Mustang Energy to begin drilling at Surprise Creek

Executive Summary

• Mustang Energy Corp. will commence its first‑ever drilling campaign at the Surprise Creek uranium‑copper project on Sept. 28, 2025, targeting up to 2,000 m of core in the fault zone.
• The company has secured an option agreement with Thunderbird Resources Ltd. for an undivided 80 % interest in the project and engaged Base Diamond Drilling Ltd. as the drilling contractor (helicopter‑supported from Uranium City).
• Historical work shows high‑grade uranium (up to 4.37 % U₃O₈ over 2.1 m) and copper–silver mineralization, supporting a strong exploration upside; a Saskatchewan government work permit for drilling has been approved.

Key Details

• Drill Program Start: Sept. 28, 2025 (helicopter‑supported, base at Uranium City).
• Contractor: Base Diamond Drilling Ltd.
• Planned Depth: Up to 2,000 m of drilling in the Surprise Creek fault area.
• Option Agreement: Mustang entered into an option agreement with Thunderbird Resources Ltd. to acquire an undivided 80 % interest in the project (see prior releases dated June 4 & June 16 2025).
• Historical Intercepts:
• Uranium – 2.1 m @ 4.37 % U₃O₈ from 57 m depth.
• Surface sampling – up to 7.98 % U₃O₈.
• Copper – 9.1 m @ 2.07 % Cu and 27.3 g/t Ag (Bob Lake); 6.6 m @ 1.31 % Cu from 11 m (Ellis Bay).
• Geophysical Work: High‑resolution airborne magnetic, radiometric and VLF‑EM survey (Sept 2024) identified multiple new uranium targets; strong radiometric anomaly at the Surprise Creek fault.
• Surface Mineralization Extent: Discontinuous strike length up to ~500 m.
• Copper Rock Chip Sampling (2022‑2023): Assays up to 61.7 % Cu, 27.6 % Cu and 9 % Cu on historic copper prospects.
• Regulatory Approval: Saskatchewan government work permit for exploration/drilling at the Surprise Creek fault prospect has been approved.
• CEO Quote (Nicholas Luksha): Emphasized the campaign as a “defining milestone” and highlighted high‑grade uranium and copper mineralization, recent geophysical targets, and the project’s potential to deliver meaningful value.

Notable Quotes

“We are proud to launch Mustang Energy's first-ever drilling campaign beginning at the Surprise Creek project. This is a defining milestone for the company as we execute on our strategy to discover and develop critical mineral assets.” – Nicholas Luksha, CEO

Additional administrative update: On Aug. 12 2025, Mustang issued 1.5 M common shares to Stallion Uranium Corp. to satisfy the final instalment of the Ford Lake project purchase price; the shares are subject to a statutory hold period expiring four months and one day from issuance.