Mustang Energy Commences an Airborne Survey at Spur Project South of the Athabasca Basin, Saskatchewan

VANCOUVER, British Columbia, June 11, 2025 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC, OTC:MECPF, FRA:92T) (the “Company” or “Mustang”) is pleased to announce that it has initiated an Aerial Electromagnetic Survey (Xcite TDEM) with Radiometrics over the Spur Project (the “Project”) located south of the Athabasca Basin, Saskatchewan. The Project is located in a favorable region prospective for uranium, rare earth elements (REEs), and base metal mineralization.

The Xcite TDEM survey with Radiometrics will be flown by Axiom Exploration Group. The airborne survey will encompass the portion of the claim package covering approximately 10,000 hectares 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.

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 Project Location Map¹

About the Spur Project

The Project comprises ten claims covering 23,680 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 Project’s geological setting combines Proterozoic basement rocks of the Wollaston Group and uraniferous pegmatites¹, presenting potential for uranium, thorium and rare earth element (REE) exploration. The 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 Project boundary.² 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.