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Mustang Energy Corp. Prepares for Follow-Up Drill Program on Surprise Creek Project
Mustang Energy Corp. announced their plans to follow-up the copper intercepts at Bob Lake on the Surprise Creek Uranium-Copper Project, located in the prospective Beaverlodge Domain which is known for its mineral potential northwest of the Athabasca Basin. The Company entered into an option agreement with Thunderbird Resources Ltd. to acquire an undivided 80% interest in the Project. The Project is located 25 km north-west of the Beaverlodge Uranium District, which hosts the historical uranium mines of Gunnar and Eldorado (Ace-Fay-Verna) and is located northwest of the Athabasca Basin. The Project is fully permitted, with exploration approvals granted by the Saskatchewan Government. Mustang has enlisted Axiom Exploration Group of Saskatoon, Saskatchewan to plan and execute a 2,000m drill program on the Project to follow-up on the 2025 Bob Lake intercepts. The drill program conducted on the Project in late 2025 mainly focused on the Surprise Creek uranium targets, with nine out of eleven targets focused on the uranium targets. Only two drill holes were focused on the Bob Lake showing, which was a follow-up to the encouraging prospecting results from the summer of 2025. Surface mineralization assays from the summer 2025 prospecting program returned results up to 11% Copper (Cu) and 0.9% Gold (Au) from a vein system in outcrop. The drill hole BOB25-002 at Bob Lake returned assay results up to 15.9% Cu. Surface sampling carried out at the historic Bob Lake and Maimann Lake areas returned encouraging copper assays. Exploration at Bob Lake, which included a total of 16 grab samples, returned values of up to 11.8% and 5.27% Cu with gold values reaching 1.2 g/t and 0.9g/t Au. An additional 12 grab samples were taken from the Maimann Lake showings and yielded high-grade surface samples reaching 63.4% and 43.38% Cu. These results were followed with drill hole testing of the Bob Lake surface vein. These results were promising, intercepting a vein system up to 4.9 m in width with 0.5 m grading up to 15.9% in drillhole BOB25-002. Drill Highlights: Hole number BOB25-001 from 6.2 to 8.6 meters, length 2.4 meters, Cu 1.09%. Including 6.2 to 6.7 meters, length 0.5 meters, Cu 3.57%. Including 8 to 8.6 meters, length 0.6 meters, Cu 1.13%. BOB25-002 from 6.8 to 11.5 meters, length 4.7 meters, Cu 2.69%. Including 6.8 to 7.5 meters, length 0.7 meters, Cu 3.44%. Including 7.5 to 8.3 meters, length 0.8 meters, Cu 1.95%. Including 8.3 to 8.8 meters, length 0.5 meters, Cu 15.9%, Au 1.97 ppm. BOB25-002 from 19 to 23.2 meters, length 4.2 meters, Cu 0.85%. Including 22.5 to 23.2 meters, length 0.7 meters, Cu 3.91%. The 2026 drill program will focus on extending the Bob Lake showing by testing the vein system at depth and along strike, as well as testing the subsurface potential of the Maimann Lake showing. Rock samples from the prospecting program were described, photographed, and assigned unique IDs in the field. Sample locations and observations were recorded using handheld GPS units. All rock samples were bagged, sealed and stored at the Uranium City base before shipment to SRC Geoanalytical Laboratories in Saskatoon at the end of the program. Surficial grab samples are selective in nature and may not be representative of the underlying mineralization or the overall grade of the mineralized system. Rock Samples collected for analysis at Bob Lake and Maimann Lake were sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan for preparation and processing. Samples were tested using fire assay, ICP-MS and ICP-OES multi-element analysis using total and partial digestion. Samples were tested using the ICPMS4AT multi-element exploration package. All samples marked as radioactive upon arrival to the lab were also analyzed using the U3O8 assay (reported in wt.%). Copper samples were tested using ICP-OES multi-element analysis ICP3 and ICP4 partial and total digestion exploration packages. Select gold samples were tested using AU1 low-grade fire assay exploration package excluding samples SRC385442, SRC445374, and SRC445375 mentioned in this report. SRC Geoanalytcial Laboratories is an ISO/IEC 17025:2005 and Standards Council of Canada certified analytical laboratory. Blanks and standard reference materials were inserted into the sample stream at regular intervals in accordance with Axiom Group’s quality assurance/quality control (QA/QC) protocols. All samples passed internal QA/QC protocols and the results presented in this release are deemed complete, reliable, and repeatable. Drill core samples were transported by helicopter to the logging facility in Uranium City where they were logged, photographed, sampled and bagged on site. Drill core was NQ size, and samples were a split of the core diameter with a manual core splitter, with half the core sample going into the sample bag and half of the core sample was returned to the core box to remain as a reference. All core is stored in Uranium City next to the Uranium City logging facility. Samples were then shipped by air to Fort McMurray, Alberta by McMurray aviation then transported by truck to SRC Geoanalytical in Saskatoon, Saskatchewan. Blanks, certified reference material (CRM), and duplicates were inserted into the sample stream at regular intervals of 1:25 or better in accordance with Axiom Groups quality assurance/quality control (QA/QC) protocols. Drill core samples collected for analysis at Surprise Creek were sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan for preparation and processing. SRC Geoanalytical Laboratories is an ISO/IEC 17025:2017 and Standards Council of Canada certified analytical laboratory. The QP has not independently verified the geochemical analytical data disclosed and is reliant on the QAQC of the independent laboratory.