Mustang Energy Engages Axiom Exploration for Airborne Geophysical Survey over the Spur Project

VANCOUVER, British Columbia, March 21, 2025 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC, OTC:MECPF, FRA:92T) (the “Company” or “Mustang”) is pleased to announce that it has engaged Axiom Exploration Group (“Axiom”) to conduct an Aerial Electromagnetic Survey (Xcite TDEM) with Radiometrics over its Spur Project located south of the Athabasca Basin, Saskatchewan (the “Spur Project”).

The Company anticipates that the Xcite TDEM survey with Radiometrics will commence in early May 2025 and encompass the portion of the claim package which has not been covered by modern day electromagnetic (EM) survey techniques. The airborne survey aims to precisely locate EM and radiometric anomalies, and aid in geological interpretations on the property advancing exploration targeting.

In addition, Mustang has applied for exploration permits on the Spur Project and the Company’s 914W Project. The permit applications include ground based mineral exploration activities such as trail construction, line-cutting, ground geophysical surveys, and diamond drilling. Subject to obtaining the required permits and approvals, Mustang plans to initiate exploration activities aimed at further assessing the viability of these projects, as well as to continue consultation with local communities.

About Xcite TDEM

Xcite is a new generation of helicopter-borne time-domain electromagnetic (TDEM) systems developed by New Resolution Geophysics (NRG). Axiom is an exclusive provider of this service in North America. This state-of-the-art technology provides an efficient alternative to prior TDEM technologies for mineral exploration. The system utilizes a patented inflatable transmitter loop with a diameter of approximately 20 meters, suspended about 30 meters below the helicopter. The Xcite system offers improved signal clarity, enabling the detection of subtle subsurface features. It features a programmable waveform with a fast turn-off time, allowing for flexibility in data acquisition and improved resolution of both shallow and deep targets.

Figure 1: Mustang Energy Corp. Spur and 914W Project Location Map¹

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About the Spur Project

The Spur Project comprises nine claims covering 17,929 hectares. It is located just south of the Athabasca Basin in northern Saskatchewan, a region globally renowned for its high-grade uranium deposits. The property is approximately 40 kilometers southeast of Cameco’s Key Lake Mill Operation and 20 kilometers southwest of Skyharbour Resources/Terra Clean Energy’s Fraser Lakes Zone B deposit (Figure 1). The Spur Project’s geological setting combines Proterozoic basement rocks of the Wollaston Group and uraniferous pegmatites, presenting potential for uranium, thorium and rare earth element (REE) exploration. The Spur Project offers lower cost exploration due to the absence of Athabasca Sandstone cover. Adjacent Properties host high-grade surface grab samples including the Pipe Lake Showing with up to 8.0% U₃O₈ (sample # R69-10)² within a hornblende-rich pegmatite 2.5 km northeast of the Spur Project boundary. The Red October Showing, east of the project boundary, shows grab sample assays of up to 1.93% U (sample # JBELR063)³ within syenite, and an outcrop chip sample through semipelitic gneiss showing 1.34% U (sample # AGELR008)³ over 1 meter.