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VANCOUVER, British Columbia, April 17, 2026 (GLOBE NEWSWIRE) — Mustang Energy Corp. (CSE: MEC, OTC:MECPF, FRA:92T) (the “Company” or “Mustang”) is pleased to announce the completion of geochemical analysis of rock samples taken at the Surprise Creek Uranium-Copper (the “Project”), located in a prospective region known for its mineral potential northwest of the Athabasca Basin. The Company entered into an option agreement (the “Option Agreement”) with Thunderbird Resources Ltd. (“Thunderbird”) to acquire an undivided 80% interest in the Project. Please refer to the Company’s news release dated June 4, 2025, and June 16, 2025, as filed under the Company’s SEDAR+ profile, for further details regarding the Option Agreement.
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The field program at Surprise Creek included surface prospecting activities and detailed rock sampling, aimed at further refining target areas and outlining mineralization and alteration. Surface samples were collected from nine locations of interest where previous uranium and copper mineralization has been observed, or geophysical anomalies have been identified. The results outline the mineralization potential of uranium at the Surprise Creek area, and copper mineralization at the Bob Lake and Maimann Lake areas. Both locations warrant additional follow-up with ground prospecting and drill targeting to test anomalies at deeper subsurface depths.
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Surprise Creek Uranium-Copper Project
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The Surprise Creek Project is located 25 km north-west of the Beaverlodge Uranium District, which hosts the historical uranium mines of Gunnar and Eldorado (Ace-Fay-Verna) and is located northwest of the Athabasca Basin (see figure 1).
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Mustang holds an option to acquire an 80% interest in the Project from Thunderbird Resources under an agreement announced on June 4 and June 16, 2025. The program is fully permitted, with exploration approvals granted by the Saskatchewan Government.
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Figure 1: Surprise Creek Uranium-Copper Project Overview and Location with sample results
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Cautionary Statement
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The Company advises that, notwithstanding their proximity and location, discoveries of minerals on or near historic mines such as Gunnar and Eldorado, and any promising results thereof, are not necessarily indicative of the mineralization of, or located on the Project, or the Company’s ability to commercially exploit the Project, or to locate any commercially exploitable deposits therefrom. The Company cautions investors on relying on this information as the Company has not confirmed the accuracy or reliability of the information.
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2025 Surprise Creek Prospecting Targets
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A strong uranium radiometric anomaly has been identified at the previously defined Surprise Creek Fault drill target, where historical drilling returned results of up to 2.1m of 4.37% U3O8 from 57m1,3. During the summer prospecting program, 37 grab samples were collected by Axiom in the Surprise Creek area which hosts polymetallic vein type uranium-copper mineralization and returned encouraging assay results of up to 9.39% and 7.93% U3O8 with up to 3.11% Cu values (Table 1). Uranium surface mineralization has been traced discontinuously over a strike length of approximately 500 meters2, highlighting the potential scale of the system. In addition to uranium mineralization, the program confirmed the presence of several historic copper targets, significantly enhancing the project’s multi-commodity value proposition.
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