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March 11th, 2021 – Pegasus Resources Inc. (TSX-V: PEGA; Frankfurt – OQS2, OTC/Pink Sheet symbol SLTFF) (the “Company” or “Pegasus”) is pleased to announce that Infinite Ore Corp. (“Infinite”) has commenced a 2,500 meter drill program on the Confederation North property (formally known as Dixie 17-20) within their Eastern Vision Project.
Infinite’s Eastern Vision Project is located south-east of Red Lake, Ontario and east of the high-grade gold discovery of Great Bear Resources Ltd. The drill program will test gold, copper, and silver anomalies from a recent Spaciotemporal Geochemical Hydrocarbon (“SGH”) survey conducted on portions of the Confederation North property by Infinite. (see Figure 1)
Charles Desjardins, President of Pegasus commented, “We are excited to see the start of this 2,500 meter drill program on the Confederation North property and are anxious to see the results. Access to the property and logistics are very good, so I anticipate an efficient drill program.”
Infinite has optioned three properties from Pegasus which are part of their Eastern Vision Project. The three properties are Fredart (80% optioned), Garnet Lake (80% optioned) and Confederation North (formally Dixie 17-20)(75% optioned with option to increase to 90%).
Past exploration in Infinite’s Eastern Vision Project which consists of the Fredart, Garnet Lake, Confederation North and Confederation South has focused on VMS targets within the Confederation Lake assemblage near Red Lake, Ontario. The Garnet Lake properties hold 43-101 compliant inferred mineral resources of 2.1 million tonnes grading 5.78% Zn, 0.72% Cu, 19.5 g/t Ag, and 0.6 g/t Au. The Fredart property contains an historical resource of 386,200 tonnes grading 1.56% Cu and 33.6 g/t Ag*.
Figure 1: Map of SGH anomalies and planned drill holes of the Confederation North property, Eastern Vision Project.
On Behalf of the Board of Directors
President and Director
Pegasus Resources Inc.
700 – 838 West Hastings Street
Vancouver, BC V6C 0A6
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Statements included in this announcement, including statements concerning the Company’s plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.Back To Archive