Toronto, Ontario (FSCwire) - Mustang Minerals Corp. (TSXV:MUM) (“Mustang” or the “Company”) is pleased to announce an update to exploration activities at its Makwa Mayville Project located in southeast Manitoba and the grant of incentive options. The Makwa Mayville project contains a NI 43-101 compliant resource of nickel, copper, cobalt and platinum group metals (PGM). Demand for these metals is expected to increase in the coming years as their use in battery technology for electric vehicles grows.
The Company exploration activities are currently focused on the area to the east of the Makwa open pit nickel resource. A sampling program was initiated in selected areas of the Bird River Sill and samples have been submitted for assay. A geopyhysical program is planned as follow up focused on an east – west trending magnetic anomaly in selected areas outlined by previous historical exploration drilling. Going forward the Company’s exploration focus will be to discover additional high grade nickel-copper-cobalt-PGM mineralization on the property.
Following completion of the successful $1 million private placement announced October 27, 2017 the Board of Directors of Mustang has granted 1,855,000 incentive stock options to management, directors and Company consultants at an exercise price of $0.35 per share. The issuance of the stock options are subject to approval of the TSXV.
Mustang owns the mineral rights to the Makwa-Mayville nickel-copper-PGM property located in the Bird River greenstone belt in southeast Manitoba. The company completed a National Instrument 43-101 compliant preliminary economic assessment ( scoping study ) on Makwa-Mayville in 2014. The company also controls the East Bull Lake property west of Sudbury prospective for PGM and the Bannockburn nickel property near Matachewan Ontario.
Carey Galeschuk P.Geo is the Qualified Person for purposes of this press release.
