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GOLDEN PROJECT

THREE DISTINCT PROPERTIES UNDEREXPLORED AND ON TREND

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Project Overview

The Golden project features three properties along a trend located along the British Columbia – Alberta border.

Gold Mountain is an early-stage gold/silver property located approximately 50 km NW of Golden, BC, just north of Highway 1. The property is comprised of two mineral claims over 802 ha and encompasses the historic Grizzly occurrence featuring gold and silver hosted within polymetallic quartz / carbonate veins.

The Vertebrae Ridge property consists of two mineral claims totaling over 2,871 ha and is approximately 30 km NW of the Gold Mountain property and 80 km NW of Golden, BC.

The Punch Bowl property consists of three mineral claims totaling 3,079 ha and is approximately 90 km NW of the Gold Mountain Property and 140 km NW of Golden, BC. The property surrounds the historic Punch Bowl showing where discrete quartz-gold veins are hosted within quartzites and pelites of the McNaughton Formation.

Regional Geology

The properties are located within the main ranges of the Rocky Mountains near the British Columbia – Alberta border. The majority of the Punch Bowl property lies within the lower Gog Group McNaughton Formation along two NW-SE trending faults (the Chatter Creek Fault and McGilvray Fault). Roughly half of the Vertebrae Ridge Property lies within the Lower Gog Group Jasper Formation, with other portions of the property laying within the Waterfowl, Stephen, Whitehead and Cathedral Formations consisting of course clastics, mudstone, shales, and limestones, respectively. The Gold Mountain claims lay within the Lower Chancelor Formation which consist of limestone, slate, siltstone and argillite. The trend which the two properties lay on is of significance as it has potential for Fosterville like deposits hosted within turbidites of the Gog Group. A number of untested syenite bodies along with regional geochem survey anomalies occur along this trend and would be interesting targets for further regional gold exploration.

2020 Prospecting

Gold Mountain

Eight shallow back pack style drill holes were completed in 1984, though poor recoveries were noted, results include:

  • 4.04 m - 59.04 g/t Au, 6,863.1 g/t Ag, 16.9% Cu, and 8.95% Pb
  • 4.50 m - 7.89 g/t Au, 942.2 g/t Ag, 2.3% Cu, and 5.26% Pb

An exploration program carried out during fall 2020 at the Gold Mountain Property confirmed and identified the following:

  • Polymetallic mineralization over 600 to 700 m strike
  • High grades of silver/gold with 4 samples returning from 1,000 to 6,670 g/t Ag
  • Gold samples up to 7.44 g/t

The Ag-Au-Pb-Zn-Cu-Sb mineralized system described in a prior news release was confirmed over approximately 600 to 700 meters length on surface with individual mineralized veins ranging from 0.5 to 2 meters width. The mineralization is oriented southeast-northwest and is open in all directions.

Vertebrae Ridge

A prospecting program during fall 2020 resulted in the discovery and identification of significant polymetallic mineralization at multiple locations, including:

Zone 1

  • 18 rock samples collected over a 1,400+ metre strike with sample assays of 4.13% Cu, 28.6% Pb, 4.74% Zn, and 360 g/t Ag
  • Exhibits anomalous concentrations of As, Hg and Sb, in addition to Cu, Pb, Zn and Ag

Zone 2 North

  • 13 rock samples collected over a 650+ metre strike returned an arithmetic average of 2.5% Cu and 4.5 g/t Ag, with peak values of 10.7% Cu and 29.1 g/t Ag

Vein 160 Showing

  • 7 rock samples collected over an approximate 250 metre strike returned an arithmetic average of 10.5% Cu and 14.7 g/t Ag, with peak values of 35.5% Cu and 96.7 g/t Ag

Based on encouraging early stage surface sample results from two parallel trends of copper-silver mineralization at Vertabrae Ridge, Pegasus recently staked additional mineral tenures both north and south of the original property to cover potential extensions to the known mineralization. Pegasus is currently planning future exploration work within the area.

Given the results obtained during the 2020 exploration program and confirmation of historic exploration, Pegasus looks forward to conducting an aggressive program of both regional exploration and detailed follow up as soon as conditions permit in the second quarter of 2021.

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