Mustang Energy Corp. announced the acquisition of a 100% interest in the Spur Project, located just south of the Athabasca Basin in northern, Saskatchewan. The Spur Project was acquired through low-cost staking and consists of nine dispositions, or mineral claims, totaling 17,929 hectares, further enhancing Mustang?s growing portfolio. The project is situated in an area with potential for uranium and rare earth element (REE) exploration.
Project Highlights: Large Land Package: The Spur Project spans 17,929 hectares across nine mineral claims. Proximity to infrastructure: Located approximately 40 kilometers southeast of Cameco?s Key Lake Mill. Adjacent to High-grade Uranium Occurrences: Notable results from adjacent areas include: 4.4% U3O8 from Trench Lake area ?C? (Rath, 1969 ? sample R69-10); 8.0% U3O8 and 2.00% ThO2 from sample (R69-17) containing uraninite at North Pipe Lake (SMDI 1005); and 2.01% U3O8 from Vee Lake trench (SMDI 1003).
Underexplored Potential: The property?s geology suggests potential for basement-hosted uranium and REE mineralization but remains underexplored. Geological Favourability: 20 kilometers southwest of Skyharbour Resources/Terra Clean Energy?s Fraser Lakes Zone B deposit (2015 NI 43-101 inferred resource: 6.96 million lbs U3O8 @ 0.03% and 5.34 million lbs ThO2 @ 0.023%). Diverse Mineralization: In addition to potential basement-hosted uranium deposits, the region features uraniferous granitic pegmatites that exhibit Rössing-type mineralization.
Project Geology and Mineralization: The Spur Project lies within the Wollaston Domain, just south of the Athabasca Basin, a region globally recognized for its uranium deposits. The property is underlain by Proterozoic basement rocks, comprising Wollaston Group metasedimentary gneisses, predominantly psammitic to meta-arkosic, with folded lenses of pelitic to psammopelitic gneisses. This geological setting provides a conduit for both pegmatite-related and basement-hosted uranium, thorium, and REE mineralization.
Uranium and thorium mineralization within the region is frequently associated with highly anomalous concentrations of rare earth elements (REEs), base metals, and other pathfinder elements. This mineralization style aligns with ?Rössing-type? deposits, named after the iconic Rössing Mine in Namibia, one of the larger and longest-operating open-pit uranium mines globally.
Geophysical surveys in the area indicate EM conductor trends associated with graphitic pelitic gneisses and uraniferous granitic pegmatites, suggesting a fertile system and highlighting the potential for basement-hosted uranium deposits. These features are analogous to high-grade uranium deposits, including Eagle Point, Millennium, and Key Lake, all of which have significant resources derived from Wollaston Group basement lithologies. Next Steps: Mustang Energy is committed to advancing exploration at the Spur Project through a systematic approach: Re-Processing Geophysical Data: Existing airborne EM datasets are being reinterpreted to better refine exploration targets.
High-Resolution VTEM Survey: An in-fill airborne EM survey will further enhance conductor mapping and prioritize targets. Ground-Based Exploration: Detailed sampling and prospecting will follow to validate anomalies and refine drill targets. Drill Targeting: A maiden drill program will target coincident geophysical and geochemical anomalies, focusing on high-grade uranium, thorium, and REE potential.
Strategic Importance: The acquisition of the Spur Project aligns with Mustang Energy?s vision of building a robust portfolio of uranium and REE assets in the Athabasca Basin, a region known for its high-grade uranium deposits. As global energy markets shift toward low-carbon solutions, nuclear energy remains a cornerstone of sustainable power generation, driving demand for uranium resources. Mustang Energy remains committed to executing its exploration strategy responsibly, contributing positively to local communities, and ensuring environmental sustainability in all its operations.