NEWSMustang Minerals begins exploration drilling at Maskwa
Mustang Minerals Corp (C:MUM)
Shares Issued 68,893,760
Last Close 12/4/2007 $0.59
Wednesday December 05 2007 - News Release
Mr. David Black reports
MUSTANG UPDATES PREFEASIBILITY PROGRESS
Mustang Minerals Corp. has commenced exploration drilling at its Maskwa property, located in southeastern Manitoba. The company also released the results from drill holes completed earlier in 2007 as part of definition and resource drilling of the Maskwa deposit and provided an update on the progress of the prefeasibility study at Maskwa.
Prefeasibility study
Mustang Minerals Corp. is currently completing a prefeasibility study for its Maskwa nickel project. The prefeasibility is proceeding with all phases of work progressing toward completion. The key components of the work are being completed by Wardrop Engineering Inc. (resource, geotechnical work and mine design), F. Wright Consulting Inc. (metallurgical testwork), Golders Associates Ltd.(tailings disposal) and Met-Chem Canada Inc. (metallurgy, process definition, ore processing facilities and mine site infrastructure). Micon International has been engaged to author the final prefeasibility study report.
Drilling commences at Maskwa
The exploration drill program is targeting nickel mineralization located along the North Maskwa and Dumbarton horizons. Both horizons are coincident with GeoTech VTEM conductors and are associated with surface showings of copper-nickel mineralization. This mineralization has been mapped and shown to outcrop intermittently along strike for approximately two kilometres. The program is anticipated to last several months as a minimum of 10,000 feet has been contracted.
Included in the drill program will be drilling of the Maskwa North conductor to the north of where base metal values were encountered in geotechnical drilling. Significant elevated values from assays in the geotechnical holes not previously released include:
In MM07-90:
- 0.24 metre at 0.65 per cent Ni, 1.52 per cent Cu and 0.9 gram per tonne PGM (from 24.05 to 24.29 metres);
- 1.44 metres at 1.49 per cent Cu (from 205.04 to 206.48 metres);
- 1.19 metres at 0.60 per cent Cu and 0.5 gram per tonne PGM (from 210.19 to 211.38 metres);
- 1.40 metres at 0.78 per cent Cu (from 212.78 to 214.18 metres).
In MM07-91:
- 4.6 metres at 2.4 grams per tonne PGM;
- 1.5 metres of 0.48 per cent Ni and 0.55 per cent Cu.
Results of resource drilling
Other drill holes at Maskwa not previously announced include MM07-93, MM07-94 and MM07-95. These drill holes were drilled as part of resource definition and intersected multiple zones of lower-grade nickel mineralization. Additional core from prospective holes previously drilled at Maskwa are currently being split and sent for assay to examine the continuity and extent of this lower-grade mineralization.
MM07-93 was targeted to hit the Maskwa zone 45 metres below the resource model. It intersected six zones of low-grade nickel mineralization in the hole:
- 6.1 metres at 0.31 per cent nickel (from 81.1 to 87.2 metres);
- 5.7 metres at 0.31 per cent nickel (from 95.6 to 101.3 metres);
- 15.6 metres at 0.34 per cent nickel (from 103.8 to 119.4 metres);
- 4.6 metres at 0.31 per cent nickel (from 122.5 to 127.1 metres);
- 6.1 metres at 0.40 per cent nickel (from 128.6 to 134.7 metres);
- 10.2 metres at 0.40 per cent nickel (from 162.1 to 172.3 metres).
MM07-94 was an infill resource hole intersected two zones of mineralization:
- 19.1 metres at 0.40 per cent nickel (from 121.7 to 140.8 metres), which included 3.7 metres at 1.36 per cent nickel and 0.78 per cent copper in a hangingwall zone;
- 21.4 metres at 0.40 per cent nickel (from 188.0 to 209.4 metres).
MM07-95 was targeted to intersect the Maskwa Zone 91.5 metres below the resource. It intersected:
- 1.2 metres at 2.5 per cent Cu and 0.41 per cent Ni (from 147.5 to 148.7 metres);
- 9.1 metres at 0.36 per cent nickel (from 282.6 to 291.7 metres).
Assays were completed at Accurassay Laboratories and TSL Laboratories using standard assay techniques. Assay intervals are apparent width.
Carey Galeschuk, PGeo, the vice-president exploration of Mustang, and Ernest J. Marcotte PEng, are the qualified persons for Mustang Minerals, and have reviewed the contents of this release.
) 2007 Canjex Publishing Ltd.