|
TORONTO, ONTARIO--(Marketwire - June
22, 2009) - Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF)
today announced that a drill program at the East Bull Lake Project
located 80 km west of Sudbury is commencing. The East Bull Lake Project
is a joint venture with Western Areas NL, designed to investigate
nickel-copper-platinum group metal (PGM) targets identified in the
geophysical program. It is expected that three targets will be drilled
in the current program.
At East Bull Lake an apparent 20 km long mafic intrusive complex
consists of two separate zoned intrusions joined by a 5 km long feeder
dyke. The intrusion evidences widespread base metal and PGM
mineralization. Recent drilling at East Bull Lake (refer to Mustang
Minerals news release July 3, 2008) intersected 1.1m @ 9.3% copper and
12.5 g/t PGM from 89 m down hole depth.
Recent exploration work completed at the project by the joint venture
included a ground electromagnetic (EM) survey which was successful in
identifying a large, moderately deep, EM target located in a favourable
geological setting. The EM target is coincident with an anomaly
identified with a Geotech heliborne VTEM survey flown in 2007 by
Mustang.
Two other targets which were identified by the VTEM survey are planned
to be tested in the current drill program.
East Bull Lake is part of Mustang's prospective Ontario property
package which includes a significant property position in the River
Valley intrusion and the Bannockburn Nickel Project near Matachewan.
Mustang is primarily focused on its Maskwa Nickel Project in southeast
Manitoba where a feasibility study is underway. A revised resource and
mine plan is anticipated to be completed at Maskwa in the third quarter
of 2009. Recent activities conducted towards completion of the
feasibility study include the geotechnical work for site
infrastructure, tailings and pit design and in-depth metallurgical
testing.
Ian Ward P. Eng., and John Smolen P. Geo. are the Qualified Persons for
Mustang Minerals Corp. for purposes of National Instrument 43-101.
To find out more about Mustang Minerals Corp. (TSX-V: MUM) visit our
website at www.mustangminerals.com.
We seek safe harbour.
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 risk, uncertainty of
production and capital 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
parameters 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 period ended December 31, 2008 and
thereafter and Material Change Reports filed with the Canadian
Securities Administrators and available at www.sedar.com.
Shares Outstanding: 81,228,239
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the contents of this press release.
|