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Northeast Athabasca

Project Overview

Pegasus currently holds four Uranium properties located immediately northeast of the prolific Athabasca Basin of northern Saskatchewan which includes a historical resource estimate of 204,200 tons at 0.119% U308 at an average width of 15.8 feet (4.8 metres), containing 535,718 pounds of uranium*.  Cumulatively the properties encompass about 54,026 ha in 13 mineral claims, as follows: 

  • Wollaston Northeast: 7 claims, 34,721 ha
  • Bentley Lake: 3 claims, 12,397 ha
  • Mozzie Lake: 3 claims, 6,908 ha
  • Pine Channel: 1 claim

Wollaston Northeast Uranium Property

The Wollaston Northeast Property is situated outside the northeastern edge of the Athabasca Basin, about 45 km northeast of the Eagle Point Uranium Mine.  The Eagle Point uranium deposits are entirely hosted by basement rocks of the Wollaston Domain.  

Highlights:

  • Extensive land position within the Wollaston Domain where several recent uranium discoveries have led to renewed exploration activity; 
  • Wollaston Domain is host to numerous mines and uranium showings such as Key Lake, Rabbit Lake, Eagle Point and others;
  • Prospective for basement hosted uranium mineralization, with at least five documented uranium occurrences and at least eight known base metal showings; 
  • Historic exploration successfully identified numerous uranium/base metal showings, including an unresolved radioactive boulder train at Gallagher Lake with up to 0.244% U3O8.

Bentley Lake Uranium Property

The Bentley Lake Property is situated approximately 35 km northeast of the edge of the Athabasca Basin.  It is located at the transition zone between the Wollaston and Mudjatic geological domains.  

Highlights:

Located on the transition zone between the Mudjatic-Wollaston domains is a notable trend as several notable deposits such as Roughrider, Midwest, Cigar Lake, McAurthur River and others;

Mozzie Lake Uranium Property

(20A Zone)

The Mozzie Lake Property consists of two claim blocks that are situated approximately 25 and 40  km northeast of the edge of the Athabasca Basin.  It is located within the Charlebois-Higgingson Lake Uranium District.

 Highlights:

Historical resource estimate at the 20A zone with 204,200 tons at 0.119% U308 at an average width of 15.8 feet (4.8 metres), containing 535,718 pounds of uranium*.

The mineralization is hosted within pegmatite intrusions. The pegmatite deposits of the  Charlebois-Higgingson Lake Uranium District have remained largely dormant 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).

Pine Channel

The Pine Channel uranium property consists of six mineral claims encompassing 6,028 ha situated at the northern most edge of the Athabasca Basin. The property is about 40km due west of the community of Stony Rapids, Saskatchewan, and is accessible via trails and winter road that cross through the property. The property is underlain at shallow depths by the structurally complex Tanto Domain, which is host to numerous U, Cu, Ni and Au occurrences.

Highlights:

  • The property is prospective for unconformity-related uranium mineralization, with a very shallow depth to the basement from surface of about 60 to 100 metres
  • Drilling in 1981 identified anomalous uranium in a hematite-rich fracture within Athabasca sandstone rocks, directly above unconformity in hole PC81-2 with 0.15% U3O8 over 0.15m

Historic work identified two trends:

  • 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

Historic Exploration

During the 1970’s Denison Mines Ltd. conducted both airborne and ground geophysical surveys at and around the Pine Channel property.  During 1979, Denison drilled a total of 12 diamond drill holes in the area to test a conductor that was coincident with a magnetic contact. Results were very encouraging and included:

  • PN-79-1: 0.028% U3O8 across 1.2 m within brecciated basement rocks
  • PN-79-2: 0.062% U3O8 across 0.6 m within altered basement rocks
  • PN-79-3: 0.039% U3O8 across 0.7 m within Athabasca Basin sandstone

The property remained idle until about 2005 when UEX Corporation completed an airborne magnetic, radiometric and gravity survey, as well as an airborne MegaTEM survey atop the Pine Channel Property and surrounding area.

In 1981 Denison completed an additional four holes on the Pine Channel Property to test ground geophysical conductors at the same location as the 1979 drill holes.  At least four drill holes intersected elevated radioactivity directly above the unconformity, including PC81-2 which intersected 0.15% U3O8 over 0.15m.

Exploration Model

With the discovery of NexGen’s Arrow deposit, recent exploration in and around the Athabasca Basin has included the search for other high-grade, basement hosted uranium occurrences.  The Pine Channel property has several important attributes which make it an attractive exploration target for this deposit type:

  • Structurally complex basement lithologies
  • Altered basement rocks associated with a conductive trend
  • Multiple drill holes having intersected highly anomalous radioactivity, ranging from 0.028 to 0.15% U3O8

The location and road accessibility provide for an opportunity to conduct advanced exploration year-round at Pine Channel. Pegasus is currently compiling data for review and planning for the next stages of exploration on the property.

Radon Survey

Two linear anomalous radon trends are interpreted on Grid A, A NNE to SSW trend and a WNW to ESE trend. Both are interpreted to reflect basement structural features.

There are three ENE-WSW trending anomalous radon trends. The three diminish in intensity toward the WSW. Given that the dominant ice direction in this region parallels these trends, RadonEx interprets that they may be caused by uraniferous boulder trains. Alternatively, they may be due to ENE-WSW basement structures that parallel the nearby Grease River Shear Zone.

“Despite significant success at the Pine Channel Property, including highly anomalous radioactivity being identified in structurally complex basement rocks, exploration essentially halted in 1981.   We are very excited to have acquired this project, which has not only sat idle since the early 80’s, but also which was explored at a time prior to the discovery of uranium in basement rocks such as at NexGen’s Arrow and Fission’s PLS Projects.”

Charles Desjardins, CEO & Director

*The historical resource estimate was completed by Trigg, Woollett & Associates Ltd. on behalf of King Resources Company in 1968 (Sask. assessment report 74P07-0043).  

a) Grade of individual sample widths within the blocks outlined is 0.05% U308 or greater. b) Ore 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 ore reserve grade. d) Tonnages have been calculated using a factor of 12 cubic feet per ton of solid rock. e) Tonnages have been calculated to the nearest 100 tons.

The historical mineral resource estimates listed above either use categories that are not compliant with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and cannot be compared to NI 43-101 categories, or are not current estimates as prescribed by NI 43-101, and therefore should not be relied upon. A qualified person has not done sufficient work to classify the estimates as current resources and Pegasus is not treating the estimates as a current 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.