Pegasus Resources Inc. [TSXV-PEGA; OTC Pink-SLTFF; FSE-0QS0] reported significant developments in its exploration initiatives, particularly with the recent acquisition of the Jupiter project and continuing activities at its established Energy Sands project, Utah. As the company advances these projects, Pegasus is positioned to significantly enhance shareholder value through strategic exploration and development.
“We are entering an exciting phase of exploration with the recent acquisition of the Jupiter project and the work completed on the Energy Sands projects,” stated Christian Timmins, CEO. “The strategic integration of these projects allows us to leverage extensive historical data and modern geological techniques to maximize our exploration potential. Our dedicated team is focused on advancing these projects rapidly, aiming to enhance our understanding of the mineral resources and expand our operational scope. With our upcoming drill program set to commence this summer, we are confident in our ability to deliver substantial value to our shareholders and reinforce Pegasus Resources’ position as a leader in the uranium sector.”
The year commenced with a successful ground sampling program at Energy Sands in Utah in January 2024. The significant results, announced on March 25, 2024, indicated a favourable environment for uranium mineralization. Following this, the company added to its geological understanding by acquiring historical drilling data of the area, which further defined the area’s potential. Analysis conducted by Dahrouge Geological Consulting USA Ltd. identified a trend indicative of paleochannel-hosted mineralization. This significant discovery, aligning with structural measurements and the identified mineralization trends, aids in targeting potential mineral-hosting paleochannels across the property. The company has initiated the permitting process and has submitted all necessary documents to launch a summer drilling program.
Adding to the company’s portfolio, the recent acquisition of the Jupiter project, located 3 km north of Energy Sands, marks a pivotal expansion. Jupiter, boasting over 100 historical drill holes that positions Pegasus to expedite the development of a uranium resource estimate.
This strategic proximity to Energy Sands and Jupiter provides a significant opportunity for Pegasus to use the available historical drill logs and future company drilling programs to better understand the uranium mineralization in the area while looking to find the next discovery.
Pegasus Resources is advancing its exploration initiatives at both the Jupiter project and Energy Sands, leveraging historical data and recent geological studies to guide resource development.
Jupiter project: The company’s exploration approach at the Jupiter project is comprehensive, involving the twinning of historical drill holes, detailed logging of old drill holes and the identification of new drill targets.
Energy Sands: Following a successful ground program in January 2024, which involved a detailed review of historical drill logs, the company has moved forward with securing the necessary drilling permits for the Energy Sands project. The company’s focus will be on targeting and further investigating potential mineral-hosting paleochannels that have been identified across the property, aiming to delineate and expand these mineralized zones.
Pine Channel: Located on the north side of the Athabasca basin, Pine Channel is slated for a gravity survey this summer. This survey will enhance the company’s understanding of the property and refine targets for future drilling operations. The gravity survey will play a crucial role in the company’s strategic exploration efforts.
The company also announces an agreement with Fairfax Partners Inc. dated July 9, which will provide social media marketing communication support for two months for a fee of $75,000 plus GST, then $10,000 plus GST for the following six months. The services include content development, social media campaign and analytics. The total term of the Fairfax agreement is for a period of eight months ending March 9, 2025.
Pegasus Resources 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.
