9/25/2007 1:00:05 AM ET News Release Index
Mustang Minerals Exploration Update
TORONTO, ONTARIO, Sep 25, 2007 (CCNMatthews via COMTEX News Network) --
Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) today announced exploration developments at the Maskwa Nickel Project and also significant advancement of its regional exploration program in southeastern Manitoba.
At Maskwa a high priority Ni-Cu-PGM exploration target north of the Maskwa resource has been identified and drilling is scheduled to commence in mid-October.
Significant copper and gold results associated with a felsic volcanic sequence have been intersected in initial drilling of the Cup Anderson prospect located one (1) km northwest of Maskwa.
MASKWA EXPLORATION
Maskwa North Drill Target
The Maskwa North drill target is a 650 meter long geophysical conductor identified by the recent Geotech VTEM survey over the Maskwa Property. The target is located 100 to 200 meters north of the existing Maskwa mineral resource and the existing open pit. Drill intercepts of up to 12.4 meters at 0.69% nickel and 0.36% copper were intercepted in historical drilling in the eastern section of the conductor. The western section of the conductor has not been drilled. Mineralization noted in geotechnical holes drilled by Mustang as part of the Maskwa prefeasibility study (assays pending) may be associated with this conductor.
In order to test this target a number of drill holes will be planned along strike. The close proximity to the Maskwa resource, the strike length and the known mineralization associated with this conductor make it a high priority for drilling.
A graphic showing the location of the Maskwa North Target is posted on the Mustang website at www.mustangminerals.com.
Drilling Update
Cup Anderson Yields Copper Values
Mustang has completed initial diamond drilling of a VTEM target 1.5 kilometres to the northwest of the Maskwa project (see news release dated August 9th, 2007). Three holes were drilled into two targets in this area.
Diamond drill holes CA-07-01 and CA-07-02 encountered sulfide mineralization at a contact of volcanic rocks with a quartz feldspar porphyry unit. The main mineralization was in the volcanic unit with minor disseminated mineralization in the felsic intrusive.
Hole CA-07-01 yielded a mineralized section of 0.81% Cu over 17.5 metres which includes a 1.5 meter section of 2.5% Cu and a 0.8 metre section of 1.8% Cu. The mineralization is near surface.
Hole CA-07-02 was collared 60 metres to the east of CA-07-01. It yielded a sulfide mineralized section of 0.55% over 30.7 metres that included higher grade sections of 2.08% Cu over 2.9 metres and 2.04% Cu over 1.5 metres.
Diamond drill hole CA-07-03 was collared 256 metres to the southwest of CA-07-01. The geology in this drill hole was different than the previous holes as it intersected 58.2 metres of an ultramafic unit. In the underlying volcanic unit, a narrow band of sulfide, 0.64 metres, assayed 3.23% Cu and 2.1 g/t Au.
Geophysical interpretation of this VTEM conductor suggests that the main mineralization may not have been intersected by the initial drilling program. Targeting of additional drill holes will require winter freeze-up to test the main target along strike.
Other Drill Results Pending.
Mustang is currently awaiting the assay results from drilling completed in early summer. These results include:
- Three additional resource drill holes to test the area beneath the Maskwa Deposit.
- Drill core from four geotechnical drill holes drilled in the footwall at Maskwa from 50 to 100 meters north of the existing open pit. These geotechnical drill holes cover a strike length of 160 meters.
REGIONAL EXPLORATION PROGRAM
Mustang has now completed a mineral rights acquisition program in southeastern Manitoba. Mineral rights were acquired through staking of unpatented mining claims with the exception of one mining claim. Two areas were targeted:
The Fox Project is located west of Bissett and includes historical nickel intercepts of up to 5% in shallow drilling. (see Mustang press release dated August 9, 2007)
The Aileen Project is located in the Bird River Greenstone Belt 1km south of Maskwa. The area was the subject of historical drilling for copper and nickel in the 1950s.
Both areas are considered highly prospective for Ni-Cu-PGM mineralization and include significant mineralized occurrences in under-explored terrain. The properties were staked to cover magnetic anomalies that have similar magnetic signatures to the Maskwa and Mayville properties and their respective nickel-copper resources. The expanded project area gives Mustang an unparalleled exploration package in the southeastern Manitoba area to complement the Maskwa Nickel Project where a prefeasibility study is due for completion this fall.
Aileen Project
The Aileen Project consists of approximately 6900 hectares of mineral claims which are 100% held by Mustang Minerals. The area covers several regional magnetic anomalies located within the southern limb of the Bird River Greenstone Belt. Historical data shows mineralized zones were encountered in diamond drilling but no assays were released at the time. Historical trench data indicates copper values up to 8%.
Mustang intends to complete an initial evaluation of historical drilling in the area using ground prospecting to examine and sample known occurrences. A prospecting crew, working under the supervision of Mustang's VP Exploration Carey Galeschuk P.Geo. will shortly be mobilized to the project area. Mustang is also in the process of arranging heliborne geophysics over key portions of the Aileen Project area.
A property location map will be posted on the Mustang website to show the location of the Aileen and Fox Projects.
Fox Property Update
The Fox Property now consists of 8200 hectares of mineral rights. Mustang plans a heliborne VTEM survey over the property and prospecting during the next eight weeks. Nickel mineralization in historical drill core of up to 5% nickel has been noted.
QA/QC
The drill core from the Cup Anderson drill program was processed at Accurassay Labs in Thunder Bay, Ontario. The lab completed the sample preparation on split core and assayed the core using conventional assaying techniques.
Carey Galeschuk P.Geo. is the Qualified Person for Mustang Minerals Corp. for the purposes of National Instrument 43-101.
To find out more about Mustang Minerals Corp. (TSX-V: MUM) visit our website at www.mustangminerals.com.
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include the Company's plans for its mineral projects in Manitoba, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations, uncertainty of production and costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of nickel and other metals, completion of economic evaluations, changes in project parametres as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Management Discussion and Analysis for the year ended December 31, 2006 and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
Shares Outstanding: 68,493,760
SOURCE: Mustang Minerals Corp.
Mustang Minerals Corp. David Black Investor Relations (416) 955-4773 Email: info@mustangminerals.com Website: www.mustangminerals.com
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