07:36 AM EDT, 04/08/2025 (MT Newswires) -- Mustang Energy ( MECPF ) overnight Monday announced the expansion of its Spur Project with the acquisition of a 100%-owned mineral claim comprising 5,751 hectares.

A statement noted the new claim is located directly south of the Athabasca Basin in northern Saskatchewan and was secured through strategic, cost-effective staking. It said this addition further strengthens Mustang's land position in a "geologically favorable region" prospective for uranium, rare earth elements (REEs), thorium (Th), and base metal mineralization.

According to the statement, the new claim extends the Spur Project southward and lies approximately 70 km southeast of Cameco's ( CCJ ) Key Lake Mill (CCO.TO) and within 45 km of all-season road access and a power transmission corridor. It noted the property is situated within an underexplored area of the Wollaston Domain and encompasses a magnetic low trending south from the Burbidge Lake Shear Zone, "a notable regional reverse fault". This structural corridor also lies adjacent to Forum Energy Metals' Janice Lake Sediment-hosted Copper Project. The newly acquired claim includes a historically identified zinc showing, Grand Rapids Zinc Occurrence, where surface grab samples returned up to 0.4% Zn.

"With this acquisition, Mustang continues to strengthen and diversify its portfolio to include uranium and critical mineral assets in the Athabasca region, a globally recognized jurisdiction for high-grade uranium deposits," said Nicholas Luksha, CEO. "We are committed to unlocking the mineral potential of the Spur project. Our technical team is currently compiling available datasets with the expectation of initiating a reconnaissance-level exploration program over the newly staked area during the upcoming field season."