(TheNewswire)
Vancouver, British Columbia - TheNewswire - August22, 2023 - Pegasus Resources Inc. (TSX-V:PEGA ) ( Frankfurt:OQS2 ) ( OTC:SLTFF) (the " Company " or " Pegasus ") ispleased to provide an update on recent developments and key events aswe forge ahead in our pursuit of uranium and other minerals. With aclear vision and strategic focus, we are thrilled to outline our goalsand achievements for the coming years.
“ ThePegasus team is excited for the inaugural drill program at the PineChannel,” stated Chris Timmins. “This marks a significant stepforward in our exploration efforts to find the next uranium depositsin the Athabasca Basin. Additionally, we're enthusiastic aboutreturning to our Icefields project in BC, where we see immensepotential for copper and gold mineralization. Our team is also hard atwork developing a comprehensive work program to advance Energy Sandstoward drill-ready status. These initiatives reflect our commitment toadvancing our projects and creating value for ourshareholders .”
Goalsfor 2023-24 : Our goals are set to achievesignificant milestones. Highlights include:
PineChannel Uranium Property Saskatchewan: We arededicated to advancing our Pine Channel Uranium Property in theAthabasca Basin, focusing on our inaugural drill program. Our team isdiligently working towards unlocking the potential of this asset andgenerating valuable insights through exploration activities.
MozzieLake, Bentley, and Wollaston Northeast Uraniumproperties in the prolific Athabasca Basin hold untested potential forbasement-hosted uranium discoveries. We eagerly anticipate unlockingthis potential through future exploration programs.
Icefields British Columbia Gold, Copper, Silver Projects : Building on our successes, we are excited to return to theIcefields projects located near Golden in British Columbia. Incollaboration with Dahrouge Geological Consulting, we plan acomprehensive mapping and sampling program to enhance ourunderstanding of these high-potential properties and further exploreIcefields' gold, copper, and silver potential.
The Icefields Projectencompasses three distinct properties, Gold Mountain, Vertebrae Ridge,and Punch Bowl are situated along a strategic trend near the borderbetween British Columbia and Alberta, Canada. These properties holdimmense promise and are collectively known for their significantmineralization potential. The Icefields Project is a testament toPegasus Resources' commitment to exploration and the pursuit ofvaluable mineral deposits. With a focus on early-stage exploration andtapping into the unexplored potential of these properties, Pegasusaims to unlock opportunities and create value for stakeholders.
EnergySands Utah, USA Uranium Exploration Expansion :Pegasus Resources is seizing a remarkable opportunity to expand oururanium exploration efforts into the United States. Our Energy Sandsin Utah Project presents a compelling proposition, located on-trendand approximately 4 kilometres from the Western Uranium's RafaelUranium Project. The Rafael Project boasts indicated mineral resourcestotalling 758,050 tons with impressive grades of 0.225% U3O8 and 0.30% V2O5. Additionally, the project holdsinferred mineral resources of 453,850 tons with grades of 0.205% U3O8and 0.28% V2O5.
A historical reportarchived by the United States Geological Survey (USGS) outlinessmall-scale uranium production by the Minerals Corporation of America.This historical production, totalling 51.8 tons at a grade of 0.373%U3O8 and 1.10% V2O5, occurred between 1953 and 1956.
It's important to notethat the Company's Qualified Person (QP) is unable to independentlyverify the historical production amounts and grades. However, thesehistorical records underscore the region's uranium potential andbolster our enthusiasm for exploration.
February 2023: A NewLeadership Era - We welcomed Christian Timmins as our CEO andPresident. Since assuming this role, Chris has diligently evaluatedour projects, implemented cost-saving measures, and established arobust framework to guide Pegasus toward success.
Engaging Dahrouge Geologic: Recognizing theimportance of expertise, we have partnered with Dahrouge Geologic toassist in obtaining drilling permits and facilitating First Nationsoutreach for our Pine Channel Uranium Project. This collaborationunderscores our commitment to responsible exploration and communityengagement.
PunchBowl Gold Project: Through collaboration withDahrouge Geologic, we have initiated a comprehensive work program forour Punch Bowl Project in British Columbia. This program aims tofurther define and explore the promising mineralization potential ofthis early-stage gold property.
NewDirector , Noah Komavli: We are excited toannounce the addition of Noah Komavli as a new director. Noah brings awealth of entrepreneurial and start-up expertise, aligning well withour forward-focused approach.
GarnetLake/Arrow Zone Option : Pegasus hasstrategically optioned the Garnet Lake property to Compton Mining.This move aligns with our commitment to maximizing asset value andstrengthening our financial position.
The partnership allowsus to direct our resources toward our core uranium projects and createadditional shareholder value.
The Company would alsolike to announce the extension to the non-brokerage private placement(the "Offering") announced on May 05, 2023, and June 19,2023, for an additional 30 days. The Offering aims to raise grossproceeds of up to CDN$300,000 through the issuance of up to 3,750,000units (the "Units") at a price of CDN$0.08 per Unit.
Each Unit consists ofone common share of the Company and one share purchase warrant,entitling the holder to acquire an additional common share of theCompany at a price of $0.12 for a period of 24 months from the date ofissuance.
The proceeds from theOffering will be utilized for the exploration of the Company's mineralproperties, as well as for general operational expenses. This extendedprivate placement presents an opportunity for interested investors toparticipate in the growth and development of Pegasus.
All common shares, sharepurchase warrants, and shares underlying the share purchase warrantswill be subject to a four-month-and-one-day statutory hold period fromthe date of issuance. The closing of the Offering remains subject tothe receipt of all necessary regulatory approvals, including theapproval of the TSX Venture Exchange.
At Pegasus Resources, weremain steadfast in our commitment to exploration, drilling, and valuecreation through advancing our portfolio of properties. With a strongfocus on exploration, we are well-positioned to make significantstrides in the months and years ahead.
Please visit our websiteor contact our CEO for more information.
Pegasus Resources Inc.is a diversified Junior Canadian Mineral Exploration Company with afocus on uranium, gold, and base metal properties in North America.The Company is also actively pursuing the right opportunity in otherresources to enhance shareholder value. For additional information,please visit the Company at www.pegasusresourcesinc.com.
On behalf of the entirePegasus Resources team,
Christian Timmins
President / CEO
Pegasus Resources Inc.
700 – 838 West Hastings Street
Vancouver, BC V6C 0A6
PH: 1-403-597-3410
E: info@pegasusresourcesinc.com
Neither the TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
Statements included inthis announcement, including statements concerning the Company'splans, intentions and expectations (including the proposedConsolidation), 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 thatforward-looking statements, including without limitation thoserelating to the Company's future operations and business prospects,are subject to certain risks and uncertainties that could cause actualresults to differ materially from those indicated in theforward-looking statements.
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