MULTIMEDIA UPDATE – Mustang Energy Expands Spur Project South of the Athabasca Basin, Saskatchewan and Enters Marketing Services Agreements - Seite 2

Figure 1: Overview of Mustang Energy's newly acquired claim south of the Athabasca Basin, Saskatchewan¹

Spur Project Geology and Mineralization

The Spur Project is situated within the Wollaston Domain, just south of the Athabasca Basin, a region recognized for hosting some of the world’s highest-grade uranium deposits. The property is underlain by Proterozoic basement rocks, comprising Wollaston Group metasedimentary gneisses, predominantly psammitic to meta-arkosic, with folded lenses of pelitic to psammopelitic gneisses. This geological setting is favourable for both structurally controlled basement-hosted uranium and pegmatite-related uranium, REE’s and thorium mineralization.

Mineralization in this region commonly includes anomalous concentrations of REEs and base metals associated with uranium and thorium, indicative of Rössing-type systems. These deposit types are named after the Rössing uranium mine in Namibia, one of the world’s largest open-pit uranium mines, known for its REE-enriched granitic pegmatites.²

To the northeast lies the Janice Lake area, known for its sediment-hosted, stratiform copper mineralization. Over 20 copper occurrences have been documented there, primarily situated northwest of the Burbidge Lake Shear Zone in more proximal sedimentary facies of the Janice Lake and Rafuse Lake formations. The southern extension of this mineralized corridor, where Mustang's new claim is located, remains underexplored.³

Strategic Importance

This expansion aligns with Mustang’s broader corporate strategy of building a diversified portfolio of uranium and critical mineral assets in politically stable, infrastructure-rich jurisdictions. As global interest in nuclear energy and clean technologies accelerates, Mustang remains well-positioned to contribute meaningfully to the evolving energy landscape.

Mustang remains committed to executing its exploration strategy responsibly, contributing positively to local communities, and ensuring environmental sustainability in all its operations.

References

1. Saskatchewan GeoAtlas, Retrieved from:  https://gisappl.saskatchewan.ca/Html5Ext/index.html?viewer=GeoAtlas
2. Rossing Uranium Limited. (n.d.). Press Bulletin 64. Retrieved from https://www.rossing.com/bullet/bulletpress64.htm
3. Delaney, G.D., et. al, (1995): Geological setting of sediment hosted copper mineralization in the Janice Lake area, Wollaston Domain; in Summary of Investigations 1995, Saskatchewan Geological Survey. Sask. Energy Mines, Misc. Rep. 95-4.
4. Saskatchewan Mineral Deposits Index. (n.d.). Grand Rapids Zn Occurrence (Deposit ID: 0987). Retrieved from: https://mineraldeposits.saskatchewan.ca/Home/Viewdetails/0987
5. Forum Energy Metals Corp. Retrieved from: https://forumenergymetals.com/projects/janice-lake-sedimentary-copper- ...
6. Searchlight Resources Inc. Retrieved from: https://searchlightresources.com/projects/uranium-projects/kulyk-lake- ...

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