Spur Project

Highlights

• Ownership: 100% owned by Mustang Energy

• Size: 17,929 hectares consisting of 9 mineral claims over four separate blocks.

• Location:

  • Approximately 40 km southeast of Cameco’s Key Lake Mill, a major uranium processing facility. 

  • 20 kilometers southwest of Skyharbour Resources/Terra Clean Energy’s Fraser Lakes Zone B deposit (2015 NI 43-101 inferred resource: 7.0 million lbs U₃O₈ @ 0.03% and 5.3 million lbs ThO₂ @ 0.023%).

• Geological Potential:

  • Adjacent to high-grade Uranium Occurrences: Notable results from adjacent areas (see figure 1) include:

    • 4.4% U₃O₈ from Trench Lake area “C” (Rath, 1969 – sample R69-10) (1)

    • 8.0% U₃O₈ and 2.00% ThO₂ from sample (R69-17) containing uraninite at North Pipe Lake (SMDI 1005) (5)

    • 2.01% U₃O₈ from Vee Lake trench (SMDI 1003) (3)

  • In addition to potential basement-hosted uranium deposits, the region features uraniferous granitic pegmatites with associated REE’s and base metals that exhibit Rössing-type mineralization (2).

  • Comparable geological features to high-grade uranium deposits such as Eagle Point, Millennium, and Key Lake, all of which derive resources from Wollaston Group basement lithologies.

• Previous Work:

  • A 2007 GEOTEM survey provided partial property coverage and highlighted EM conductor trends correlating to graphitic pelitic gneisses and pegmatites, suggesting fertile basement-hosted uranium systems.

  • The property itself is significantly underexplored, however historical work including drilling, trenching, and lithogeochemical sampling on adjacent claims has identified numerous highly anomalous uranium, thorium, and REE occurrences.