Roughrider South & Cigar East Projects

Figure 1: Overview of Roughrider South and Cigar Lake East Projects - Mustang Energy (1)

Highlights

Ownership: 100% owned by Mustang Energy
Exploration permits have been received.
Size: Roughrider South: 1,145 hectares across 2 claims. Cigar Lake East: 2,298 hectares across 2 claims.
Location:
- Close proximity to all-season roads and electrical transmission lines.
- Nearby state-of-the-art McClean Lake Mill.
Geological Potential:
- The projects are situated near the highly prospective Wollaston-Mudjatik transition zone.
- Roughrider South is along trend of the world class Cigar Lake Deposit (Cameco - Annual Production 18 million lbs U3O8) (2) ~20km to the Southwest, and the Roughrider and Midwest Deposits ~15 km to the Northeast.
- Cigar Lake East Project is 20 km east of the Cigar Lake Mine, and ~25 km southwest of the McLean Lake Deposit and the Rabbit Lake Mine (Cameco - 203 million pounds of uranium concentrates produced).
- The depth to unconformity across the property is estimated to be about 100 to 300 meters.
Previous Work:
- Airborne Magnetics/VTEM survey was conducted by Stallion Uranium in 2023 highlighting the structural features.

Targeting

Figure 2: Roughrider South and Cigar Lake East Projects with aerial magnetics 1VD layer and with close-up on Roughrider South magnetic low corridor. (1) (2023 VTEM, Stallion Uranium)

Both projects host unexplored structural magnetic lows that warrant further exploration.

Exploration Plan (Next Steps)

1. Data Refinement:

Reprocess and reinterpret 2023 VTEM datasets to refine anomalies and validate targets.

2. Geophysical Surveys:

Complete combined high-resolution ANT and ground gravity surveys over structural anomalies.

3. Drilling:

Initiate maiden drill program of high-priority targets in the project area focusing on structural anomalies.

References

(1) Saskatchewan GeoAtlas, https://gisappl.saskatchewan.ca/Html5Ext/index.html?viewer=GeoAtlas

(2) https://www.cameco.com/businesses/uranium-operations/canada/cigar-lake#:~:text=Total%20packaged%20production%20from%20Cigar,pounds%20our%20share)%20in%202024.

Overview

Each of the Cigar Lake East and Roughrider South projects are located in the Eastern Athabasca Basin in northwest Saskatchewan, situated near the highly prospective Wollaston-Mudjatik transition zone. The Cigar Lake East and Roughrider South projects consists of four claims covering a total area of 3,443 hectares and are in close proximity to all-season roads and electrical transmission lines. The uranium endowment of the area is proven by the surrounding significant deposits including the world class Cigar Lake Uranium Mine (138.4 million pounds produced) (2) and Rabbit Lake Uranium Mine to the Northeast.

An airborne magnetics/VTEM survey was conducted in 2023 highlighting structural features on the projects. Mustang Energy is conducting a reinterpret of these data sets in an effort to develop additional drill targets within the project boundaries.