Pegasus plans summer drilling at Energy Sands

Jul 13, 2024

2024-07-12 17:31 ET – News Release

Mr. Christian Timmins reports

PEGASUS RESOURCES INVESTOR UPDATE

Pegasus Resources Inc. is excited to enter the third quarter of 2024 with significant developments in its exploration initiatives, particularly with the recent acquisition of the Jupiter project and continuing activities at its established Energy Sands project. 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, chief executive officer. “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.”

2024 overview

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. As detailed in the company’s June 4, 2024, news release, 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 (July 10, 2024), located three kilometres north of Energy Sands, marks a pivotal expansion. Jupiter, boasting over 100 historical drill holes, is an exciting project that uniquely 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. The strategic significance of this acquisition is immense, and Pegasus is poised to begin work at Jupiter once it has secured the required permits and funding, and completed the tendering process to acquire the necessary equipment and crews for a summer drilling program, with expectations set on rapidly advancing its exploration and resource development objectives at Jupiter.

Exploration update

As the company progresses through 2024, Pegasus Resources is actively 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. These efforts are crucial not only for expanding the known resource base but also for discovering new mineralization zones. The company is developing a robust geological model for the Jupiter project that will substantially enhance its resource development plans. Utilizing extensive historical drilling data, the company’s goal is to refine its exploration strategies, and produce a resource estimate that meets the current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definition standards on mineral resources and mineral reserves. The wealth of historical data available underscores the considerable potential for uranium mineralization, laying a strong foundation for the company’s continuing exploration efforts.

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. Once permits are in place, the company’s next steps include initiating the tendering process to source the essential equipment and skilled crews required for a comprehensive summer drilling program. This upcoming program is designed to build upon the insights gained from recent mapping conducted by Dahrouge Geological Consulting USA. 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.

Integrated exploration strategy: By synchronizing the company’s exploration strategies at both Jupiter and Energy Sands, Pegasus Resources is effectively harnessing synergies between the two projects. This integrated approach not only streamlines its operational efforts but also enhances its ability to quickly adapt and respond to geological findings as they emerge. The proximity of Jupiter to Energy Sands offers unique opportunities for operational efficiencies and resource sharing, ensuring that the company’s exploration programs are both cost-effective and strategically aligned.

These combined efforts at Jupiter and Energy Sands underscore the company’s commitment to advancing these projects toward their full potential, with the aim of significantly enhancing shareholder value through the discovery and development of valuable uranium resources. As the company continues to progress with its drilling and exploration programs, Pegasus Resources remains dedicated to upholding the highest standards of resource estimation and sustainable mining practices.

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 a two-month period for a fee of $75,000 plus goods and services tax, then $10,000 plus goods and service tax 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. Fairfax and its principals are arm’s length to the company.

As the company continues to advance its strategic projects, Pegasus Resources is uniquely positioned in the uranium sector to capitalize on both established and emerging opportunities. The company’s recent agreements and exploration advancements underscore its commitment to leading the industry in discovery and resource development. For more information and regular updates, investors are encouraged to visit the company’s website or contact its investor relations team.

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.

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/