Mustang Energy Corp. Initiates Exploration at Surprise Creek Project, Saskatchewan
VANCOUVER, British Columbia, July 17, 2025 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC, OTC:MECPF, FRA:92T) (the “Company” or “Mustang”) is pleased to announce the commencement of its field exploration activities at the Surprise Creek Uranium-Copper Project (the “Project”), located in a prospective region known for its mineral potential north of the Athabasca Basin. The Company recently entered into an option agreement (the “Option Agreement”) with Thunderbird Resources Ltd. (“Thunderbird”) to acquire an undivided 80% interest in the Project. Please refer to the Company’s news release dated June 4, 2025 and June 16, 2025, as filed under the Company’s SEDAR+ profile, for further details regarding the Option Agreement.
The field program at Surprise Creek will involve surface prospecting activities, including detailed rock sampling, aimed at further refining target areas and outlining mineralization and alteration. The sampling program will be carried out over 20 days. Results from this phase of exploration are expected to inform further exploration efforts, including drill targeting.
“With the support of Thunderbird Resources, we are excited to commence exploration at our Surprise Creek project, located north of the Athabasca Basin, Saskatchewan, which hosts previously identified uranium and copper prospects,” said Nick Luksha, CEO of Mustang Energy Corp. “our goal is to collect robust geoscientific data to inform drill targeting and enhance the project's standing as a cornerstone asset within our growing exploration portfolio.”
Surprise Creek Uranium-Copper Project
The Surprise Creek Project is located 25km north-west of the Beaverlodge Uranium District, which hosts the historical uranium mines of Gunnar and Eldorado (Ace-Fay-Verna) and is located just north of the Athabasca Basin (see figure 1).
The Company advises that, notwithstanding their proximity of location, discoveries of minerals on nearby properties, including the uranium mines of Gunnar and Eldorado (Ace-Fay-Verna) and any promising results thereof are not necessarily indicative of the mineralization of, or located on the Project, or the Company’s ability to commercially exploit the Project, or to locate any commercially exploitable deposits therefrom. The Company cautions investors on relying on this information as the Company has not confirmed the accuracy or reliability of the information.
Figure 1: Surprise Creek Uranium-Copper Project Overview and Location 1, 3, 4, 5, 6
A major high-resolution airborne magnetic, radiometric and VLF-EM survey completed by Thunderbird in September 2024 identified multiple new uranium targets (see THB:ASX announcement dated 19 December 2024 titled “Exploration to commence at Rockvale Antimony-Gold Project”).
A strong uranium radiometric anomaly has been identified at the previously defined Surprise Creek Fault drill target, where historical drilling returned results of up to 2.1m of 4.37% U3O8 from 57m1,5 and surface sampling by Thunderbird returned assays up to 7.98% U3O8.2 The area of surface uranium mineralisation extends over a strike length of up to 500m2 (see Figure 2).
A work permit application for exploration including drilling at the Surprise Creek Fault prospect has recently been approved by the Saskatchewan Government.
Figure 2: Surprise Creek Project – Surprise Creek Fault prospect 1, 2, 5
Many of the radiometric targets identified in the airborne survey show a strong spatial correlation with the contact between the Archean Zemlak Domain basement rocks and the overlying younger Palaeoproterozoic aged Thluicho Lake Group, where cross-cutting structures intersect the contact.
In addition, many of the historical copper prospects (Bob Lake, Ellis Bay, Waterloo South) are also associated with the same contact (see Figure 3).
Historical drilling results from Bob Lake and Ellis Bay include:
- 9.1m @ 2.07% Cu and 27.3g/t Ag from surface (Bob Lake)3
- 6.6m @ 1.31% Cu from 11m (Ellis Bay)3
Rock chip sampling of historical copper occurrences completed by Thunderbird in 2022 and 2023 returned assays up 61.7% Cu, 27.6% Cu and 9% Cu.2,4
The Company advises that, notwithstanding their proximity of location, discoveries of minerals on nearby properties such as Bob Lake, Ellis Bay, and Waterloo South, and any promising results thereof are not necessarily indicative of the mineralization of, or located on the Project, or the Company’s ability to commercially exploit the Project, or to locate any commercially exploitable deposits therefrom. The Company cautions investors on relying on this information as the Company has not confirmed the accuracy or reliability of the information.
Figure 3: Surprise Creek Project – copper results from historical drilling 3, 4, 5 ,6
References
ASX:THB announcement dated 6th July 2022 titled “Surprise Creek data review highlights high-grade targets”
2 ASX:THB announcement dated 22 December 2022 titled “High-grade Uranium rock chip results at Surprise Creek”
3 ASX:THB announcement dated 13th February 2023 titled “Exciting Copper Targets at Surprise Creek”
4 ASX:THB announcement dated 13th October 2022 titled “Exceptional Uranium and Copper Rock chip results”
5Saskatchewan Mineral Assessment Database Drill hole VT20, SMAD# 74N10-0368, Retrieved from http://mineral-assessment.saskatchewan.ca/Pages/BasePages/Main.aspx
6Saskatchewan Mineral Assessment Database, SMAD# 74N11-0063, Retrieved from http://mineral-assessment.saskatchewan.ca/Pages/BasePages/Main.aspx
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, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Ms. Guillaume is a Qualified Person as defined by National Instrument 43-101.
About Mustang Energy Corp.:
Mustang Energy Corp. is a Canadian mineral exploration company focused on the discovery and development of high-potential uranium and critical mineral assets. The company holds a portfolio of 147,153 hectares of strategically located properties in Saskatchewan's Athabasca Basin—one of the world’s premier uranium districts. Mustang is advancing early-stage exploration through modern techniques and a disciplined, data-driven approach. The Company is committed to building long-term value through responsible exploration and a focus on high-impact targets in underexplored areas.
For further information, please contact:
Mustang Energy Corp.
Attention: Nicholas Luksha, CEO and Director
Phone: (604) 838-0184
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.
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 future potential of the Project, the potential of the field program to deliver favourable results, and the completion of future work on the Project. 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 continue exploring its properties given various environmental and economic factors outside of its control and that the Company will be able to integrate the Project into its existing business. 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.
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Figure 1:
Surprise Creek Uranium-Copper Project Overview and Location
Figure 2:
Surprise Creek Project – Surprise Creek Fault prospect
Figure 3:
Surprise Creek Project – copper results from historical drilling
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