Mustang Energy Corp. Stakes Two New Mineral Properties in Newfoundland: Onyx Uranium Project and Bridal Veil Copper-Silver Project

Executive Summary

• Mustang Energy Corp. has staked two new mineral exploration properties in Newfoundland and Labrador, marking its first entry into eastern Canada and expanding its portfolio beyond the Athabasca Basin.
• The acquisitions consist of the Onyx Uranium Project (143 claims, ~3,575 hectares) and the Bridal Veil Copper-Silver Project (300 hectares), totaling 446 claims and approximately 3,875 hectares.
• The company has appointed Zack Luksha as Cyber Security Advisor, receiving 200,000 stock options as compensation for the role.

Key Details

• Onyx Uranium Project:
  • Located in southern Newfoundland, ~40 km northeast of Burgeo.
  • Consists of 143 claims totaling ~3,575 hectares.
  • Situated within the Hermitage Flexure (Gander Tectonic Zone), underlain by mid-Ordovician volcanic and sedimentary rocks.
  • Adjacent to historical high-grade uranium showings (Doucette, He2, White Bear).
  • Historical assays from nearby occurrences include: up to 2.79% U₃O₈ at He26, up to 1.32% U₃O₈ at Doucette7, and up to 0.75% U₃O₈ at White Bear #38.
  • Plan involves compiling historical geochemical/geophysical data and conducting field reconnaissance.
• Bridal Veil Copper-Silver Project:
  • Located in central Newfoundland, 10 km east of Gander.
  • Covers 300 hectares, 100%-owned by Mustang.
  • Hosts a high-grade copper-silver ± lead ± gold system within shear-zone structures of the Gander Group.
  • Strategic location between Newfound Gold’s Queensway Project and Thunder Gold Corp’s Star Track Property.
  • Historical grab sample highlights: up to 9.4% Cu, 10.2% Pb, 242 g/t Ag, and 3.75 g/t Au.
  • Confirmation sampling highlights: up to 3.47% Cu, 19.34 g/t Ag, and 0.16 g/t Au.
  • Features shear-hosted quartz vein arrays up to 5 m thick containing chalcopyrite, galena, and pyrite.
  • Excellent infrastructure access via Trans-Canada Highway and Newfoundland Trailway.
  • Future plans include soil geochemistry, prospecting, and targeted drilling.
• Administrative Appointment:
  • Zack Luksha appointed as Cyber Security Advisor.
  • Compensation: 200,000 stock options to purchase common shares at an exercise price of $0.09 per share, exercisable for three years from the date of grant.

Notable Quotes

• “The staking of both the Onyx and Bridal Veil properties represents an important milestone in Mustang’s growth. We are diversifying our exploration pipeline with projects that offer strong geological fundamentals, excellent infrastructure, and supportive jurisdictions. Newfoundland’s potential for both uranium and copper–silver systems fits perfectly with our technical focus and long-term vision.” — Nicholas Luksha, CEO