Mustang Energy Corporation (CSE:MEC) will begin ground-based exploration activities at partner Skyharbour Resources’ (TSX-V:SYH) 914W Uranium Project after receiving an exploration permit from the Saskatchewan Government.
The grant to Mustang authorises the group to progress with trail construction, line-cutting, ground geophysical surveys, and diamond drilling within the project area.
Impending work on rock and soil sampling intends to identify target areas of mineralisation to extend the program into future geophysical surveys and drilling.
Mustang will be eligible to acquire 75% interest when incurring C$800,000 ($896,582) in exploration costs at the property over three years.
This acquisition will be finalised upon the issue of shares with an aggregate value of C$480,000 and a cash payment of C$275,000 to Skyharbour.
Spanning 1,260 hectares south of the Athabasca Basin in Saskatchewan, Skyharbour says the property has limited historical exploration, including airborne electromagnetic and magnetic surveys, geological mapping, and trenching across 1968-70.
Skyharbour is an explorer, focused on the development of uranium projects in the Athabasca Basin, Canada to strengthen market fundamentals.
Write to Maddison Elliott at Mining.com.au
Images: Skyharbour Resources
