(TheNewswire)
VANCOUVER, BC – TheNewswire - October 06, 2023 – Pegasus Resources Inc. (TSXV:PEGA ) : ( Frankfurt:OQS2 ) , ( OTC:SLTFF) (the"Company" or "Pegasus") isexcited to announce the commencement of our 2023 mapping and samplingprogram on our Golden Project, which is comprised of three Propertiesalong trend between Golden and Valemount, British Columbia. The 2023exploration program will focus efforts on the Punch Bowl Property,following up on the encouraging results obtained during the 2021prospecting campaign, which included the discovery of a 200 m coppertrend at Punch Bowl, with sample 151871 reporting 0.70% Cu and 1518881.68% Cu.. (See news release Jan 04, 2022). Further updates will beprovided as we advance through our 2023 exploration program.
"In 2021, our exploration efforts at Punch Bowlunveiled an exciting copper-bearing zone, approximately 200 meters inlength," noted Chris Timmins, President and CEO of Pegasus."Our 2023 program is designed to build upon the promisingfindings we unearthed in 2020 and 2021. The launch of our 2023exploration program at Golden signifies our unwavering commitment torealizing the project's potential and deepening our comprehension aswe delve into the Golden Project."
Punch Bowl:
The Punch Bowl Property consists of three mineralclaims totalling 3,079 ha and is approximately 90 km NW of the GoldMountain Property and 140 km NW of Golden, BC. The Property surroundsthe historic Punch Bowl, showing where discrete quartz-gold veins arehosted within quartzites and pelites of the McNaughtonFormation.
2021 Exploration Highlights: (see January 04,2022 newsrelease )
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A total of 37 samples were collected on the PunchBowl Property.
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Discovery of a new copper mineralized zone locatedapproximately 2.5 km southeast of the main gold zone (Figure 1). Ofthe 13 outcrop and float samples, six (6) samples returned valuesgreater than 0.1% Cu and up to 1.68% Cu.
Discovery of a new copper mineralized zone locatedapproximately 2.5 km southeast of the main gold zone (Figure 1). Ofthe 13 outcrop and float samples, six (6) samples returned valuesgreater than 0.1% Cu and up to 1.68% Cu.
Figure 1 2020-2021 sample summary of the Punch BowlProperty
Figure 2. Sample 151888 with sinuous coppermineralization, which consists of chalcopyrite-malachite ± nativecopper.
Vertebrae Ridge:
The Vertebrae Ridge Property is comprised of fourclaims encompassing about 5,324 ha (13,156 acres) roughly 81kilometers northwest of Golden, BC. The exploration campaign duringAugust 2021 resulted in the extension of known polymetallicmineralization trends, the confirmation of significant mineralizationcontinuity at historically sampled locations and the discovery of theCanon Cu-Au Zone. The Company believes the newly discovered Canon Zonemay be related to a large oval, alkaline intrusion located a shortdistance west of the mineralized area.
2021 Exploration Highlights: (see December 04, 2021 newsrelease ),
Expanded Cu-Ag-Pb-Zn zone to at least 4,000 metersstrike
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Crest Zone : 65samples of rock and float samples were collected over nearly 4,000meters strike of mineralized Copper ± Ag/Pb/Zn outcrop. Of the 65samples:
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A total of 34 returned 1% Cu, and 22 samples 2% Cu. All samples averaged 2.7% Cu,the highest value is 29% Cu.
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A total of 22 returned 10 g/t Ag and 8 samples 30 g/tAg. All samples averaged 16 g/t Ag and the highest value is 201 g/t Ag.
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Barrel Zone :Thirteen (13) copper-bearing carbonate vein samples collected over1500+meter strike:
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Six (6) returned values 0.5% Cu and 3 samples 1% Cu.The samples averaged 0.87% Cu, the highest value is 5.06% Cu
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Cannon Zone :Twenty-six (26) samples collected over an area that is 500 meters wideby 1,100 meters strike length from a structurally controlledquartz-carbonate vein and breccia system bearingchalcopyrite-chalcocite mineralization:
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A total of 14 returned values 0.5% Cu and 9 samples 1% Cu. The samples averaged 1.03% Cu, with the highest value of 3.55% Cu
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Two (2) samples carry significant gold mineralizationwith 1.44 g/t Au and 4.22 g/t Au.
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Figure 3. 2021 program rock samplelocations and mineralized trends.
Gold Mountain:
The Gold Mountain Property is an early-stage gold/silver property locatedapproximately 50 km NW of Golden, BC, just north of Highway 1. TheProperty comprises two mineral claims over 802 ha and encompasses thehistoric Grizzly occurrence featuring gold and silver hosted withinpolymetallic quartz/carbonate veins.
The Ag-Au-Pb-Zn-Cu-Sb mineralized system at GoldMountain described in a prior news release (see January 13, 2021 newsrelease) was extended fromapproximately 600 meters in length on surface to over 900 meters. Themineralized system is oriented southeast-northwest and is consideredopen in all directions.
2021 Exploration Highlights: (see January 04,2022 newsrelease )
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Extension of polymetallic mineralization from 600meters to over 900 meters in strike length with sample 151659: 1.63%Cu, 76 g/t Ag, 2.34 g/t Au;
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Confirmation sampling of main zone with sample 151637:0.37% Cu, 2260 g/t Ag, 0.99 g/t Au, 4.6% Zn;
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7 samples collected for petrographic analysis andcharacterization of mineralization, textures and alteration.
NI 43-101 Disclosure
The technical content of this news release has beenreviewed and approved by Nathan Schmidt, P. Geo., Senior Geologist forDahrouge Geological Consulting Ltd., and a Qualified Person underNational Instrument 43-101, who has prepared and/or reviewed thecontent of this press release.
About Pegasus Resources Inc.
Pegasus Resources Inc. is a diversified Junior CanadianMineral Exploration Company with a focus on uranium, gold, and basemetal properties in North America. The Company is also activelypursuing the right opportunity in other resources to enhanceshareholder value. For additional information, please visit theCompany at www.pegasusresourcesinc.com .
On Behalf of the Board of Directors:
Christian Timmins
President, CEO and Director
Pegasus Resources Inc.
700 – 838 West Hastings Street
Vancouver, BC V6C 0A6
PH: 1-403-597-3410
X: https://twitter.com/MrChris_Timmins
X: https://twitter.com/pegasusresinc
E: info@pegasusresourcesinc.com
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accept responsibility for the adequacy or accuracyof this release.
Forward Looking Statements
Statements included in this announcement, includingstatements concerning the Company's plans, intentions, andexpectations, which are not historical in nature are intended to be,and are hereby identified as, "forward-looking statements."Forward-looking statements may be identified by words including"anticipates," "believes," "intends,""estimates," "expects" and similar expressions.The Company cautions readers that forward-looking statements,including without limitation those relating to the Company's futureoperations and business prospects, are subject to certain risks anduncertainties that could cause actual results to differ materiallyfrom those indicated in the forward-looking statements.
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