11:41 AM EDT, 10/22/2024 (MT Newswires) -- Mustang Energy ( MECPF ) late on Monday said it received an exploration permit for the Ford Lake project in the Athabasca Basin of Saskatchewan.

The permit from the Saskatchewan government allows Mustang to proceed with key exploration activities, including ground-based geophysics, trail construction and diamond drilling. The permit is valid from Sept. 1, 2024, to Sept. 30, 2027.

Mustang also received approval for eligibility with the Depository Trust Company allowing for electronic clearing and settlement of its shares traded in the U.S. on the OTC Markets. Obtaining DTC eligibility facilitates easier trading for U.S. investors, boosting the company's ability to access a broader investor base and improving liquidity.

In addition, Mustang has acquired 45,897 hectares of prospective land across the Southern and Western Athabasca Basin in northern Saskatchewan.

The Brown Lake property adjoins the Ford Lake project and is located close to infrastructure. It is situated 30-40 kilometers south of Cameco's Millennium deposit and Denison Mines' Gryphon and Phoenix deposits.

Mustang's shares were last seen up $0.01 to $0.32 on the Canadian Securities Exchange.

Price: 0.32, Change: +0.01, Percent Change: +3.23