Mustang Energy receives exploration permits for Ford Lake, Saskatchewan
Mustang Energy Corp. [CSE: MEC] has made two major developments. First, the company has received exploration permits from the Saskatchewan government, authorizing ground-based exploration activities at the Ford Lake project, located in the Athabasca basin, Saskatchewan.
Second, Mustang has also received approval for eligibility with the Depository Trust Company (DTC), allowing for electronic clearing and settlement of its shares traded in the United States on the OTC Markets.
The exploration permit, valid from September 1, 2024, to September 30, 2027, allows for key exploration activities, including ground-based geophysics, trail construction, the establishment of a temporary work camp and diamond drilling. Mustang plans to commence ground-based geophysics in due course, followed by a diamond drilling program based on survey results.
“We are thrilled to have received approval for the exploration permit for the Ford Lake project, a significant milestone for our team. With this key step behind us, we are now focused on commencing exploration work on our wholly owned property in the near term, bringing us closer to unlocking the full potential of this asset,” said Nick Luksha, CEO.
In other news, obtaining DTC eligibility marks a significant milestone for Mustang, facilitating easier trading for U.S. investors by simplifying the process of transferring and settling Mustang shares on the OTC Markets. This approval enhances the company’s ability to reach a broader investor base, improving liquidity and shareholder value. Mustang trades on the OTCQB under the symbol MECPF.
Mustang is also pleased to announce the acquisition of 45,897 hectares of prospective land across the southern and western Athabasca basin in Northern Saskatchewan, significantly expanding its exploration footprint.
Acquisition of Brown Lake project (adjoining Ford Lake): The Brown Lake property adjoins Mustang’s Ford Lake project, further enhancing the company’s land position in this highly prospective region. The property encompasses over 3 km of an unexplored structural magnetic low.
The magnetic low lies along trend of the Shift Lake uranium zone, which hosts mineralized drill holes. Drill hole 79-17 hosts 0.62% triuranium octoxide over 2.75 metres and up to 2.42% U3O8 over 0.75 metre (SMDI No. 2031, Union Carbide exploration, 1979).
The project is conveniently located close to infrastructure, being two km from Fox Lake Road and 12 km from the all-season highway connecting to the Key Lake mill.
The property is situated 30 to 40 km south of Cameco Corp.’s Millennium deposit and Denison Mines Corp.’s Gryphon and Phoenix deposits.
The Ford Lake project comprises four claims covering 7,743 hectares in the uranium-rich eastern Athabasca basin, near the Mudjatik and Wollaston domains. This area is proved to host significant uranium deposits, with Cameco’s Key Lake operation, located just 15 km southeast of Ford Lake, as well as Denison Mines Corp.’s Gryphon and Phoenix deposits and the Millennium deposit all located within 20 to 30 km of the property.
Mustang is focused on acquiring and developing high-potential uranium and critical mineral assets. The company operates several exploration projects in Saskatchewan’s Athabasca basin, including the Ford Lake project (7,743 hectares), Cigar Lake East and Roughrider South (combined 3,443 hectares), as well as recent acquisitions like the Yellowstone project (21,820 hectares) and the Dutton project (9,667 hectares).