Pegasus Resources Inc. [PEGA-TSXV; SLTFF-OTC; OQS2-FSE] acquired four uranium properties located immediately northwest of the prolific Athabasca Basin of northern Saskatchewan which includes a historical resource estimate of 204,200 tons at 0.119% U308 at an average width of 15.8 feet (4.8 metres), containing 535,718 pounds of uranium. Cumulatively the properties encompass about 54,026 hectares in 13 mineral claims, as follows: Wollaston Northeast – 7 claims, 34,721 ha; Bentley Lake – 3 claims, 12,397 ha; Mozzie Lake – 3 claims, 6,908 ha; and Pine Channel – 1 claim (previously announced).
Charles Desjardins, CEO of Pegasus Resources, stated, “We are incredibly excited to have acquired the 20A Zone uranium deposit in northern Saskatchewan and a large land position in the prolific Wollaston Domain, where recent uranium discoveries have brought renewed interest to uranium exploration. The 20A Zone has remained virtually unexplored for 50 years and now represents an opportunity to re-examine an old showing in the context of other modern uranium discoveries in and around the Athabasca Basin.”
The Wollaston Northeast property is situated outside the northeastern edge of the Athabasca Basin, about 45 km northeast of the Eagle Point Uranium Mine. The Eagle Point uranium deposits are entirely hosted by basement rocks of the Wollaston Domain.
The Bentley Lake Property is situated approximately 35 km northeast of the edge of the Athabasca Basin. It is located at the transition zone between the Wollaston and Mudjatic geological domains.
The Mozzie Lake Property consists of two claim blocks that are situated approximately 25 and 40 km northeast of the edge of the Athabasca Basin. It is located within the Charlebois-Higgingson Lake Uranium District.
A 100% interest in the four properties (one previously announced – see news release of October 7, 2021) was acquired from a staking syndicate by reimbursing staking costs of approximately $35,000 and issuing 1.2 million shares of Pegasus Resources. A 2% NSR will be granted to the vendors with 1% purchasable at any time for $1,000,000. A finder’s fee of 150,000 common shares is payable on the transaction, which is subject to TSX Venture Exchange approval.