Mustang Energy begins drilling at Surprise Creek

Executive Summary

• Mustang Energy Corp. has begun its inaugural diamond drilling program at the Surprise Creek uranium‑copper project in Saskatchewan, targeting priority structures along the Surprise Creek fault zone.
• Up to 2,000 m of helicopter‑supported drilling will be executed by Base Diamond Drilling Ltd., focusing on historic intercept follow‑up, structural clarification and newly identified geophysical targets.
• The company highlights its recent capital raise (>$8 M) and extensive land position (>140,000 ha), underscoring readiness for “meaningful growth” as drilling proceeds.

Key Details

• Program Scope: Up to 2,000 m of diamond drilling; helicopter‑supported access.
• Contractor: Base Diamond Drilling Ltd. engaged to perform the work.
• Target Areas: Priority targets along the Surprise Creek fault zone; historic high‑grade uranium surface samples and drill intercepts; undrilled targets from recent geophysical surveys.
• Project Location: ~25 km NW of Beaverlodge district, near historic Gunnar and Eldorado (Ace‑Fay‑Verna) mines in Saskatchewan’s Athabasca basin.
• Historical Highlights (for context):
• Surface assays up to 7.98 % U₃O₈ (Thunderbird Resources).
• Copper drill intercepts: 9.1 m @ 2.07 % Cu, 27.3 g/t Ag; 6.6 m @ 1.31 % Cu from 11 m depth.
• Rock‑chip samples up to 61.7 % Cu.
• Option Agreement: Mustang holds an option to acquire an 80 % interest in the project from Thunderbird Resources (option dated 2025‑06‑03). Reference made to prior release (2025‑06‑04) for details.
• Permitting: Fully permitted; exploration approvals obtained from the Saskatchewan government.
• CEO Quote (Nick Luksha): Emphasized the milestone of drilling commencement, recent acquisition of >140,000 ha, issuance of >100 M shares, and $8 M raised, positioning the company for growth.
• Technical Review: Information reviewed and approved by Troy Marfleet, P.Geo., technical adviser (qualified person per NI 43‑101).

Notable Quotes

“Drilling has officially commenced, marking an exciting milestone for Mustang Energy. In just over a year, we've acquired more than 140,000 hectares, secured key permits, and established strong partnerships with respected industry leaders and first nations communities. Having traded over 100 million shares and raised more than $8‑million, Mustang is well positioned for meaningful growth as we begin testing our high‑priority targets.” – Nick Luksha, CEO

Materiality Assessment: Non‑Material – Positive (operational update that does not yet disclose financial results or material resource estimates).