone E1 and the Don Lake Trenches2, where up to 1,288 ppm U was encountered in drill hole ML-11, and surface prospecting revealed up to 0.64% U3O8 in a trench at Don Lake Zone E2.
While historical exploration conducted several geophysical and geological surveys over portions of the property, most of the 914W Project remains underexplored. Mustang sees substantial potential for advancing uranium and rare earth element exploration on the 914W Project.
Figure 1: Mustang Energy Corp. Claim 914W Location Map3.
Bedrock Geology (Sask GeoAtlas): Mfn – felsic gneiss, Wcn – calc-silicate rock, marble, Wm – psammitic meta-arkosic gneiss, Wpsn – pelitic, psammopelitic gneiss, Wma – amphibolite (Archean), Wfn – felsic gneiss
Welcoming Jordan Trimble as Strategic Advisor
In conjunction with the Option, Mustang is thrilled to welcome Jordan Trimble, a respected leader in the uranium sector and the President and CEO of Skyharbour, as a Strategic Advisor to Mustang. Mr. Trimble brings years of industry experience, particularly in uranium exploration and development, which will be invaluable as Mustang expands its exploration activities in the Athabasca Basin. By background, Mr. Trimble is an entrepreneur and has worked in the resource industry in various roles with numerous companies specializing in management, corporate finance and strategy, shareholder communications, business development and capital raising. Previous to Skyharbour, he was the Corporate Development Manager for Bayfield Ventures Corp. (“Bayfield”), a gold company with projects in Ontario which was successfully acquired by New Gold Inc. (TSX: NGD) in 2014. Bayfield made a high grade gold and silver discovery at its Burns Block property in the Rainy River district which is now a part of the producing Rainy River Mine. Skyharbour’s strategic partners include Denison Mines Corp., Rio Tinto Limited & Orano Canada Inc.
Terms of the Agreement
Under the Agreement, Mustang can acquire a 75% interest in the 914W Uranium Project, which spans a total of 1,260 hectares, by satisfying the following conditions:
- Share Issuance: Mustang will issue common shares (each, a “Share”) with a total value of CAD$480,000.
- Cash Payments: Mustang will make aggregate cash payments of CAD$275,000 over three years.
- Exploration Expenditures: Mustang will commit CAD$800,000 towards exploration on the 914W Project over the same three year period.
The cash payment, Share issuance and exploration expenditure schedules for the consideration noted above is as follows:
| Date | Cash Payments | Exploration Expenditures | Value of Shares Issued |
| On the dates the 6th business day following the filing by Mustang of a Form 9 with the CSE (the “Closing Date”) | $15,000 | N/A | $30,000(1) |
| On or before the first anniversary of Closing Date | $20,000 | $100,000 | $100,000(1) |
| On or before the second anniversary of Closing Date | $40,000 | $150,000 | $150,000(1) |
| On or before the third anniversary of Closing Date | $200,000 | $500,000 | $200,000(1) |
| TOTAL: | $275,000 | $800,000 | $480,000 |
- Share values are based on the five-day volume-weighted average price on the Canadian Securities Exchange (“CSE”) prior to issuance.
Skyharbour will retain a 2% Net Smelter Return (“NSR”) royalty on the 914W Project, with Mustang holding an option to purchase back 1% for CAD$1,000,000, thereby reducing the NSR to 1%.
About Skyharbour Resources Ltd.
Skyharbour is a uranium exploration company with an extensive portfolio in the Athabasca Basin, including interests in numerous high-grade uranium projects and joint ventures with major industry partners such as Denison Mines Corp. and Rio Tinto Limited. Skyharbour’s projects span over 580,000 hectares and are positioned to benefit from strengthening uranium market fundamentals.
References:
- SMDI# 1961, https://applications.saskatchewan.ca/Apps/ECON_Apps/dbsearch/MinDepositQuery/default.aspx?ID=1961
- SMDI# 1983, https://applications.saskatchewan.ca/Apps/ECON_Apps/dbsearch/MinDepositQuery/default.aspx?ID=1983
- Saskatchewan GeoAtlas, https://gisappl.saskatchewan.ca/Html5Ext/index.html?viewer=GeoAtlas
Qualifying Statement:
The scientific and technical information in this release has been reviewed and approved by Lynde Guillaume, P.Geo., Technical Advisor for Mustang Energy, and a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Ms. Guillaume is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Adjacent Property Disclaimer
This news release also includes references with respect to the Scurry Rainbow Zone E and the Don Lake Trenches deposits (collectively, the “Adjacent Properties”), which are located near the 914W Project in the Athabasca Basin. The Company advises that, notwithstanding their proximity of location, discoveries of minerals on the Adjacent Properties and any promising results thereof are not necessarily indicative of the mineralization of, or located on the 914W Project or the Company’s ability to commercially exploit the 914W Project or to locate any commercially exploitable deposits therefrom.
All technical information contained in this press release with respect to Adjacent Properties, was provided by the sources noted in the references above without independent review and investigation by the Company, and the Company has relied on the information contained in the respective sources exclusively in providing the information about the Adjacent Properties and any deposits therefrom. The Company cautions investors on relying on this information as the Company has not confirmed the accuracy or reliability of the information.
About Mustang Energy Corp.
Mustang is a resource exploration company focused on acquiring and developing high-potential uranium and critical mineral assets. The Company is actively exploring its properties 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 acquisition of the Yellowstone Project and further expanded its presence in the south central region of the Athabasca Basin with the Dutton Project.
On behalf of the board of directors,
“Nicholas Luksha”
Nicholas Luksha
CEO and Director
For further information, please contact:
Mustang Energy Corp.
Attention: Nicholas Luksha, CEO and Director
Phone: (604) 838-0184
Forward-Looking Statements Disclaimer
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 the 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 information 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 exercise of the Option by the Company, the expected benefits of the various transactions contemplated herein and the future potential of the minerals claims acquired pursuant to the Agreement as contemplated herein. 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 exercise the Option and, in connection therewith, received all required third party approvals, to receive expected benefits and achieve anticipated integration post-transaction and continue exploring the various projects and surrounding minerals claims optioned to the Company pursuant to the transactions contemplated herein. 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 should 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.
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.
Source: Mustang Energy Corp.
VANCOUVER, British Columbia, Nov. 06, 2024 (GLOBE NEWSWIRE) — Mustang Energy Corp. (CSE: MEC, OTC: MECPF, FRA: 92T) (the “ Company ” or “ Mustang ”) is pleased to announce that it has applied for exploration permits on its Yellowstone and Dutton projects in northern Saskatchewan. The applications, recently submitted to the Saskatchewan Ministry, represent Mustang’s commitment to advancing these uranium projects located within the Athabasca Basin, Saskatchewan. With these permit applications, Mustang aims to initiate exploration activities aimed at further assessing the viability of the projects.
In addition to the Yellowstone and Dutton permit applications, Mustang is also expecting imminent exploration permits for its Cigar Lake East and Roughrider South projects located in the eastern Athabasca Basin region. Forthcoming permits for these two projects will enable Mustang to begin ground-based exploration activities. With the successful approval of exploration permits, Mustang looks forward to launching ground-based exploration activities in 2025.
“We are excited to take this significant step forward with the permit applications for our Yellowstone and Dutton projects in the Athabasca Basin. These projects, along with our Cigar Lake East and Roughrider South properties, are central to Mustang’s strategy of building a robust portfolio in one of the world’s premier uranium-producing regions. Pending permit approvals, we look forward to advancing exploration efforts across these sites to unlock their potential and move closer to becoming a leading explorer in the Canadian uranium sector.” — Lynde Guillaume, Technical Advisor, Mustang Energy Corp.
Figure 1: Mustang Energy Corp.’s Projects Map in the Athabasca Basin, Saskatchewan.
Preliminary Exploration Plan 2024-2025:
Phase 1 (fall 2024 – spring 2025) is expected to focus on geophysical surveys, refining targets using MobileMT/ ZTEM and VTEM/ TDEM with reinterpretations of historic geophysical surveys that covering portions of the projects. Infill MobileMT will be conducted over areas of the Yellowstone property not covered by previous surveys and a reinterpretation of historic geophysics grids. VTEM/TDEM is planned over portions of the Dutton and Spur Projects not covered by previous surveys which will be reevaluated. There will be a reinterpretation of VTEM surveys completed in 2023, including the newly acquired Brown project.
Phase 2 (spring – fall 2025) is expected to focus on ground geophysics and ground truthing targets which will be executed to define drill targets outlined by the aerial EM surveys in Phase 1. Ground truthing of targets through field work programs is anticipated be carried out on the projects located south of the Athabasca Basin. Ground geophysics is planned over Ford Lake with subsequent drilling of identified targets. Targets identification on other projects will follow with drill planning for a potential Phase 3 will based and contingent upon the results of phases 1 and 2.
Yellowstone Project
The 100% owned Yellowstone Project consists of 7 adjoining claims with a total area of 21,820 hectares situated approximately 16 kilometres from the past producing Cluff Lake Mine in the Western Athabasca Basin. The property surrounds the exterior of the Carswell Impact Structure and is adjacent to Fission Uranium’s West Cluff Project. The Carswell Impact Structure is thought to be related to a meteorite impact measuring ~18 kilometre in diameter, which exposed basement rock that underlies the Athabasca Basin sandstone formations and hosts high grade uranium mineralization including the Cluff Lake Mine. Multiple known conductors transect the property that have never been drill tested.
Dutton Project
The 100% owned Dutton Project spans 9,667 hectares over three adjoining claims in the Southern Athabasca Basin. The property is west of the Cable Bay Shear Zone within the Mudjatik Domain, which is known to host uranium anomalies in the basement rock. Approximately 20 kilometers to the east is the Virgin River Shear Zone, which hosts the Dufferin Lake zone and Centennial Deposit. The Dutton Project area remains underexplored, offering significant potential for uranium discoveries.
Qualifying Statement:
The scientific and technical information in this release has been reviewed by Lynde Guillaume, P.Geo., Technical Advisor for Mustang, and a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Ms. Guillaume is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects .
About Mustang Energy Corp.
Mustang is a resource exploration company focused on acquiring and developing high-potential uranium and critical mineral assets. The Company is actively exploring its properties 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 acquisition of the Yellowstone Project and further expanded its presence in the south central region of the Athabasca Basin with the Dutton Project.
On Behalf of the Board of Directors
“ Nicholas Luksha ”
Nicholas Luksha, CEO and Director
For further information, please contact:
Mustang Energy Corp.
Attention: Nicholas Luksha, CEO and Director
Phone: (604) 838-0184
Forward-Looking Statements:
This news release contains forward-looking statements and forward-looking information (collectively, ”forward-looking statements”) within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the Company intentions to initiate exploration activities aimed at further assessing the viability of its Yellowstone and Dutton properties following receipt of their respective exploration permits; the anticipated launch of ground-based exploration activities in 2025 on its Cigar Lake East and Roughrider South projects; the Company’s ability to advance exploration efforts in general across its Athabasca Basin properties and, in connection therewith, unlock any perceived potential; the contents of the expected 2024-2025 preliminary exploration plan on the Dutton and Spur projects; and Mustang’s ability to become a leading explorer in the Canadian uranium sector. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will support the viability of mining exploration, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of its project, the availability of the financing required for the Company to carry out its planned future activities, and the availability of and the ability to retain and attract qualified personnel. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of minerals, changes in the financial markets and in the demand for minerals, changes in laws, regulations and policies affecting the mineral exploration industry, as well as the risks and uncertainties which are more fully described in the Company’s annual and quarterly management’s discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company’s SEDAR+ profile. The ongoing labour shortages, inflationary pressures, rising interest rates, the global financial climate and the conflicts in Ukraine and Palestine and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company’s operating performance, financial position, and future prospects. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The Company does not undertake any obligation to update such forward‐looking information whether because of new information, future events or otherwise, except as expressly required by applicable law.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Source: Mustang Energy Corp
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