Drilling update.Mustang to drill new target at Maskwa in mid-October
Mustang Minerals Corp (C:MUM)
Shares Issued 68,493,760
Last Close 9/24/2007 $0.76
Tuesday September 25 2007 - News Release
Mr. David Black reports
MUSTANG MINERALS EXPLORATION UPDATE
Mustang Minerals Corp. has made exploration developments at the Maskwa nickel project and also significantly advanced 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 kilometre northwest of Maskwa.
Maskwa exploration
Maskwa North drill target
The Maskwa North drill target is a 650-metre-long geophysical conductor identified by the recent Geotech VTEM survey over the Maskwa property. The target is located 100 to 200 metres north of the existing Maskwa mineral resource and the existing open pit. Drill intercepts of up to 12.4 metres at 0.69 per cent nickel and 0.36 per cent 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.
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 in Stockwatch dated Aug. 9, 2007). Three holes were drilled into two targets in this area.
Diamond drill holes CA-07-01 and CA-07-02 encountered sulphide 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 per cent Cu over 17.5 metres, which includes a 1.5-metre section of 2.5 per cent Cu and a 0.8-metre section of 1.8 per cent Cu. The mineralization is near surface.
Hole CA-07-02 was collared 60 metres to the east of CA-07-01. It yielded a sulphide mineralized section of 0.55 per cent over 30.7 metres that included higher-grade sections of 2.08 per cent Cu over 2.9 metres and 2.04 per cent 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 sulphide, 0.64 metre, assayed 3.23 per cent 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 metres north of the existing open pit. These geotechnical drill holes cover a strike length of 160 metres.
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 per cent in shallow drilling. (see Mustang news in Stockwatch dated Aug. 9, 2007).
The Aileen project is located in the Bird River greenstone belt one kilometre 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 underexplored 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 6,900 hectares of mineral claims which are 100 per cent held by Mustang Minerals. The area covers several regional magnetic anomalies located within the southern limb of the Bird River greenstone belt. Historical data show mineralized zones were encountered in diamond drilling but no assays were released at the time. Historical trench data indicate copper values up to 8 per cent.
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 vice-president of exploration, Carey Galeschuk, PGeo, 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 8,200 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 per cent nickel has been noted.
QA/QC
The drill core from the Cup Anderson drill program was processed at Accurassay Labs in Thunder Bay, Ont. The lab completed the sample preparation on split core and assayed the core using conventional assaying techniques.
Mr. Galeschuk, PGeo, is the qualified person for Mustang Minerals for the purposes of National Instrument 43-101.
) 2007 Canjex Publishing Ltd.