TSX.V PEGA
LAST - -
VOL -
SUBSCRIBE TO UPDATES
Join our mailing list to receive news releases and other materials related to Pegasus Resources Inc.
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.
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.
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.
The Gold Mountain claims cover the historic Grizzly occurrence where gold and silver are hosted within polymetallic quartz / carbonate veins.Discovered in the 1930’s, at least one adit and two small open cuts were developed on the prospect. During the 1980’s two showings were discovered, which are considered part of a 600+ m long trend of quartz veins and stockworks.
Exploration during 1982 at the North Showing, near the adit, identified a 1 m wide quartz vein, which returned a grab sample of 4.87 g/t Au, 647 g/t Ag and 1.89% Cu.
At the South Showing, five veins are exposed by trenches within a zone about 4 m wide, a peak value of 30.3 g/t Au, 123.1 g/t Ag and 32.54% Cu was returned.
Eight shallow back pack style drill holes were completed in 1984, though poor recoveries were noted, results include:
The area is underlain by grey, buff and black-banded Cambrian argillite, argillaceous limestone, limestone, dolomite, and narrow bands of sheared mica schist. Bedding is near vertical and strikes northwesterly. Veins generally strike 130° following along a regional fold within a fault. Disseminations and lenses of tetrahedrite, galena, chalcopyrite and pyrite occur within the quartz carbonate veins. Gold values are reportedly associated with tetrahedrite and silver values with the galena. Tetrahedrite appear to be most common within quartz which may be later than the carbonate/galena. Little to no wall rock alteration has been noted.
Two main showings (North and South) are separated by about 450 m of talus. Mineralized boulders within the talus attest to the continuity of the zone(s). The mineralized trend is 500 m - 600 m long and open on both ends. Approximately 150 m NE of the main Gold Mountain trend, a third showing (the east showing) consists of narrow quartz veins exposed in a trench. The veins strike ~130° along a regional fold and appear to occupy a fault or fracture-cleavage. Cross veins are present. The South Showing encompasses five vein exposures in multiple trenches over an approximate 160 m by 50 m area. Two veins are presumed to continue to the North Showing and are exposed by a shallow open cut and small adit. These veins are up to 1 m thick in places. A conceptual exploration target with dimensions of 600 m x 4 m wide x 200 m vertical with an assumed 2.7 SG would equate to 1.3 Mt.
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.
Copper Zone 1 features copper mineralization is hosted within quartz veins, stockworks, and breccias bearing pyrite, chalcopyrite and bornite. Malachite and azurite also noted as sulphide-alteration products. Zone 1 is delineated along a strike length of +2km. Structurally controlled by steep dipping west normal fault. Host rocks are generally composed of limestones, dolostones, and dolomitic shales.
Copper Zone 2 has a strike length of over 200m and is delineated across a large talus zone. Zone 2 is hosted in limestones and dolostones contains abundant malachite and pyrite/chalcopyrite, though this zone needs further delineation. Assay results for any samples were not available.
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.
The Punch Bowl Lakes gold occurrences are analogous to the class of turbidite-hosted gold deposits. Hosted by the McNaughton Formation, bedding parallel veins contain significant gold and are up to 50 m in length and 1 m thick. Notable examples of this deposit type include the Bendigo district gold occurrences in Australia, which include such mines as Fosterville Mine of Kirkland Lake Gold. Similar to Punch Bowl Lakes, at Fosterville “the deposit is hosted by an interbedded turbidite sequence of sandstones, siltstones and shales. This sequence has been metamorphosed to sub-greenschist facies and folded into a set of upright, open to closed folds. Proven and Probable Reserves at Fosterville (Dec 31, 2018) include 2,720,000 t @ 31 g/t Au.
A maximum value of 80 oz/ton Au (2,500 g/t Au) was reported for the main showing (Godfrey and Shaw, 1987) by one of the claim owners. During 1987 a total of 29 rock samples were collected from the main showings along McGillivray Ridge, with a maximum value of 18.4 oz/ton Au (573.7 g/t Au) obtained. Further samples collected during the summer of 1988 (R.S. Shaw, 1989) resulted in additional high-grade gold values, as follows:
"Gold-quartz mineralization outcropping on the southwest slope of McGiillivray Ridge is contained in a series of discrete veins structures over 20 veins have produced anomalous gold values grading locally from nil to 500 g/t Au, with visible gold observed in many cases."
Shaw and Morton (1989) on Punch Bowl mineralizationHistoric results from the Punch Bowl and Gold Mountain properties are significant enough to warrant further exploration. Vertebrae Ridge offers a significant opportunity to explore a carbonate hosted copper mineralization. A geologic trend exists from the Punch Bowl to the Gold Mountain properties, with Vertebrae Ridge outlining the potential for undiscovered Au/Ag/Cu mineralization. High grade Au/Ag/Cu may be hosted within a variety of lithologies within the trend.