Mustang Completes IP Geophysical Surveys and Announces Q4 Drilling Plans for the Confusion Hills Project, Nevada, USA

Mustang advances Nevada copper-gold projects with drill permits and promising surface gold samples.

What the company is saying

Mustang Minerals Limited reports the completion of IP geophysical surveys at its Confusion Hills and Pilot Projects in Nevada, emphasizing that these results have clarified drill targets. The company highlights that preparatory work for a single-hole diamond drill at Confusion Hills has started, with drilling to commence once preparations are complete. Management underscores the prospectivity of its Nevada portfolio for copper-gold porphyry and high sulphidation gold-silver-copper mineralization, referencing preserved alteration zones at Red Ring and Confusion Hills and ongoing exploration at Pilot. The announcement stresses that both Confusion Hills and Pilot now have drill permits approved. J Duane Poliquin, Chairman, expresses enthusiasm for renewed activity in Nevada, while President and CEO Morgan J Poliquin, PhD, PEng, is named as the Qualified Person for the release. The company references independent 43-101 Technical Reports by Brian Brewer, MSc, CPG, filed on SEDAR, and details analytical procedures and survey methods. The tone is confident but measured, with explicit caveats that geophysical surveys are not definitive and that results are at an early stage.

What the data suggests

The company has completed geophysical surveys at Confusion Hills and Pilot, with both projects now holding approved drill permits. At Confusion Hills, 107 grab rock samples were collected; 6 samples returned over 0.1 g/t gold, 3 exceeded 0.5 g/t gold, and the highest value was 7.1 g/t gold, with an average of 1.6 g/t for the 6 significant samples. These results are from altered breccia in a mapped 1.6 km by 0.5 km lithocap zone. Soil sampling in 2024 returned anomalous gold, molybdenum, and copper, with a molybdenum anomaly on one edge. An IP survey identified a high chargeability feature beneath the area of surface alteration and high gold values, interpreted as possible sulphide development. At Pilot, soil sampling defined a broad zone of anomalous copper-molybdenum and gold, coincident with high IP chargeability and a magnetic high. Red Ring mapping defined a 2.8 km by at least 1 km alteration zone with a strong 1 km by 0.5 km pyrophyllite footprint, and rock/soil sampling returned high values of pathfinder elements. All technical work is early-stage and no resource estimate or economic study is presented. The company discloses that grab samples may not represent true mineralization and that geophysical results are preliminary.

Analysis

The announcement provides a factual and technically detailed update on Mustang Minerals Limited's exploration activities in Nevada, including completion of geophysical surveys, specific sampling results, and the status of drill permitting. The language is generally proportionate to the stage of progress, with most claims supported by concrete data such as sample counts, assay values, and mapped alteration zones. Forward-looking statements are limited and appropriately caveated, with no exaggerated claims of imminent discovery or production. The company acknowledges that geophysical surveys are not definitive and that results are at an early stage, which tempers expectations. There is no evidence of narrative inflation or overstatement; the tone is positive but not promotional. No large capital outlay is disclosed, and the preparatory work for drilling is routine for this exploration stage.

Risk flags

• ●The projects are at an early exploration stage, with no resource estimate, economic assessment, or evidence of continuity or scale; this means there is no current basis for valuing the assets beyond surface sampling and geophysical anomalies.
• ●Grab sample results, while locally high (up to 7.1 g/t gold), may not reflect the true grade or continuity of mineralization, as they are selective and not representative of bulk material.
• ●Geophysical surveys and soil sampling, though positive, are not definitive indicators of economic mineralization; the company explicitly cautions that these results are preliminary and may not lead to a discovery.
• ●Operational progress is contingent on successful drilling, which has not yet commenced at Confusion Hills and is not scheduled at Pilot or Red Ring, introducing execution risk and the possibility of disappointing results.
• ●No financial figures, budgets, or funding updates are provided, so the company's ability to finance ongoing exploration and potential drilling campaigns remains unaddressed.

Bottom line

Mustang Minerals has advanced its Nevada copper-gold exploration portfolio by completing geophysical surveys and securing drill permits for Confusion Hills and Pilot, with drilling preparations underway at Confusion Hills. Surface sampling at Confusion Hills returned encouraging gold values, including up to 7.1 g/t gold, but these are from selective grab samples and do not guarantee economic mineralization. All projects remain at an early exploration stage, with no resource estimates or economic studies disclosed, and the company acknowledges that geophysical and sampling results are preliminary. The next key catalyst will be the results from the planned Confusion Hills drill program, which will provide the first test of subsurface continuity and grade. Investors should recognize that while technical groundwork is solid and permits are in hand, the path to value realization depends entirely on successful drilling and subsequent resource definition. The most important takeaway is that Mustang is moving toward its first drill test at Confusion Hills, but the investment case remains speculative until drill results are delivered.

Announcement summary

(TSXV:MMX, OTCQB:MMXLF) Mustang Minerals Limited announced the completion of IP geophysical work at its Confusion Hills and Pilot Projects in Nevada. The results from these surveys have helped better define drill targets at both projects. Preparatory work has begun for a single-hole exploratory diamond drilling program at the Confusion Hills Project, with drilling to commence once preparations are complete. The company’s USA exploration properties are located in central Nevada and are considered prospective for copper-gold porphyry and high sulphidation gold-silver-copper style mineralisation. The Red Ring and Confusion Hills Projects have preserved high sulphidation style alteration on surface with potential for associated gold mineralization, while the Pilot Project is being explored for copper-gold mineralisation beneath pyrophyllite-sericite alteration mapped at surface. At the Pilot Project, extensive alteration and geologic mapping, rock and soil sampling, IP geophysics, and a drone-based magnetics survey were conducted in 2024. A broad zone of anomalous copper-molybdenum and gold was defined by soil sampling, coincident with high chargeability from the IP survey and a distinct magnetic high. A drill permit for the Pilot Project has been approved. At Confusion Hills, 107 grab rock samples were collected, with 6 samples returning over 0.1 g/t gold, 3 samples returning more than 0.5 g/t gold, and the highest value being 7.1 g/t gold in a grab sample of subcrop. The average for all 6 significant samples was 1.6 g/t gold. Mapping in 2024 and 2025 defined a high sulphidation/porphyry lithocap over an area of 1.6 km x 0.5 km. Soil sampling in 2024 returned anomalous Au, Mo, and Cu, with a Mo anomaly on one edge. An IP geophysical survey identified a high chargeability feature beneath the area of quartz alunite alteration and high gold in grab samples at surface. A drone-based magnetic survey was also conducted. A drill permit has been approved for Confusion Hills. At Red Ring, alteration mapping in 2024 identified a large alteration zone interpreted as a porphyry lithocap extending 2.8 km NW-SE by at least 1 km NE-SW, with a strong surface pyrophyllite footprint of 1 km by 0.5 km. Preliminary rock sampling returned high values of pathfinder trace elements, and soil sampling highlighted areas of anomalous trace elements indicative of a high sulphidation environment. Morgan J Poliquin, PhD, PEng, President and CEO of Mustang, reviewed and approved the scientific and technical contents of the release. Independent 43-101 Technical Reports authored by Brian Brewer, MSc, CPG, have been filed on SEDAR. Analyses were carried out at ALS Chemex Laboratories of Reno and North Vancouver using industry standard techniques. For gold, samples were first analysed by fire assay and atomic absorption spectroscopy, with samples over 10 g/t gold re-analysed by fire assay with a gravimetric finish. IP lines were surveyed using Almadex’s team and equipment, and data was inverted using RES2DINV software. Magnetics surveys were conducted by a third-party contractor using a Geometrics MagArrow Cesium Magnetometer flown under an ArcSky X55 quadcopter. The MagArrow sensor takes 1000 readings per second, is flown at a maximum speed of 8m/second, and is suspended on a 3m lanyard. Data is down sampled after collection to 10Hz and diurnally corrected via a geometrics G-862RBS Magnetometer cycling at 10Hz. Geophysical surveys are not definitive and results are at an early stage of interpretation, with no guarantee of a mineral discovery.

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