Mustang Energy Corp. Makes Final Preparations for Surprise Creek Drilling Project, Saskatchewan

Executive Summary

• Mustang Energy will commence a helicopter‑supported drill program at the Surprise Creek Uranium‑Copper Project on September 28, 2025, targeting up to 2,000 m in the high‑grade Surprise Creek Fault area.
• The company has secured an option agreement to acquire an undivided 80 % interest in the project from Thunderbird Resources Ltd., building on prior disclosures (June 4 & 16 2025).
• A work permit for exploration and drilling at the Surprise Creek Fault prospect has been approved by the Saskatchewan Government, enabling immediate field activities.

Key Details

• Option Agreement: Mustang Energy entered into an option agreement with Thunderbird Resources to acquire 80 % of the Surprise Creek Project (refer to June 4 & 16 2025 releases for terms).
• Drill Program Start: Planned start date – September 28, 2025.
• Contractor: Base Diamond Drilling Ltd. will conduct drilling operations.
• Drilling Scope: Up to 2,000 m of core drilling in the Surprise Creek Fault area, which historically returned up to 2.1 m @ 4.37 % U₃O₈ from 57 m depth and surface samples up to 7.98 % U₃O₈.
• Objectives:
• Follow‑up historic intercepts.
• Better understand mineralization‑hosting structures.
• Test previously un‑drilled zones.
• Logistics: Helicopter‑supported program based out of Uranium City, Saskatchewan.
• Historical Highlights (Uranium):
• High‑resolution airborne magnetic, radiometric and VLF‑EM surveys identified multiple new uranium targets.
• Surface sampling shows discontinuous mineralisation over ~500 m strike length.
• Historical Highlights (Copper):
• Bob Lake: 9.1 m @ 2.07 % Cu & 27.3 g/t Ag (surface).
• Ellis Bay: 6.6 m @ 1.31 % Cu from 11 m depth.
• Rock chip samples returned up to 61.7 % Cu in some assays.
• Regulatory: Saskatchewan Government approved a work permit for exploration and drilling at the Surprise Creek Fault prospect.
• CEO Quote: Nicholas Luksha emphasized that this is Mustang’s “first‑ever drilling campaign” and a defining milestone, highlighting high‑grade uranium and copper mineralisation and newly defined targets from recent geophysical surveys.

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

The release also references the completion of the final instalment payment for the Ford Lake Project (issuance of 1,500,000 common shares to Stallion Uranium Corp.), but this is a separate, previously disclosed transaction and not material to the current drilling announcement.