Business
Pegasus Resources to Acquire the Pine Channel Uranium Project from ALX Resources, Eagle Plains and a Staking Syndicate
VANCOUVER, British Columbia, Oct. 07, 2021 (GLOBE NEWSWIRE) -- Pegasus Resources Inc. (TSX-V: PEGA; Frankfurt – 0QS, OTC/Pink Sheet symbol SLTFF) (the “Company”
About this update from Pegasus Resources Inc
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 07, 2021 (GLOBE NEWSWIRE) -- Pegasus Resources Inc. (TSX-V: PEGA; Frankfurt – 0QS, OTC/Pink Sheet symbol SLTFF) (the “Company” or “Pegasus”) is pleased to announce the acquisition of the Pine Channel Uranium Property (the “Property”) in the prolific Athabasca Basin of northern Saskatchewan. The property encompasses 6,028 ha in six mineral claims situated at the northern most edge of the Athabasca Basin, about 40 km due west of the community of Stony Rapids, Saskatchewan. It is accessible via trails and winter road which lead from Stony Rapids, cross the property, and continue westerly to other locations. A 100% interest in claim MC00013839 can be acquired from Eagle Plains Resources Ltd., while an adjacent claim to the south (MC00015143), will be acquired through a binding LOI with a staking syndicate. An additional four mineral claims are under option from ALX Resources Corp. (MC00014001,08,43 and MC00015391) Pine Channel Uranium Property Highlights: The Property is prospective for unconformity-related uranium mineralization, with a very shallow depth to the basement from surface of about 60 to 100 metres; Historical work identified two conductive trends on the property. One trend is approximately 2.5 km long, defined by both airborne and ground electromagnetic (EM) surveys. The second, a 600-metre long conductor has not yet been followed up with a ground EM survey(s) or drilling; and Drilling in 1981 identified anomalous uranium in a hematite-rich fracture within Athabasca sandstone rocks, directly above unconformity in hole PC81-2 with 0.15% U3O8 over 0.15m. The property with a thin cover of Athabasca Basin, is underlain at shallow depths by the structurally complex Tanto Domain, which is host to numerous U, Cu, Ni and Au occurrences. Historical Exploration During the 1970’s Denison Mines Ltd. conducted both airborne and ground geophysical surveys at and around the Pine Channel property. During 1979, Denison drilled a total of 12 diamond drill holes in the area to test a conductor that was coincident with a magnetic contact. Results were very encouraging and included: PN-79-1: 0.028% U3O8 across 1.2 m within brecciated basement rocks, PN-79-2: 0.062% U3O8 across 0.6 m within altered basement rocks, and PN-79-3: 0.039% U3O8 across 0.7 m within Athabasca Basin sandstone. In 1981 Denison c...