NewsMustang Drills 9.1 Meters of 3.9 g/t Platinum-Palladium Strike Length of New PGM Zone Now 100 Meters
TORONTO, ONTARIO, May 05, 2011 (MARKETWIRE via COMTEX News Network) --
MustangMinerals Corp. (TSX VENTURE: MUM)(FRANKFURT: NJF) ("Mustang") today ispleased to announce the follow up drill results pursuant to its March22nd, 2011 discovery of new platinum-palladium mineralization at itsMayville Property, southeast Manitoba, Canada. Three additional holes(MAY11-25 to MAY11-27) were drilled at 50 meter step-outs west, east andsouth from the discovery hole, MAY11-07. All holes hit significant PGMmineralization and the holes have extended the strike length of the zoneto 100 meters.
Significant intercepts and subintervals of mineralization of greater than 1.0 g/t PGM are as follows:
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PGM Zone - Mayville Project 2011 Drill Program
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From To Interval Pt Pd Au+Pt+Pd
Hole (m) (m) (m) (g/t) (g/t) (g/t)
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MAY11-25 37.0 61.6 24.6 0.2 0.8 1.0
including assay intervals 37.0 38.5 1.5 0.4 1.0 1.5
40.0 41.5 1.5 0.4 1.1 1.6
50.0 51.5 1.5 0.6 2.9 3.7
58.0 59.1 1.1 1.0 3.5 4.5
59.1 60.4 1.2 0.3 0.9 1.2
MAY11-26 26.7 41.8 15.1 0.3 0.8 1.2
including assay intervals 26.7 28.0 1.3 0.3 0.8 1.1
28.0 29.6 1.5 0.4 8.0 1.2
29.6 31.0 1.5 0.4 1.0 1.4
32.6 34.1 1.5 0.5 1.3 1.8
34.1 35.6 1.5 0.3 1.0 1.3
35.6 37.5 1.9 0.6 1.4 2.1
40.2 41.8 1.5 0.3 0.8 1.1
MAY11-27 41.8 116.5 74.7 0.3 0.7 1.0
including assay intervals 43.3 44.8 1.5 0.4 0.7 1.1
60.0 61.6 1.5 0.4 1.6 1.1
64.6 66.1 1.5 0.4 1.0 1.4
95.1 96.7 1.6 0.4 0.8 1.2
96.7 98.1 1.4 0.9 2.4 3.4
98.1 99.7 1.5 0.4 1.1 1.5
99.7 101.2 1.5 2.1 5.2 7.4
101.2 102.7 1.5 1.0 2.7 3.8
102.7 104.2 1.5 1.1 4.0 5.1
104.2 105.8 1.5 0.6 1.9 2.6
113.4 114.9 1.5 0.2 0.6 1.6
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Discussion
Allthree drill holes intersected Pt-Pd mineralization near surface. Thebest mineralization was encountered in MAY11-27 where mineralization ishosted at the ultramafic and gabbro contact. MAY11-27 was drilled 50meters to the east of the discovery holes and 25 meters to south. Thehighest interval in this hole was 3.9 g/t Au+Pt+Pd over 9.1 meters(96.7m - 105.8m) which included a 1.5 meter assay that returned valuesof 2.1 g/t Pt and 5.2 g/t Pd (99.7 - 101.2m). As well, a gold assay of0.9 g/t Au was returned. This indicates the potential within the PGMzone for additional precious metal enrichment. Overall Mustang is veryencouraged with the drilling results in the holes drilled to date at thenew PGM discovery.
Preliminary Results of Geophysical Surveys
TheCompany, using Matrix Geotechnologies Limited, has completed an InducedPolarization (IP) and magnetic survey over the area of the drill holesand approximately one (1) kilometer to the east and west. The surveycovered 33 kilometers of newly cut grid lines. As well, the survey wasalso completed over the eastern and western limits of the Mayville M2Cu-Ni Deposit (located north of the new PGM Zone) to examine thepotential for mineralized extensions there. A number of prominent IPtrends are evident from the preliminary survey results. To the west ofthe PGM discovery hole, the IP shows good correlation to a historical IPsurvey that suggests the PGM Zone could possibly extend for 1000 metersfurther to the west. The recent IP survey also identified several otheruntested anomalies that will require drill testing. Several lines overkey areas of interest were subsequently detailed with a pole-dipolesurvey.
Future Drilling
In addition a systematic programof drilling is being planned to expand the PGM Zone from its current 100meter strike length. The first target planned to be drill tested is acoincident IP and magnetic anomaly situated to the east of the PGM Zonedubbed the Road Anomaly. This work is planned to begin shortly. Thecompany plans to drill several holes in the Road Anomaly as it can beaccessed from an existing all season road.
Pending Assay Results
TheCompany is waiting for assay results from MAY11-28 which was drilled 50meters west of MAY11-26. Several holes targeting the western extensionof the Mayville Cu-Ni M2 resource (between 100 meters and 1,000 metersstep-outs) from the winter reconnaissance drill program are alsopending. As well, assays for the complete PGM suite of elements forMAY11-07 are pending. In addition, chromite bearing samples from severalholes in the PGM Zone have been sent for assay. Certain higher gradesamples in the recent program will be assayed for rhodium.
QAQC
Allcore samples were sent to Accurassay Laboratories in Thunder Bay,Ontario. Analysis was completed for nickel, copper, cobalt and silverusing an Aqua Regia digestion followed by AAS/ICP finish. For gold,platinum and palladium, fire assay of 30g aliquots followed bycombination fire assay and AAS finish was employed. Drill core is loggedand split on site at the Makwa site with half the core retained andstored. Mustang conducts an ongoing QA/QC program on drill coreincluding inserting blanks, duplicates and standards at regularintervals with all sample submissions to the laboratory.
To testthe reliability of the high grade PGM assays encountered in the MayvillePGM Zone, samples were sent to a second lab for recheck assays. Checkassays for two of the holes into the PGM zone were sent to ActivationLaboratories in Thunder Bay, Ontario. The re-assays confirmed the PGMmineralization.
About Mustang Minerals
In addition toconducting exploration at the Mayville Property for platinum groupmetals Mustang Minerals has two open pit deposits located in SoutheastManitoba.
-- 1. The Makwa Project has a NI 43-101 reserve estimate completed in Feb.
2010 by Micon International Limited outlined 9.855 million tonnes in the
Probable category containing 0.541% nickel, 0.113% copper and 0.433 g/t
PGM. Work on a feasibility study is ongoing.
-- 2. The Company's Mayville Project is located approximately 35 km by road
from Makwa and has a NI 43-101 Indicated Resource of 9.227 million
tonnes containing 0.61% copper, 0.23% nickel and 0.174 g/t palladium.
Western Areas NL, an Australian based nickel producer owns 19.9% of the common shares of Mustang.
Carey Galeschuk P.Geo is the National Instrument 43-101 Qualified Person for Mustang Minerals Corp.
To find out more about Mustang Minerals Corp. (TSX VENTURE: MUM) visit our website at www.mustangminerals.com.
We seek safe harbour.
Thisnews release contains forward-looking statements within the meaning ofthe United States Private Securities Litigation Reform Act of 1995 andforward-looking information within the meaning of the Securities Act(Ontario) (together, "forward-looking statements"). Such forward-lookingstatements may include the Company's plans for its mineral projects inManitoba, the overall economic potential of its properties, theavailability 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-lookingstatements to be materially different. Such factors include, amongothers, risks and uncertainties relating to potential political risk,uncertainty of production and capital costs estimates and the potentialfor unexpected costs and expenses, physical risks inherent in miningoperations, currency fluctuations, fluctuations in the price of nickeland other metals, completion of economic evaluations, changes in projectparameters as plans continue to be refined, the inability or failure toobtain adequate financing on a timely basis, and other risks anduncertainties, including those described in the Company's ManagementDiscussion and Analysis for the most recent financial period andMaterial Change Reports filed with the Canadian SecuritiesAdministrators and available at www.sedar.com.
Shares Outstanding: 157,228,233
Contacts: Mustang Minerals Corp. David Black Investor Relations 416-955-4773 info@mustangminerals.com
SOURCE: Mustang Minerals Corp.
mailto:info@mustangminerals.com
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