Mustang Minerals outlines IP anomaly at Pilot

Executive Summary

• Mustang Minerals confirms and expands a large induced polarization (IP) geophysical anomaly at its Pilot Cu-Au project in Nevada, identifying a chargeability-high feature measuring 1.25 km by up to 2.2 km.
• The anomaly is associated with a magnetic high and a broad soil geochemical anomaly containing elevated copper, gold, bismuth, and molybdenum, suggesting a prospective hydrothermal alteration system for copper-gold mineralization.
• The company has approved drill permits for the Pilot and Confusion Hills projects and is planning further IP survey lines and soil sampling to define targets for a potential first-pass drill program in 2026.

Key Details

• Pilot Project IP Survey:
  • Identified a large chargeability-high feature measuring 1.25 km along strike and up to 2.2 km wide.
  • The anomaly remains open and is proximal to a high-magnetic-response feature identified in a previous drone-based magnetics survey.
  • Five east-west lines and three north-south lines have been completed.
  • The IP anomaly coincides with low resistivity (high conductivity) and a broad soil anomaly of copper, gold, molybdenum, and bismuth.
  • Widespread pyrophyllite alteration (often associated with porphyry copper deposits) has been mapped in the area.
• Confusion Hills Project:
  • High-sulphidation prospect with preserved alteration on surface.
  • Grab sample results from April 2025: Six samples returned >0.1 g/t Au, with three returning >0.5 g/t Au (up to 7.1 g/t Au in a subcrop sample).
  • Defined a high-sulphidation/porphyry lithocap over an area of 1.6 km by 0.5 km.
  • IP survey identified a high-chargeability feature beneath quartz alunite alteration and high gold grab samples.
  • Drill permit approved.
• Red Ring Project:
  • Porphyry-epithermal gold-copper prospect.
  • Alteration mapping identified a large lithocap extending 2.8 km by at least 1 km.
  • Strong surface pyrophyllite footprint of 1 km by 0.5 km.
  • Preliminary rock sampling returned high pathfinder trace elements; soil sampling highlighted anomalous trace elements indicative of a high-sulphidation environment.
• Future Activities:
  • 2026 work program includes further IP geophysical survey lines at Pilot to explore anomaly limits.
  • Additional soil sampling completed at Pilot.
  • Logistical preparations undertaken at Confusion Hills for a potential 2026 drill program.
  • Drill permits approved for both Pilot and Confusion Hills.

Notable Quotes

• "Exploration geophysical surveys at the Pilot project highlight the scale of this large hydrothermal alteration system prospective for copper-gold mineralization. We are excited for the next steps and to be now actively exploring our new Nevada copper and gold project portfolio." — J. Duane Poliquin, Chairman