Mustang Energy Corp. has received assay results from all 11 diamond drill holes on the Surprise Creek Uranium-Copper (?Surprise Creek? or the ?Project?), located in a prospective region 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. Mustang holds an option to acquire an 80% interest in the Project from Thunderbird Resources under an agreement announced on June 4 and June 16, 2025.
The program is fully permitted, with drilling approvals granted by the Saskatchewan Government. The 2025 Surprise Creek Drill Program focused on testing the continuity of polymetallic high-grade uranium-copper veins exposed on surface. Historically, the area has produced encouraging results highlighted by historic drill hole VT20 revealing 2.1m @ 4.37% U3O8 at 57m.
The Surprise Creek drill program aimed to further refine historically drilled target areas where previous uranium and copper mineralization has been observed, or recent summer 2025 prospecting and mapping with geophysical anomalies have identified mineralization and alteration. A total of nine diamond drill holes, comprising 1123m, were completed during the 2025 fall program in the Surprise Creek area. An additional two drill holes totaling 135m were drilled at the Bob Lake area, bringing the combined drilling total for the Surprise Creek and Bob Lake areas to 1,258m.
The core samples collected from drill holes within the Surprise Creek and Bob lake areas were sent to SRC geoanalytical for geochemical analysis. Both locations warrant additional follow-up with ground drill targeting to test anomalies at deeper subsurface depths. Key Highlights: Surprise Creek: 9 drill holes totalling 1123m comprising 333 samples including QA/QC with the highest grading up to 535 ppm U308.
High grade Uranium on surface traced discontinuously over a strike length of approximately 500 meters. Bob Lake: 2 drill holes totalling 138m comprising 68 samples including QA/QC. Drill hole BOB25-002 intersected 4.9 metres of copper mineralization beginning at 6.8 metres depth, grading 2.69% Cu, including 0.5 metres assaying up to 15.9% Cu.
A separate 0.7 metre interval downhole at 22.5 metres returned grades of up to 3.91% Cu. Drill hole BOB25-001 intersected 2.4 meters of copper mineralization at 6.2 meters depth, grading 1.09% Cu, including 0.5 meters grading up to 3.57% Cu. Both drill holes are located within an easily accessible area with shallow mineralization.
3 metre wide by 9 metre strike length mineralized quartz vein on surface. Drill Highlights: Hole number From To Length (m) Cu % Au ppm BOB25-001 6.2 8.6 2.4 1.09 * including 6.2 6.7 0.5 3.57 * including 8 8.6 0.6 1.13 * BOB25-002 6.8 11.5 4.7 2.69 * including 6.8 7.5 0.7 3.44 * including 7.5 8.3 0.8 1.95 * including 8.3 8.8 0.5 15.9 1.97 BOB25-002 19 23.2 4.2 0.85 * including 22.5 23.2 0.7 3.91 *. Follow-up drilling and ground prospecting is warranted at the Bob Lake and Surprise Creek areas based on the encouraging surface mineralization and the highlighted drill results listed above.
Several geophysical anomalies have been identified across Surprise Creek that require additional ground prospecting follow-up to refine targets and prioritize future drilling. Future drilling will focus on evaluating high-grade surface expressions at deeper depths to determine their subsurface continuity and potential scale. The Project is a multi-commodity project with prospective drill targets beyond the immediate areas of focus, including the Maimann Lake area and Surprise Creek NW area where surface sampling produced up to 63.4% Cu and 7.93% U3O8.
The scientific and technical information in this news release has been reviewed and approved by Troy Marfleet, P.Geo., Technical Advisor for Mustang Energy, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Mr. Marfleet is a Qualified Person as defined by National Instrument 43-101. Geochemical Sampling Procedure: All drill core samples were transported by helicopter to the logging facility in Uranium City where they were logged, photographed, sampled and bagged on site.
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. All samples passed internal QA/QC protocols and the results presented in this release are deemed complete, reliable, and repeatable.
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. Surprise Creek: Drill core samples from the Surprise Creek area were prepared using the ICP-MS 4-acid total digestion multi-element exploration package.
A process where the samples are weighed, dried, and crushed into a fine powder before acid dissolution. All samples marked as radioactive upon arrival to the lab were requested to be analyzed using the U3O8 assay (reported in wt.%) if the samples hit overage limits. Bob Lake: Drill core samples from the Bob Lake area were tested using fire assay, ICP-OES and ICP-MS multi-element analysis.
The samples were tested using the ICP3 partial digestion exploration package specifically designed for gold/base metal analysis along with the AU1-OES low grade gold fire assay exploration package.
