The exploration permit paves the way for a series of strategic activities aimed at uncovering the area’s resources. Credit: Masmikha/Shutterstock.

Mustang Energy has secured permits to undertake exploration activities at the Ford Lake Project in the Athabasca Basin, Saskatchewan.

The permit, effective from 1 September 2024 to 30 September 2027, authorises ground-based geophysics, trail construction, a temporary work camp and diamond drilling.

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The project, encompassing four claims over 7,743 hectares (ha), is situated in a region known for substantial uranium deposits.

Mustang Energy’s exploration permit paves the way for a series of activities aimed at uncovering the area’s resources.

Following the permit acquisition, Mustang Energy plans to initiate ground-based geophysics, which will inform the subsequent diamond drilling programme. These steps are critical for assessing the project’s viability and potential uranium yields.

In addition to the exploration permit, Mustang Energy has achieved DTC (Depository Trust Company) eligibility, enhancing the trading experience for US investors on the OTC (over-the-counter) markets.

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The company’s shares, traded under the symbol MECPF, are now accessible for electronic clearing and settlement, which is expected to improve liquidity and shareholder value.

The company’s expansion does not end with the Ford Lake Project. Mustang Energy has also acquired an additional 45,897ha of land in the southern and western Athabasca Basin, indicating a significant increase in its exploration territory.

This acquisition further solidifies Mustang Energy’s commitment to exploring and potentially developing uranium resources in northern Saskatchewan.

Mustang Energy CEO Nick Luksha said: “We are thrilled to have received approval for the exploration permit for the Ford Lake Project, a significant milestone for our team.

“With this key step behind us, we are now focused on commencing exploration work on our wholly owned property in the near term, bringing us closer to unlocking the full potential of this asset.”

Mustang Energy operates various exploration projects in Saskatchewan’s Athabasca Basin, including the Ford Lake project, Cigar Lake East and Roughrider South (combined 3,443ha), as well as notable acquisitions such as the Yellowstone Project (21,820ha) and the Dutton project (9,667ha).