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Monday, June 17, 2024

(TSXV: PEGA) A Look at Pegasus Resources Various Projects

Pegasus Resources Inc is a diversified junior mining company based in Canada that focuses more on the Uranium and base metal exploration within North America. Currently, they are working on main four projects namely Chord, Northeast Athabasca, Energy Sands, and Golden projects.

1) Chord Uranium Property

The Chord Uranium Property is composed of the 147 lode mining claims covering a total land area of 3,037 acres in Fall River Country, South Dakota. Mineralization is observed within typical roll front type deposits in the Cretaceous-age Fall river and Lakota formations. Uranium mineralization within these contiguous claim blocks was first determined through the drilling carried out by Union Carbide Corp in the late 1970s. They reported the presence of indicated resources totalling 2,379,990 lbs. As evaluated during the preliminary investigations by the Union Carbide Corp, Mineralization occurs within three areas and it was suggested to go for open pit mining as well as the underground mining. They were able to detect two unoxidized zones of the deposit namely, October Jinx and Viking which are positioned 350ft and 500ft below the ground level.

Here are the details related to the underground mining sources;

In addition to the underground sources, they have delineated around eight small, conventional open-pit mining (oxidized) deposits, in the formations that are found around Fall River and Lakota.

Pegasus Resources is now planning to carry out drilling programs following the acquisition of mining rights of the area.

2) Northeast Anthabasca Uranium Property

Pegasus resources currently hold the ownership of four Uranium properties located immediately northeast of the prolific Athabasca Basin of northern Saskatchewan. According to the resource estimations done during the preliminary investigations done at the early stages, it is estimated to have 204,200 tons at 0.119% U308 at an average width of 4.8 meters, containing 535,718 pounds of uranium. Basic studies reveal for the presence of Uranium within 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 Domain is estimated to have good concentrations of uranium showings such as Key Lake, Rabbit Lake, Eagle Point, and others. This property is showing a basement hosted mineralization of Uranium with five documented Uranium occurrences and other eight base metal showings.

Bentley Lake uranium property is located close to the transition zone between the Wollaston and Mudjatic geologic domains with some notable deposits like Roughrider, Midwest, Cigar Lake, and McAurthur River.

Mozzie Lake Uranium property is located in two claim blocks of uranium mineralization with a resource estimation of 204,200 tons at 0.119% U308 at an average width of 4.8 meters containing 535,718 pounds of uranium. Mineralization is observed to be within pegmatite intrusions.

3) Energy Sand Project

Pegasus energy sand project is located within the San Rafael Uranium district with 30 unpatented lode claims extending over an area of 600 acres. Reports can be found about small-scale uranium production within the short time span between 1953 and 1956, totaling 51.8 Tons at a grade of 0.373% U3O8 and 1.10% V2O5.  Through this project, Pegasus resources is mainly focusing on the extraction of the sandstone-hosted uranium and the vanadium. These sandstones belong to the Salt Wash Member of the Jurassic Morrison Formation. Mineralization is observed with a roughly northeast trend in the Tidwell Mineral Belt of the San Rafael Uranium District. Individual mineralized bodies can be found either as tabular to lenticular formations with an alignment of the long axis along the trend.

4) Golden Project

Golden project is mainly focused on the extraction of gold as implied by its name. This project is mainly based on the three properties along a trend located along the border of British Columbia and Alberta Broder. These three properties are namely Gold mountain, Vertebrae Ridge and Punch Bowl.

            Gold Mountain property is hosting gold and silver with two mineral claims extending over 802 ha and the gold/silver mineralization is reported to be within polymetallic quartz and carbonate veins. The Vertebrae ridge consists of two mineral claims extending over 2871 ha it is positioned 30km Northwest of the gold mountain property.  The punch bowl property consists of three mineral claims extending over 3079ha and the mineralization is reported to be in form of discrete quartz-gold veins that are hosted within quartzites and pelites of the McNaughton Formation. Previous exploration results associated with these deposits are sufficient enough to warrant further explorations.

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