(TheNewswire)
VANCOUVER, BC, - TheNewswire - October 11, 2023 – Pegasus Resources Inc. (TSXV:PEGA ) ( Frankfurt:OQS2 ) ( OTC:SLTFF) (the "Company" or"Pegasus”) is pleased to announce the conclusion of its 2023ground exploration program at the Punch Bowl property, Golden Projectin southeastern British Columbia. (See news release October 06, 2023 ).
During this program, our dedicated team collected atotal of 25 rock samples. We look forward to the processing andanalysis of these samples, recognizing their potential to revealvaluable insights. The data from these assays will be a criticalfoundation for shaping our future exploration strategy at the GoldenProject. We are committed to keeping our stakeholders informed andwill provide updates once the assays have been received by theCompany.
Exploration Highlights:
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Day 1: Fourteen(14) rock samples were collected, with the potential of showcasing therich geological diversity of the Golden Project.
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Several new quartz veins (not previously located duringthe 2020 and 2021 field programs) were identified and sampled,measuring up to 0.5 m in width.
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Two veins were found to contain galena, a mineral verycommonly associated with gold from historical work completed on theProperty.
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Day 2: Anadditional eleven (11) rock samples were collected, further expandingour understanding of the Punch Bowl area.
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Continued to map and sample previously unidentifiedquartz veins, measuring up to 1 m in width, and up to 80 m inlength.
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One additional vein was found hosting galena.
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"While uranium exploration remains our primaryfocus, the encouraging discoveries made during our previousexploration programs in 2020-21 underscore the need to explore theexciting potential of the Golden Project for copper and gold,"stated Chris Timmins, President and CEO of Pegasus. "We eagerlyawait the 2023 ground program results, as they will play a pivotalrole in shaping our future exploration strategies and ultimatelymaximizing the value of these promising properties."
Photos (left): 0.5m thick quartzvein (right): heavily oxidized gossanous quartz vein
Photo: Geologist investigatingquartz veins on McGillivray Ridge
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 surrounds the historic Punch Bowl, showing where discretequartz-gold veins are hosted within quartzites and pelites of theMcNaughton Formation.
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.
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.
Quality Assurance / QualityControl
All samples were collected in the field using a hammerand chisel. Locations were obtained using a handheld GPS or tablet,with samples placed in pre-labelled sample bags. Metal tags with thesample numbers and flagging tape were left at each sample location. AQuality Assurance/Quality Control protocol was incorporated into theprogram and included the insertion of silica blanks at a rate ofapproximately 15%.
Samples are being transported to SGS Canada’slaboratory in Burnaby, BC, for standard sample preparation (codePRP89), which includes drying at 105°C, crushing to 75% passing 2mm,riffle splitting 250 g, and pulverizing to 85% passing 75 microns.They will subsequently be analyzed for multi-element (code GE_ARM3V25)and Au by fire assay (code GE_FAA30V5).
Management cautions that prospecting surface rocksamples and associated assays, as discussed herein, are selective bynature and represent a point location and, therefore, may notnecessarily be fully representative of the mineralized horizonsampled.
NI 43-101 Disclosure The technical content of this news release has been reviewed andapproved by Nathan Schmidt, P. Geo., Senior Geologist for DahrougeGeological Consulting Ltd., and a Qualified Person under NationalInstrument 43-101, who has prepared and/or reviewed the content ofthis 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 enhance shareholder value. For additional information,please visit the company website 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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