TORONTO, ONTARIO--(Marketwire - Sept. 12, 2012) - Mustang Minerals Corp, (News - Market indicators)(FRANKFURT:NJF) ("Mustang" or the "Company") Mustang Minerals today announced that it is resuming drilling at its Mayville Property. The planned drill program is for a minimum of 2,000 meters. The purpose of the drilling is to complete resource definition for the purposes of completing a new updated resource estimate for the Mayville M2 Copper-Nickel Deposit.
The drilling completed at M2 deposit in the first part of 2012 encountered broad zones of copper-nickel-pgm mineralization beneath previously drilled holes. Narrow intercepts of semi-massive to massive copper-nickel-pgm mineralization were also encountered. Down-hole borehole geophysics has defined several EM targets warranting additional drilling in the immediate vicinity of the previous holes. These EM targets will be tested as part of the upcoming program.
A long section showing the approximate location of the upcoming holes has been posted on the Mustang website at www.mustangminerals.com.
The Company has scheduled a NI 43-101 resource estimation update following completion of the drilling.
"The completion of resource drilling at Mayville will be an important next step in development of our property tenements in the Bird River Sill area of southeast Manitoba", said Robin Dunbar President and CEO of Mustang. "The Mayville Gabbro Complex is a strongly mineralized magmatic copper-nickel-pgm system located in an area of excellent infrastructure. Quantifying the near surface resource potential at Mayville will be an important next step for Mustang."
Mayville is located 35 km by road from the Company's Makwa Nickel Deposit. Currently, the outlined mineralization at the two properties is detailed below.
- The Makwa Ni-Cu Deposit has a NI 43-101 outlined reserve estimate completed in February 2010 by Micon International Limited of 9.86 million tonnes in the Probable Ore Reserve category containing 0.541% nickel, 0.113% copper 0.433 g/t PGM at the Makwa Project.
- The Company's Mayville Project is located approximately 35 km by road from Makwa and has a present NI 43-101 Indicated Resource of 9.227 million tonnes containing 0.61% copper, 0.23% nickel and 0.174 g/t palladium.
Carey Galeschuk P.Geo. is the National Instrument 43-101 Qualified Person for Mustang Minerals Corp.
Western Areas NL, (ASX:WSA) an Australian based nickel producer owns 19% of the common shares of Mustang.
To find out more about Mustang Minerals Corp. (News - Market indicators) 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 most recent financial period and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
Shares Outstanding: 198,160,658