Mustang Power Corp. Expands Land Portfolio Throughout the Athabasca Basin, Saskatchewan

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VANCOUVER, British Columbia, Oct. 10, 2024 (GLOBE NEWSWIRE) — Mustang Power Corp. (CSE: MEC)(the “Firm” or “Mustang”) is happy to announce the acquisition of 45,585 hectares of potential land throughout the Southern and Western Athabasca Basin in Saskatchewan. This enlargement was achieved by a mixture of low-cost staking and a strategic buy agreements, as beforehand introduced within the Firm’s information launch dated September 9, 2024 and September 26, 2024.

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The newly acquired properties embody the Yellowstone Undertaking (21,820 hectares – see Determine 2), the Dutton Undertaking (9,666 hectares – see Determine 3), and three further claims (14,098 hectares) that are at present unnamed. With these acquisitions, Mustang’s whole land holdings within the Athabasca Basin have elevated from 10,644 hectares—comprising the Ford Lake, Cigar Lake East, and Roughrider South tasks—to a powerful 56,229 hectares (see Determine 1).

“That is one other important land acquisition that marks a significant milestone for Mustang Power Corp as we proceed to strengthen our asset base on the planet’s premier uranium-producing area,” said Nick Luksha, CEO of Mustang Power. “We efficiently secured these adjoining claims to our present land bundle. Since going public in early June, we’ve expanded our portfolio and intend to additional strengthen our group. These claims are situated in uranium-rich areas, providing glorious exploration potential, and we imagine they’ll improve long-term worth for our shareholders.”

Acquisition of the Yellowstone Undertaking

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Mustang accomplished the beforehand introduced acquisition of a land bundle within the Cluff Lake area of the Athabasca Basin from Proton Uranium Ltd. and Electron Uranium Ltd. (collectively, the “Distributors”), in trade for the issuance of 12,000,000 frequent shares (every, a “Share”) within the capital of Mustang to 3 nominees (the “Nominees”) of the Distributors at a deemed value per Share of $0.255. All Shares issued as consideration to the Nominees are topic to a statutory maintain interval of 4 months and at some point from the date of issuance. Furthermore, the Nominees have entered right into a voluntary pooling settlement whereby the Shares can’t be bought, transferred, or in any other case disposed of till February 10, 2026. The claims comprising the Yellowstone Undertaking are at present held in belief for Mustang by the Distributors, pending affirmation of switch from Mineral Administration Registry Saskatchewan.

For extra info concerning the acquisition of the Yellowstone Undertaking, see the Firm’s information launch dated September 9, 2024 filed beneath its profile on SEDAR+.

Acquisition of a 90% Curiosity within the Brown Lake Undertaking

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Additional to the acquisitions mentioned above, Mustang can also be happy to announce that it has accomplished the acquisition of a 90% curiosity within the Brown Lake challenge (the “Undertaking”) pursuant to the phrases of a mineral property acquisition settlement (the “Settlement”) with Commonplace Uranium (Saskatchewan) Ltd. (“Commonplace Uranium SK”) dated September 25, 2024, as beforehand introduced in Mustang’s information launch dated September 27, 2024. Mustang issued 60,000 Shares at a deemed value per Share of $0.33 to Commonplace Uranium Ltd. (“Commonplace Uranium”), Commonplace Uranium SK’s dad or mum firm, as consideration for the acquisition. All Shares issued to Commonplace Uranium are topic to a statutory maintain interval of 4 months and at some point from the date of issuance. As well as, the Shares are topic to a voluntary escrow association whereby the Shares will likely be launched from escrow in 4 equal elements with the primary half launched on the expiration of the statutory maintain interval, and every successive launch occurring each two months thereafter.

Pursuant to the Settlement, Commonplace Uranium SK will maintain a ten% carried curiosity within the Undertaking, whereas Mustang will likely be solely chargeable for funding all bills and obligations related to sustaining, exploring and growing the Undertaking. Mustang could solely give up its curiosity within the Undertaking with prior approval of Commonplace Uranium SK. The mineral license underlying the Undertaking is at present held in belief for Mustang by Commonplace Uranium SK, topic to affirmation of switch from Mineral Administration Registry Saskatchewan.

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For extra info concerning the acquisition of the 90% curiosity within the Undertaking, see the Firm’s information launch dated September 26, 2024 filed beneath its profile on SEDAR+.

Determine 1: Map of Mustang Power’s Claims throughout the Athabasca Basin, Saskatchewan.

Acquisition Highlights:

Yellowstone Undertaking

• 100% owned by Mustang Power, the Yellowstone Undertaking consists of seven adjoining claims totaling 21,820 hectares.
• The property is situated roughly 16 kilometers from the Cluff Lake Mine, which has produced over 62 million kilos of uranium¹, and is adjoining to Fission Uranium’s West Cluff Undertaking.
• Surrounds the Carswell Affect Construction, an 18-kilometer-wide function believed to have been created by a meteorite influence, exposing basement rock with important high-grade uranium potential.
• The property is transected by identified conductors, suggesting potential exploration targets.
• One historic drill gap (SYL-1) encountered sturdy alteration however missed the meant conductive goal.²

Dutton Undertaking

• The Dutton Undertaking spans 9,667 hectares over three adjoining claims within the Southern Athabasca Basin, Saskatchewan.
• Located close to the Cable Bay Shear Zone inside the Mudjatik Area, which is thought to host uranium anomalies within the basement rock.
• The challenge is situated roughly 20 kilometers east of the Virgin River Shear Zone, which hosts the Dufferin Lake Zone and Centennial deposit. These deposits have demonstrated high-grade uranium mineralization, together with intersections of 1.73% U₃O₈ over 6.5 meters and eight.78% U₃O₈ over 33.9 meters.³^,⁴
• The world stays underexplored, providing what Mustang believes to be potential for uranium discoveries.

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Determine 2: Mustang Power’s Yellowstone Undertaking within the Western Athabasca Basin, SK.

Determine 3: Mustang Power’s Dutton Property within the Southern Athabasca Basin, Saskatchewan.

Taken collectively, Mustang believes these acquisitions spotlight Mustang’s dedication to increasing its portfolio of high-quality uranium belongings inside the Athabasca Basin, famend for its uranium manufacturing. As world power markets transition towards low-carbon options, the Firm believes that nuclear power—and the uranium that fuels it— will proceed to play an necessary function within the sustainable power panorama.

Mustang stays dedicated to accountable exploration, guaranteeing that its operations are carried out in an environmentally and socially sustainable method, whereas contributing positively to the communities during which it operates.
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References:

1. Cluff Lake Mine Uranium Manufacturing – Orano
2. SMAD# 74K05-0140, Drill gap SYL-1, Sylia Lake Undertaking 1998, Cogema Assets Inc.
3. SMDI# 2758, Centennial Zone, Virgin River Undertaking, https://mineraldeposits.saskatchewan.ca/Dwelling/Viewdetails/2758
4. SMDI# 2056, Dufferin Lake Uranium Zone, https://mineraldeposits.saskatchewan.ca/Dwelling/Viewdetails/2056

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Qualifying Assertion:

The scientific and technical info on this launch has been reviewed by Lynde Guillaume, P.Geo., Technical Advisor for Mustang Power, and a registered member of the Skilled Engineers and Geoscientists of Saskatchewan. Ms. Guillaume is a Certified Particular person as outlined by Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives.

About Mustang Power Corp.:

Mustang is a useful resource exploration firm centered on buying and growing high-potential uranium and important mineral belongings. The Firm is actively exploring its properties within the Athabasca Basin of Saskatchewan, Canada. Mustang’s flagship property, Ford Lake, covers 7,743 hectares within the prolific japanese Athabasca Basin, whereas its Cigar Lake East and Roughrider South tasks span 2,901 hectares within the Wollaston Area. Mustang has additionally established its footprint within the Cluff Lake area of the Athabasca Basin with the acquisition of the Yellowstone Undertaking and additional expanded its presence within the southeastern margin of the Athabasca Basin by its 90% curiosity within the Brown Lake challenge.

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For additional info, please contact:

Mustang Power Corp.

Consideration: Nicholas Luksha, CEO and Director
Telephone: (604) 838-0184

Neither the CSE nor the Market Regulator (as that time period is outlined within the insurance policies of the CSE) accepts duty for the adequacy or accuracy of this launch.

This information launch contains sure statements and knowledge that will represent forward-looking info inside the that means of relevant Canadian securities legal guidelines. Ahead-looking statements relate to future occasions or future efficiency and mirror the expectations or beliefs of administration of the Firm concerning future occasions. Usually, forward-looking statements and knowledge might be recognized by way of forward-looking terminology equivalent to “intends”, “believes” or “anticipates”, or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “could”, “may”, “ought to”, “would” or “happen”. This info and these statements, referred to herein as “ahead‐wanting statements”, will not be historic info, are made as of the date of this information launch and embody with out limitation, statements concerning discussions of future plans, estimates and forecasts and statements as to administration’s expectations and intentions with respect to, amongst different issues: the anticipated advantages of the varied transactions contemplated herein and the longer term potential of the minerals claims acquired pursuant to the transactions contemplated herein. In making the forward-looking statements on this information launch, the Firm has utilized a number of materials assumptions, together with with out limitation the belief that the Firm will likely be in a position: to obtain anticipated advantages and obtain anticipated integration post-transaction and proceed exploring the varied tasks and surrounding minerals claims acquired pursuant to the transactions contemplated herein. Though administration of the Firm has tried to determine necessary elements that would trigger precise outcomes to vary materially from these contained in forward-looking statements or forward-looking info, there could also be different elements that trigger outcomes to not be as anticipated, estimated or meant. There might be no assurance that such statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on forward-looking statements and forward-looking info. Readers are cautioned that reliance on such info will not be applicable for different functions. The Firm doesn’t undertake to replace any forward-looking assertion, forward-looking info or monetary out-look which might be included by reference herein, besides in accordance with relevant securities legal guidelines.

Photographs accompanying this announcement can be found at
https://www.globenewswire.com/NewsRoom/AttachmentNg/cdf3a206-6b98-4f9b-b2a6-80090079abe5
https://www.globenewswire.com/NewsRoom/AttachmentNg/37851c32-0693-41cd-bfd6-be4d5e760007
https://www.globenewswire.com/NewsRoom/AttachmentNg/ef3b2024-db8c-4284-8204-94079d90fb91

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