10:56 AM EST, 12/23/2024 (MT Newswires) -- Mustang Energy ( MECPF ) was modestly higher at last look on Monday after it over the weekend said that it announced the acquisition of a 100% interest in the Spur Project, located just south of the Athabasca Basin in northern, Saskatchewan.

A statement noted the project was acquired through "low-cost staking" and consists of nine dispositions, or mineral claims, totaling 17,929 hectares. The company said the project is situated in an area with potential for uranium and rare earth element (REE) exploration, just 40 km from Cameco's ( CCJ ) Key Lake Mine.

"This project further strengthens our position in key uranium regions while providing additional opportunities for REE exploration," CEO Nick Luksha said. "We look forward to advancing our exploration efforts and unlocking the potential of this exciting asset."

Mustang's share price was up 3.3% at last look to $0.315 on the CSE

Price: 0.32, Change: +0.01, Percent Change: +3.28