Pegasus Resources details historical Energy Sands data

Jun 4, 2024

2024-06-04 11:25 ET – News Release

Mr. Christian Timmins reports

PEGASUS RESOURCES REPORTS HISTORICAL UTAH DATA

Pegasus Resources Inc. has retained Dahrouge Geological Consulting USA Ltd. to complete a preliminary geological model based on detailed geological mapping and sampling completed on the company’s Energy Sands project located in Utah in Q1 2024 (see press releases dated Jan. 16, Jan. 30 and March 25, 2024). The outcome of the ground program provided a detailed geological map inclusive of lithologies, geological structure, mineralization style and controls, along with confirmation of paleochannel structures controlling the uranium and vanadium mineralization present on the property. Dahrouge used this collected data in conjunction with the 2015 Utah Geological Survey regional map and stratigraphic column (Doelling et al., 2015) as a reference framework to build a preliminary geological model to support Pegasus’s permitting efforts for the planned coming drill program in 2024.

The generation of the geological model was a crucial step in understanding the property’s geology and mineralization. This preliminary geological model was then used as a basis to define drill targets for the planned drill program and support and submittal of a notice of intent to the Bureau of Land Management (BLM) Price, Utah, field office. As part of the notice of intent submittal, all surface disturbances (access roads, drill pads etc.) must be defined and presented to the BLM.

During the generation of the geological model and a notice of intent filing, Pegasus was provided with historical drilling data completed on the property in 1975. These data were inclusive of a drill hole location map, geological logs, downhole geophysical surveys (presented in counts per minute (CPM)), and interval analytical values for uranium and vanadium from 11 drill holes. Dahrouge completed a data compilation and review of the geological logs and drilling location map to evaluate their consistency to what was observed in the field during the mapping campaign. The drill hole map was then georeferenced based on available data, such as topography and state plain section corner, to determine relative historical drill hole locations. The historical drill holes have been overlain on the preliminary geological model to evaluate consistency of the historical logs to the detailed mapping completed during Q1 2024.

During the data compilation, Dahrouge also evaluated how the historical analytical results compared with surface grab and paleochannel mineralization. As previously highlighted in (March 25, 2024, press release), the field samples from the area of historical drilling returned values of 3.55 per cent triuranium octoxide and 5.34 per cent vanadium pentoxide. The historical data, in conjunction with geological and analytical data collected by Dahrouge, do provide direct insight into potential mineralization on the property. The results outlined herein do provide guidance to interpreted mineralized paleochannel and will be used to help guide future drilling campaigns.

In reviewing the historical drill hole data and geologic interpretations, Dahrouge surmised that the historic drill program was following a trend that was interpreted as paleochannel hosting mineralization. This trend matches the structural measurements and mineralization trend hypothesis from Dahrouge’s recent mapping program, helping Pegasus to target possible mineral-hosting paleochannels extending throughout the property. These historic data provide key geological information and, when combined with data collected from surface mapping and sampling, guide the generation of the preliminary geological model and drill hole targeting.

National Instrument 43-101 disclosure

The technical content of this news release has been reviewed and approved by Jacob Anderson, CPG, MAusIMM, who is a resource geologist for Dahrouge Geological Consulting USA, and a qualified person under National Instrument 43-101, who has prepared and/or reviewed the content of this press release.

The results discussed in this document are historical. Pegasus nor the qualified person have performed sufficient work or data verification of the historical data. Although the historical results may not be reliable, the company nevertheless believes that they provide an indication of the property’s potential and are relevant for any future exploration program.

About Pegasus Resources Inc.

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.

We seek Safe Harbor.

https://www.pegasusresourcesinc.com/