Breaking Uranium Stock News
- Pegasus Resources (TSXV: $PEGA.V) (OTC PINK: $SLTFF) Significantly Expands
Land Package by Securing Exclusive Rights to Jupiter Uranium Project; @pegasusresinc
Vancouver,
Canada - July 10, 2024 (Investorideas.com Newswire) Pegasus Resources Inc. (TSX-V:PEGA) (OTCPK:SLTFF) (Frankfurt:0QS0) (the "Company" or "Pegasus")
is pleased to announce that on July 3, 2024 the Company finalized an agreement
(the "Agreement") with KD Prospect (the "Vendor") to
acquire an undivided 100% right, title, and interest in the Jupiter Project
("Jupiter Project"), a strategic uranium Project located in Emery
County, Utah, USA. This acquisition is subject to the terms and conditions
specified in the agreement.
"The acquisition of the Jupiter
Project, along with our Energy Sands Project, presents an exceptional
opportunity for Pegasus and our investors." stated CEO Chris Timmins,
"Energy Sands holds the potential for a discovery, supported by recent
ground program findings and historical drilling data indicating a mineralized
paleochannel. Meanwhile, Jupiter provides an advanced property with historical
drilling, which will be instrumental in developing a future resource estimate.
Together, these Projects offer a unique chance for investors to participate in
both the development of a new resource and the excitement of a potential
discovery."
This news is paid advertisement/ news disseminated
on behalf of/issued on behalf of Pegasus Resources Inc.
Read
this news, featuring PEGA in full at https://www.investorideas.com/news/2024/07101PEGA-Jupiter-Uranium-Project.asp
The Jupiter claim group is located 3
kilometers north of Energy Sands and consists of 48 unpatented claims situated
in part, in sections 10 and 15, Township 21 S. Range 14 E. SLPM, Emery County,
Utah. The claims occur in the Bureau of Land Management, and access is obtained
over a well-maintained service road which joins I-70 near Green River, Utah.
The Jupiter Project was previously
held by Atlas Minerals from 1972 to 1983. During this period, the claim group
consisted of 25 unpatented claims. Atlas Minerals conducted approximately 100+
drill holes on the Jupiter Project with the greatest density occurring in the
vicinity of the northeast corner of section 15. The extensive drilling and
exploration activities conducted by Atlas Minerals demonstrated significant
potential, and the project was considered a viable mineral resource. Atlas
Minerals was advancing the project towards full-scale mining before the
collapse of the uranium market in the early 1980s.
The historical drill logs reveal
promising results, with notable uranium intercepts. Pegasus will utilize the
valuable information provided to guide our exploration program. Our goal is to
create a resource estimate in accordance with the current CIM Definition
Standards on Mineral Resources and Mineral Reserves. The historical data
underscores the project's potential for substantial uranium mineralization.
Terms of the agreement:
- Issuance of Shares: Pegasus will issue 2,200,000 common shares
("Consideration Shares") to the Vendor within 10 business days
following TSX Venture Exchange approval of the Agreement.
- Cash Payments: The Company will make a payment of $25,000 USD to
the Vendor within 30 days of signing the Agreement. Additionally, subject
to TSX Venture Exchange approval, a further payment of $75,000 USD will be
made on or before the earlier of November 1, 2024, or 10 business days
following the closing of a Private Placement. By the Company.
- Pegasus commits to conducting a drilling program totalling 1500
meters on the Jupiter Project within 30 days following the first
anniversary of the Agreement.
Upon completing these payments and
satisfying all obligations outlined in the Agreement, Pegasus will have earned
a 100% interest in the Jupiter Project. This interest is subject to Resource
Bonuses (as defined below) and a Net Smelter Return Royalty in favour of the
Vendor.
Figure 1: Utah Property Map
Exploration Data and Future Plans: Pegasus is committed to advancing its
exploration projects and enhancing shareholder value. As part of these efforts,
the Company intends to conduct the necessary work to create a resource estimate
in accordance with the current CIM Definition Standards on Mineral Resources
and Mineral Reserves. The exploration strategy includes twinning historical
drill holes, a geological relog of old drill holes, and defining new drill
targets. These activities are aimed at both expanding the known resources and
discovering new mineralization zones.
This integrated approach is expected
to refine the geological model of the Jupiter Project and significantly
contribute to the understanding and development of the Jupiter Project.
Figure 2: Historical Drill Hole
Locations
Resource Bonus and NSR Royalty:
As Pegasus establishes additional
uranium resources on the Jupiter Project, the Company will pay the Vendor a
Resource Bonus of USD $100,000.00 for every increment of 500,000 lbs of uranium
up to 2,500,000 lbs, as discovered on the Jupiter Project. The first Resource
Bonus payment will be due within 90 days from the date the initial Resource
Calculation exceeding 475,000 pounds of uranium is issued. The vendor will
retain the Net Smelter Return (NSR) royalty on the resource.
Historical Overview of Uranium Mining
in the San Rafael River (Tidwell Bottoms) District:
The San Rafael River (Tidwell
Bottoms) district, located in the Green River mining area in eastern Emery
County, played a pivotal role in the history of uranium and vanadium
production. Operating from around 1948 to the mid-1980s, this district emerged
as a major U-V producer, ranking among the largest uranium producers in the
state. The historical narrative of uranium mining in the Tidwell Mineral Belt,
particularly within the district encompassing the Snow and Probe mines,
reflects a significant era of mineral exploration and production. These mines,
alongside others such as the Black Panther, Incline No. 14, and Sahara, were
central to the region's economic development during this period.
The district's geological setting
proved ideal for sandstone-hosted, trend-type uranium deposits, characterized
by their peneconcordant nature and channel-controlled mineralization primarily
within the upper sandstone sequence of the Salt Wash Member of the Upper Jurassic
Morrison Formation. Atlas Minerals played a pivotal role in the district,
operating the Snow and Probe mines until their closure in 1982. The Snow Mine,
operated by Atlas Minerals, began production in 1973 and closed in 1982. It
produced a substantial 650,292 pounds of U3O8 at an average grade of 0.188%
U3O8. The Probe Mines commissioning is not directly mentioned in the source
data, but it closed in 1982, yielding 293,985 pounds of U3O8 at an average
grade of 0.186% U3O8, according to data compiled by Wilbanks in 1982. The Snow
and Probe mines stood out as two of the largest and most productive in the
district.
Continued exploration drilling in the
late 1970s and early 1980s, particularly along the northeast extension of the
Snow and Lucky Mines mineralization, led to the discovery of several new
mineralized zones and deposits. One notable discovery was the Deep Gold deposit
by Pioneer Uravan, which was identified between 1979 and 1981. This period saw
the cessation of production with the closure of these two mines, marking the
end of significant uranium mining activity in the area.
The Tidwell District presents unique
challenges with poorly documented historical work. A good example is the Snow
Mine's original resource estimates only used surface drilling data, but the
actual production exceeded initial estimates by 455% in tons of ore and 281% in
pounds of U3O8. This discrepancy between expected and actual yields underscores
the challenges faced in uranium mining, as noted by Wilbanks in 1982, and was a
common trend for uranium mineralization in the Green River area.
In summary, as quoted by Wilbanks
(1982), "In the past most orebodies mined in the Green River (Tidwell
District) area have ultimately produced more pounds of U3O8 than calculated in
original reserves.
In relation to the current
transaction, Pegasus confirms that no finder's fee will be paid. Furthermore,
it is important to note that there are no relationships involving any Non-Arm's
Length Party between the Company, its insiders, and the Vendors of the asset.
Additionally, no further information is required to be disclosed under MI
61-101 concerning this transaction. This statement ensures transparency and
compliance with the necessary regulatory standards.
NI 43-101 Disclosure
The technical content of this news
release has been reviewed and approved by Trevor Mills, P.G., SME-RM who is a
Principal Geologist for Dahrouge Geological Consulting USA Ltd., and a
Qualified Person under National Instrument 43-101, who has prepared and/or
reviewed the content of this press release.
The results discussed in this
document are historical. Pegasus Resources nor the qualified person have not
performed sufficient work or data verification of the historical data. Although
the historical results may not be reliable, the Company nevertheless believes
that they provide an indication of the Property's potential and are relevant
for any future exploration program.
Mineralization on adjacent Properties
and may no be indicative of mineralization on Pegasus Resources Inc. Properties
References:
- UTAH MINERAL INDUSTRY ACTIVITY REVIEW 1981-82 - UTAH GEOLOGICAL AND
MINERAL SURVEY a division of Utah Department of Natural Resources Circular
72 May 1984
- (Atlas Minerals Engineering Department, 1982; Gordon, 1982;
Wilbanks, 1982)
- Gordon, Gail, 1982, Mine Shut Down Report - Probe and North Snow
Mines - Date 7-22-82: Atlas Minerals Engineering Department Unpublished
Company Report, 69 p
- -Wilbanks, Larry, 1982, Closure Report - Atlas Minerals Probe and
Snow Mines, Emery County, Utah: Atlas Minerals Unpublished Company Report,
p. 56-72.
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
Pegasus Resources Inc.
700 - 838 West Hastings Street
Vancouver, BC V6C 0A6
PH: 1-403-597-3410
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.
SOURCE: Pegasus Resources Inc.
Pegasus Resources Inc. (TSX-V:PEGA)
(OTCPK:SLTFF) (Frankfurt:0QS0) is a featured mining stock on Investorideas.com
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