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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.
Historic work identified two trends:
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:
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.
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:
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.
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.”Christian Timmins, CEO & President
*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.