06:47 AM EDT, 06/27/2025 (MT Newswires) -- Mustang Energy ( MECPF ) late on Wednesday said it has commenced field exploration activities at the Cluff Lake North uranium project in the Athabasca Basin of Canada.

The field program will involve surface prospecting activities, including detailed rock sampling, to further refine target areas and outline mineralization and alteration. The sampling program will be carried out over 10 days, the company said.

"The project lies in a structurally complex and underexplored area with favorable geology for uranium discovery. We aim to generate high-quality data to guide future drilling and position Cluff Lake North as a key asset in our exploration pipeline," Mustang CEO Nick Luksha said.

The company, whose shares rose near 9% on Thursday, recently entered into an option agreement with Thunderbird Resources to acquire an undivided 80% interest in the project.