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Chord

Overview

The Chord Uranium Property consists of 147 lode mining claims totalling 3,037 acres located in Fall River County, South Dakota. The claims are located approximately 5.5 kilometers southwest of the enCore Energy Corp., Dewey–Burdock ISR Uranium deposit which is also hosted in the Chilson member sandstones. The Dewey–Burdock deposit contains a measured and indicated resource of 7.39 M tons at an average grade of 0.116 %U3O8, or 17.12 M lbs. U3O8 (Azarga, 2019*). The project is currently in advanced stage mine permitting.

*Azarga, 2019, 43-101 Technical Report PEA

Geology

Mineralization is hosted within typical roll front–type deposits in the Cretaceous-age Fall River and Lakota formations. The contiguous claim block covers Uranium mineralization drilled by Union Carbide Corp (UC) in the late 1970’s.

Historical Work

Union Carbide defined non-43-101 compliant historical measured and indicated resources totalling 2,379,990 lbs. U3O8. Mineralization occurs in three areas and was evaluated by UC for conventional open pit and underground mining. Union Carbide resource calculations also report an additional potential resource based on geologic projection of the UC-calculated “measured and indicated resources” of 1,440,000 lbs. U3O8 proximal to the defined deposits (Cohan, 2004). Resource calculations are documented in UC and subsequent claimant reports and UC radiometric ore maps covering most of the reported mineralization.

Cohan, W.T., 2004, Capital and Operating Cost Estimates, Former Chord Project, Edgemont, Fall River County, South Dakota, June 2004, for Can Alaska Ventures, Ltd.

UC delineated two unoxidized deposits (October Jinx and Viking) that are 350 ft. to 500 ft deep and, based on historic depth-to-groundwater measurements (Cohan, 1984), are believed to lie below the water table. Mineralization is hosted in three sands of the lower Chilson member of the Lakota formation. Historical UC resources were calculated using internal UC protocol for underground mining. Drill patterns were on 100 ft. and 50 ft. centers. Measured resources of deposits drilled on 50 ft. centers were calculated using the manually calculated Polygonal Block Method. Measured resources on 100 ft. drill spacing were calculated using a 300 tons per foot estimate per ore intercept. Indicated resources based on 100 ft. drill spacing were derived by subtracting the measured resources from the total resources calculated using the standard formula which relates the ratio of ore holes to total holes within the volume of the area of equally spaced drilling (Pinnick, 1982). Resources were calculated using a 0.06% U3O8 cut-off grade and a grade X thickness (GT) cut-off of 0.30. Dilution due to minimum underground mining widths and grade distribution were also incorporated (Pinnick, 1982).

Cohan, W.T., 1984, Report on Water Sampling and Limited Aquifer Testing, Chord Project

Pinnick, E. K., 1982, Geologic Review, Chord Uranium Property, Edgemont, South Dakota, September, 1982, for American Gold Minerals Corp.

Mining Resources

Underground Mining Resources (historical, non-43-101 compliant)

Mine Unit
Tons%U308Lbs. U308
October JinxMeasured615,7000.1331,187,400

Indicated218,000 0.133453,000
VikingMeasured166,0000.101336,000
Total (M+I) Resources (Lbs. U3O8)
1,977,000

UC drilling also delineated at least eight small, conventional open-pit mining (oxidized) deposits, in the Fall River and Lakota formations. Drill patterns were on 50 ft. centers and measured resources were calculated for open pit mining at a 0.04 % U3O8 cut-off and a minimum 0.08 GT (Pinnick, 1982).

Open Pit Mining Resources  (historical, non-43-101 compliant)

Mine Units CombinedTons%U308Lbs. U308
Long Mountain (6 units) and Fox River (2 units)323,8000.062402,990
Total Measured Resource (Lbs. U3O8)

402,990

Looking Forward

Pegasus is planning to conduct drilling programs following the acquisition of additional public and already identified privately owned data packages. Drilling objectives are to confirm historical UC results, produce an up-dated 43-101 compliant resource, perform aquifer tests for ISR amenability, and to explore for additional mineralization along projected trends.