Mustang Minerals Corp.
TSX VENTURE: MUM
Aug 09, 2007 01:00 ET
Mustang Provides Update Drills New Exploration Holes
TORONTO, ONTARIO--(Marketwire - Aug. 9, 2007) - Mustang Minerals Corp (TSX VENTURE:MUM)(FRANKFURT:NJF)(the "Company") today announced drilling results and an update of exploration activities at and near the Maskwa Project. In addition Mustang has substantially added to its mineral rights in the area of its newly acquired Fox Property.
At Maskwa four additional diamond drill holes (MM07-92 to MM07-95) were completed in the area of the Maskwa resource. MM07-92 was the final hole completed for the calculation of the updated resource. This hole was collared to target an area 30 metres below the resource and 146 meters from surface. Notably MM07-92 intersected 0.3 meters of 6.12% nickel and 1.10% copper. The following table highlights the results.
TPM
(Pt-Pd
Drill From - To Interval Nickel Copper -Au) Cobalt Comment
Hole (m) (m) % % g/t %
--------------------------------------------------
Low Grade
120.64- hanging wall
MM07-92 131.67 11.03 0.23 0.13 261 0.012 mineralization
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145.51-
And 145.82 0.31 6.12 1.10 661 0.062 HW Stringer
--------------------------------------------------
Low Grade
158.95- hanging wall
And 188.06 29.11 0.32 0.06 165 0.014 mineralization
--------------------------------------------------
169.47-
Including 169.77 0.30 1.29 1.17 567 0.065 HW Stringer
--------------------------------------------------
181.97-
Including 185.01 3.04 0.59 0.14 606 0.028 Maskwa Zone
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186.54-
Including 188.06 1.52 0.50 0.09 480 0.020 Maskwa Zone
--------------------------------------------------
Low Grade
190.80- footwall
And 199.34 8.54 0.25 0.06 184 0.009 mineralization
--------------------------------------------------
Assays intervals are apparent width.
The Maskwa Zone remains open to depth from Hole 92.
Assays are also pending from holes MM07-93 to MM07-95. Footwall mineralization was noted in MM07-94 in addition to mineralization from the Maskwa Zone. The potential for nickel mineralization in the footwall volcanic rocks was enhanced by the recent discovery of nickel mineralization (0.68 % nickel over 1.9 metres) in drill hole MM07-88. This hole had been drilled as part of a geotechnical program (rock quality for pit slope and mine design) approximately 130 meters into the footwall from the resource.
New VTEM Target Drill Tested
A Geotech VTEM airborne survey was recently completed over the extent of Mustang's lease and mineral claims surrounding the Maskwa Deposit. This survey identified numerous conductive anomalies. Mustang has drilled three holes into a geophysical conductor in an area of interest located approximately 1.5 kilometers to the northwest of the Maskwa resource in the area of a historical showing. The first two drill holes intersected intervals of disseminated mineralization while the third drill hole intersected disseminated mineralization in ultramafic rocks. Samples from these three holes have been sent for assays with results pending.
Owyhee Property
Mustang has drilled 8 diamond drill holes at the Owyhee Property in two separate areas which are located 8.1 km and 12.7 km to the east of the Maskwa resource. Drill targets for these holes were generated from heliborne geophysics. Three conductors have been tested and the results from the first conductor tested did not return any significant values. The drilling at all three targets intersected primarily felsic volcanic rocks and sulfide iron formations not considered favourable for nickel mineralization. The results from the other two targets tested will be announced as received from the assay laboratory.
Expanded Land Position
As part of its expanding exploration program, Mustang has now completed a land acquisition program in the English Brook and English Lake area located west of Bissett, Manitoba. The program involved the acquisition by staking of unpatented mineral claims adjacent to the Fox Property where Province of Manitoba literature notes historical drill intercepts contain nickel values of up to 5.2% nickel. In addition, several nickel showings have been documented in the project area. Mustang will complete a geological compilation and anticipates completing geophysics over the expanded project area.
All assays were completed at Accurassay Laboratories using standard assay techniques.
Carey Galeschuk P.Geo, VP Exploration of Mustang, is the Qualified Person for Mustang Minerals Corp. and has reviewed the contents of this release.
To find out more about Mustang Minerals Corp. (TSX-V:MUM) visit our website at www.mustangminerals.com
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include the Company's plans for its mineral projects in Manitoba, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations, uncertainty of production and costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of nickel and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Management Discussion and Analysis for the year ended December 31, 2006 and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
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