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Highlights

  • Mustang Energy secured permits for exploration at Spur Project in northern Saskatchewan.
  • The company received permits enabling drilling, trail construction, and geophysical surveys through April 2028.
  • MEC holds the Spur Project spanning 23,680 hectares south of the Athabasca Basin with uranium and REE potential.

Mustang Energy Corp. (CSE: MEC, OTC: MECPF, FRA: 92T) is a resource exploration company focused on the identification and development of uranium and critical mineral projects in Canada. The company’s exploration assets are concentrated in and around the Athabasca Basin, a globally recognized region for high-grade uranium deposits.

The company has received formal approval from the Saskatchewan Government to conduct ground-based exploration activities at its Spur Project, located just south of the Athabasca Basin in northern Saskatchewan. The newly granted permits allow the company to advance fieldwork at the site, a key part of its broader mineral exploration strategy in the region.

The permits, which are valid until April 30, 2028, include a Crown Land Work Authorization, Aquatic Habitat Protection Permit, Forest Product Permit, and Temporary Work Camp Permit. Collectively, these approvals authorize Mustang to carry out a range of exploration activities such as trail construction, line-cutting, geophysical surveys, and diamond drilling.

The Spur Project consists of ten claims covering 23,680 hectares, located 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. The area is situated within a geologically prospective zone that contains Proterozoic basement rocks of the Wollaston Group and uraniferous pegmatites, offering exploration potential for uranium, thorium, and rare earth elements (REEs).

One of the notable features of the Spur Project is the absence of Athabasca Sandstone cover, which may allow for lower-cost surface-based exploration activities compared to projects located deeper beneath this geological layer. Additionally, nearby properties have produced high-grade surface grab samples, such as the Pipe Lake Showing, which returned assays of up to 8.0% U₃O₈, and the Red October Showing, with uranium assay values up to 1.93% U in syenite.

As part of the exploration permitting process, Mustang confirmed it will continue to engage local communities and implement environmental protection measures to minimize disturbance. These steps are part of the permit conditions and are intended to ensure a responsible and transparent approach to exploration. The company emphasized its commitment to sustainable operations and ongoing consultation as work progresses.

Mustang holds a total of 92,211 hectares across multiple project areas in Saskatchewan. Its Ford Lake Project spans 7,743 hectares in the eastern portion of the basin, while Cigar Lake East and Roughrider South cover an additional 3,442 hectares. In the southern and southeastern regions, Mustang is advancing exploration at the Spur Project (23,680 hectares). In the Cluff Lake area, the Yellowstone Project comprises 21,820 hectares, and the Dutton Project, located in the south-central Athabasca Basin, spans 7,633 hectares.

Mustang’s next steps at the Spur Project will likely include site preparation and preliminary geophysical studies, followed by targeted drilling to assess subsurface mineralization. As exploration advances, updates are expected to detail drill plans, timelines, and sampling results, contributing to a clearer picture of the area’s geological potential.