Mustang Announces Details of Its 2012 Exploration Program
NEW YORK, March 2, 2012 /PRNewswire/ — Mustang Alliances Inc. (OTCBB: MSTG) (“Mustang”) is pleased to announce the details of the current exploration program being conducted on its concessions in Honduras.
Since acquiring the concessions, the company has conducted mapping and sampling, collecting over 100 surface and near-surface samples, and compiling historical dilling data which includes over 1,800 meters of drilling to depths ranging up to 125 meters.
During 2011, Mustang also obtained ASTER satellite alteration images covering the Mustang concessions areas; these images have been enhanced to show areas of silica and iron alteration. These images correlate well with areas of known mineralization and have generated a number of new targets that will be ground tested, mapped and sampled. The company will also be opening earlier trenches showing mineralization and resample these areas, as well as trench new areas, as targets are developed from the mapping and sampling program. Existing roads in the concession areas will be improved and reopened as necessary.
At Mustang’s Potosi concession, mapping and sampling will recommence shortly within a gold-silver vein system to finalize targets for a drill program planned for later this year. Historically at Potosi, past exploration highlights include drill hole intercepts of 16.3 m 3.4 g/t Au, including a single 0.3 m sample which assayed 305.2 g/t Au, and a number of significant intercepts including: 0.9 m grading 7.24 g/t Au, and 13.36 g/t over 1.4 m.
The company is currently planning for a 12 to 15 hole drill program for this year. The 2,500 meter drill program will focus on prioritized targets within identified areas of discovery. Drilling will test a gold system, which has coincident geochemical and geophysical anomalies, intense alteration, and other geological characteristics comparable to those observed in the Nicaraguan Trough’s most productive gold mines e.g. El Limon in Nicaragua, which has produced over 3 million ounces of gold and San Sebastian in El Salvador, which has over 3 million ounces.
Also, a prospecting crew will follow up on anomalous gold and silver samples taken from across Mustang’s concessions. Stream sediment samples, many anomalous in gold, silver, and/or indicator elements, were recorded in an exploration report compiled by BMG during their former Entre-Mare joint-venture with Mar-West Resources. Mustang’s management believes that its reconnaissance field work program is likely to lead to further land acquisitions and new projects across the region.
Mustang’s geochemical, geophysical and surface trenching program will provide the foundation for delineation of the priority drill targets. Some of the higher priority vein systems selected for further review in 2012 include the higher-grade Tajo, San Antonio and San Benito vein systems. These veins will undergo infill and definition-drilling in an effort to maximize the potential expansion of resources in each area.
Additionally, Mustang intends to begin the construction of a permanent exploration camp at Potosi that will allow the geological and technical teams to continue exploration and site activities on a year round basis.
“We finished 2011 with very exciting results at the Company’s Potosi Concession,” commented Robert Faber, President of Mustang. “During 2012, we plan to accelerate the advancement of the Potosi Concession through a focused drill program targeting the higher grade precious metals vein systems delineated in 2011. With our exploration team geared up and our exploration program underway, we look forward to reporting on the positive advancement of our gold projects an exciting year of new discoveries.”
Project exploration results will be published as the information becomes available.
ABOUT MUSTANG ALLIANCES INC.
Mustang (OTCBB: MSTG) is a junior mining company with a focus on the acquisition and development of precious metals properties in Honduras. Mustang has 5 concessions totaling 4,400-hectares under agreement in the Choluteca District of Honduras. Concessions are on trend to several world class gold mines in the Central American gold belt, such as the El Limon mine, Nicaragua, that has produced over 3 Million Ounces of gold to date. The Mustang Concessions are in an area that has been actively worked by artisanal miners for the past 200 years
Certain statements in this announcement including statements such as “believes,” “anticipates,” “expects” and all similar statements regarding future expectations, objectives, intentions and plans for mineral exploration, development and production may be regarded as “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Management’s current view and plans, however, are subject to numerous known and unknown risks, uncertainties and other factors that may cause the actual results, performance, timing or achievements of Mustang Alliances to be materially different from any results, performance, timing or achievements expressed or implied by such forward-looking statements. The various uncertainties, variables, and other risks include those discussed in detail in the Company’s SEC filings, including the Annual Report on Form 10-KSB, for the year ended December 31, 2010 and its Quarterly Report on Form 10-Q for the period ended September 30, 2011. Mustang Alliances Inc. undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.
SOURCE Mustang Alliances Inc.