Pegasus Resources Commences Ground Program at Golden Project in Southeastern B.C.
VANCOUVER, October 06, 2023 - Pegasus Resources Inc. (TSXV:PEGA): (Frankfurt:OQS2), (OTC:SLTFF) (the "Company" or "Pegasus") is excited to announce the commencement of our 2023 mapping and sampling program on our Golden Project, which is comprised of three Properties along trend between Golden and Valemount, British Columbia. The 2023 exploration program will focus efforts on the Punch Bowl Property, following up on the encouraging results obtained during the 2021 prospecting campaign, which included the discovery of a 200 m copper trend at Punch Bowl, with sample 151871 reporting 0.70% Cu and 151888 1.68% Cu.. (See news release Jan 04, 2022). Further updates will be provided as we advance through our 2023 exploration program.
"In 2021, our exploration efforts at Punch Bowl unveiled an exciting copper-bearing zone, approximately 200 meters in length," noted Chris Timmins, President and CEO of Pegasus. "Our 2023 program is designed to build upon the promising findings we unearthed in 2020 and 2021. The launch of our 2023 exploration program at Golden signifies our unwavering commitment to realizing the project's potential and deepening our comprehension as we delve into the Golden Project."
Punch Bowl:
The Punch Bowl Property consists of three mineral claims totalling 3,079 ha and is approximately 90 km NW of the Gold Mountain Property and 140 km NW of Golden, BC. The Property surrounds the historic Punch Bowl, showing where discrete quartz-gold veins are hosted within quartzites and pelites of the McNaughton Formation.
2021 Exploration Highlights: (see January 04, 2022 news release)
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A total of 37 samples were collected on the Punch Bowl Property.
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Click Image To View Full SizeDiscovery of a new copper mineralized zone located approximately 2.5 km southeast of the main gold zone (Figure 1). Of the 13 outcrop and float samples, six (6) samples returned values greater than 0.1% Cu and up to 1.68% Cu.
Discovery of a new copper mineralized zone located approximately 2.5 km southeast of the main gold zone (Figure 1). Of the 13 outcrop and float samples, six (6) samples returned values greater than 0.1% Cu and up to 1.68% Cu.
Figure 1 2020-2021 sample summary of the Punch Bowl Property
Figure 2. Sample 151888 with sinuous copper mineralization, which consists of chalcopyrite-malachite ± native copper.
Vertebrae Ridge:
The Vertebrae Ridge Property is comprised of four claims encompassing about 5,324 ha (13,156 acres) roughly 81 kilometers northwest of Golden, BC. The exploration campaign during August 2021 resulted in the extension of known polymetallic mineralization trends, the confirmation of significant mineralization continuity at historically sampled locations and the discovery of the Canon Cu-Au Zone. The Company believes the newly discovered Canon Zone may be related to a large oval, alkaline intrusion located a short distance west of the mineralized area.
2021 Exploration Highlights: (see December 04, 2021 news release),
Expanded Cu-Ag-Pb-Zn zone to at least 4,000 meters strike
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Crest Zone: 65 samples of rock and float samples were collected over nearly 4,000 meters strike of mineralized Copper ± Ag/Pb/Zn outcrop. Of the 65 samples:
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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/t Ag. 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 over 1500+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 wide by 1,100 meters strike length from a structurally controlled quartz-carbonate vein and breccia system bearing chalcopyrite-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 mineralization with 1.44 g/t Au and 4.22 g/t Au.
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Figure 3. 2021 program rock sample locations and mineralized trends.
Gold Mountain:
The Gold Mountain Property is an early-stage gold/silver property located approximately 50 km NW of Golden, BC, just north of Highway 1. The Property comprises two mineral claims over 802 ha and encompasses the historic Grizzly occurrence featuring gold and silver hosted within polymetallic quartz/carbonate veins.
The Ag-Au-Pb-Zn-Cu-Sb mineralized system at Gold Mountain described in a prior news release (see January 13, 2021 news release) was extended from approximately 600 meters in length on surface to over 900 meters. The mineralized system is oriented southeast-northwest and is considered open in all directions.
2021 Exploration Highlights: (see January 04, 2022 news release)
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Extension of polymetallic mineralization from 600 meters 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 and characterization of mineralization, textures and alteration.
NI 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Nathan Schmidt, P. Geo., Senior Geologist for Dahrouge Geological Consulting Ltd., and a Qualified Person under National Instrument 43-101, who has prepared and/or reviewed the content of this press release.
About Pegasus Resources Inc.
Pegasus Resources Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on uranium, gold, and base metal properties in North America. The Company is also actively pursuing the right opportunity in other resources to enhance shareholder value. For additional information, please visit the Company at www.pegasusresourcesinc.com.
On Behalf of the Board of Directors:
Christian Timmins
President, CEO and Director
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 Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Statements included in this announcement, including statements concerning the Company's plans, intentions, and expectations, 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 future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
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