- Mustang Energy (CSE:MEC) has entered into an option agreement with Skyharbour Resources (TSXV:SYH) to acquire a 75 per cent interest in the 914W Uranium Project in Saskatchewan’s Athabasca Basin
- Mustang will invest C$1.56 million over three years, including share issuance, cash payments, and exploration expenditures, to advance the project.
- The Athabasca Basin is well known for its high-grade uranium deposits
- Shares of Mustang Energy are down 1.61 per cent to C$0.305 as of 11:23 a.m. ET , while shares of Skyharbour Resources are down 3.57 per cent to $0.405 as of 10:43 a.m. ET
Mustang Energy (CSE: MEC) reveals it has entered into a strategic option agreement with Skyharbour Resources (TSXV: SYH) to acquire a 75 per cent interest in the 914W Uranium Project in the Athabasca Basin in Saskatchewan.
In a press release, Mustang Energy stated that it has the option to acquire the 75 per cent interest in the project by meeting several conditions, including:
- a share issuance worth C$480,000
- cash payments totaling $275,000 over three years, and
- a commitment to spend $800,000 on exploration activities during the same period.
The deal marks a significant step for Mustang as it strengthens its presence in the region, known for its high-grade uranium deposits.
“This agreement is a major milestone as we expand our footprint in the Athabasca Basin,” Nick Luksha, CEO of Mustang Energy, said in a statement. “The 914W Project offers significant discovery potential”
The 914W Project is located roughly 48 kilometres southwest of Cameco’s (TSX:CCO) Key Lake Operation and lies in an area that has shown promising geological indicators, with uranium occurrences nearby, including those at Scurry Rainbow Zone E1 and Don Lake Trenches.
While some historical exploration has been conducted, much of the property remains underexplored.
Mustang Energy is actively exploring its properties in the Athabasca Basin and has a growing portfolio that includes several key projects in the region. The company is focused on developing uranium and critical mineral assets to capitalize on the strengthening market for these resources.
Shares of Mustang Energy are down 1.61 per cent to C$0.305 as of 11:23 a.m. ET, while shares of Skyharbour Resources are down 3.57 per cent to $0.405 as of 10:43 a.m. ET.
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