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VANCOUVER, BC--November 02, 2021 – Pegasus Resources Inc. (TSX-V: PEGA: Frankfurt – OQS2, OTC/Pink Sheet symbol: SLTFF) (the “Company” or “Pegasus”) is pleased to announce exploration plans for its recently acquired uranium projects located in the Athabasca Basin region of northern Saskatchewan. Cumulatively, the uranium land package encompasses approximately 60,054 ha over 19 mineral claims and includes the Pine Channel, Mozzie Lake, Wollaston Northeast, and Bentley Lake properties (Figure 1).
Charles Desjardins, President of Pegasus Resources, states, "We are excited to have built this prospective uranium portfolio at such a key time in the market and look forward to advancing exploration and unlocking value for our shareholders.”
Summary of exploration plans:
Pine Channel Property
Mozzie Lake, Wollaston Northeast, and Bentley Lake properties
Figure 1: Location of the Company’s uranium properties
The following includes a summary of each property.
Pine Channel Uranium Property:
Historical work identified two conductive trends on the Property. One trend is approximately 2.5 km long, defined by both airborne and ground electromagnetic (EM) surveys. The second, a 600-metre long conductor, has not yet been followed up with a ground EM survey(s) or drilling.
Wollaston Northeast Uranium Property
Bentley Lake Uranium Property
Mozzie Lake Uranium Property (20A Zone)
The mineralization is hosted within pegmatite intrusions. The pegmatite deposits of the Charlebois-Higgingson Lake Uranium District have remained largely unexplored since it was first explored in the 1940’s to 1960’s era. There are historical references to rare-earth-element (REE)- bearing minerals in the region, including at the Pinkham Lake prospects on the Mozzie Lake Property. The Company believes that a re-evaluation of the district with respect to REE mineralization should be conducted to potentially bolster the uranium potential of the project(s).
*The historical resource estimate for the 20A Zone was completed by Trigg, Woollett & Associates Ltd. on behalf of King Resources Company in 1968 (Sask. assessment report 74P07-0043) and includes certain criteria and assumptions; a) the pegmatites are conformable with the enclosing rocks, b) grade of individual sample widths within the blocks outlined is 0.05% U308 or greater, b) mineralization has been projected up to 50 feet in both directions from diamond drill intersections, and up to 50 feet beneath surface showings. c) grade of blocks having no available assays, but whose existence has been confirmed by radiometric surveys, have been taken to be the average [estimate grade], d) tonnages have been calculated using a factor of 12 cubic feet per ton of solid rock, and e) tonnages have been calculated to the nearest 100 tons.
The historical mineral resource estimates noted above has not been completed in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and therefore cannot be compared to NI 43-101 mineral resource categories, and therefore should not be relied upon. A qualified person has not done sufficient work to classify the estimates as mineral resources in accordance with NI 43-101 and, therefore, Pegasus is not treating the historical estimates as a current mineral resource estimate. However, the estimates are relevant to guiding the Company’s exploration plans and provide geological information regarding the type of mineralization that could be present in the Mozzie Lake area. The QP has reviewed the historical report and the historical resource estimate was prepared within a high-quality report which stated several key assumptions and criteria as has been presented above.
The scientific and technical information contained in this news release has been reviewed and approved by Darren L. Smith M.Sc., P.Geo. of Dahrouge Geological Consulting, who is a “Qualified Person” as defined in NI 43-101.
About Pegasus Resources Inc.
Pegasus Resources Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on uranium, gold and base metal properties in North America. The Company is also actively pursuing the right opportunity in other resources to enhance shareholder value. For additional information please visit the Company at www.pegasusresourcesinc.com or contact Charles Desjardins at email@example.com.
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