Pegasus Resources Reports Historical Utah Data

Rhea-AI Summary

Pegasus Resources has retained Dahrouge Geological Consulting to develop a preliminary geological model for its Energy Sands project in Utah, based on detailed geological mapping and sampling completed in Q1 2024. The gathered data, combined with the 2015 Utah Geological Survey map, was used to define drill targets and support the submission of a Notice of Intent to the BLM. Historical drilling data from 1975 was also incorporated, providing valuable insights into the property's uranium and vanadium mineralization. Field samples previously returned values of 3.55% U3O8 and 5.34% V2O5. This model will guide future drilling campaigns.

Positive

• Preliminary geological model developed for Energy Sands project.
• Detailed geological mapping and sampling completed in Q1 2024.
• Integration of 2015 Utah Geological Survey map with new data.
• Submission of Notice of Intent to BLM supported by model.
• Historical drilling data from 1975 provides valuable insights.
• Field samples returned high values of 3.55% U3O8 and 5.34% V2O5.
• Historical data matched with recent geological observations.

Negative

• Historical results have not been verified by Pegasus or qualified personnel.
• Reliability of historical data is uncertain.
• Potential risks in relying on outdated drilling data.
• No clear timeline for future drilling programs indicated.

VANCOUVER, BC / ACCESSWIRE / June 4, 2024 / Pegasus Resources Inc. (TSXV:PEGA)(FRA:0QS0)(OTC PINK:SLTFF) (the "Company" or "Pegasus") has retained Dahrouge Geological Consulting USA Ltd. ("Dahrouge") to complete a preliminary geological model based on detailed geological mapping and sampling completed on the Company's Energy Sands project (the "Property") located in Utah in Q1 2024 (see press releases dated Jan. 16, Jan. 30 and Mar 25, 2024). The outcome of the ground program provided a detailed geological map inclusive of lithologies, geological structure, mineralization style and controls, along with confirmation of paleochannel structures controlling the uranium and vanadium mineralization present on the Property. Dahrouge used this collected data in conjunction with the 2015 Utah Geological Survey regional map and stratigraphic column (Doelling et al., 2015) as a reference framework to build a preliminary geological model to support Pegasus' permitting efforts for the planned upcoming drill program in 2024.

The generation of the geological model was a crucial step in understanding the Property's geology and mineralization. This preliminary geological model was then used as a basis to define drill targets for the planned drill program and support and submittal of a Notice of Intent to the Bureau of Land Management ("BLM") Price, Utah Field Office. As part of the Notice of Intent submittal, all surface disturbances (access roads, drill pads, etc.) must be defined and presented to the BLM.

During the generation of the geological model and a Notice of Intent filing, Pegasus was provided with historical drilling data completed on the Property in 1975. This data was inclusive of a drillhole location map, geological logs, downhole geophysical surveys (presented in counts per minute "CPM") and interval analytical values for uranium and vanadium from eleven (11) drillholes. Dahrouge completed a data compilation and review of the geological logs and drilling location map to evaluate their consistency to what was observed in the field during the mapping campaign. The drillhole map was then georeferenced based on available data, such as topography and state plain section corner, to determine relative historical drillhole locations (Figure 1). The historical drillholes have been overlain on the preliminary geological model to evaluate consistency of the historical logs to the detailed mapping completed during Q1 2024.

During the data compilation, Dahrouge also evaluated how the historical analytical results compared to surface grab and paleochannel mineralization. As previously highlighted in (March 25, 2024, press release), the field samples from the area of historical drilling returned values of 3.55% U3O8 and 5.34% V2O5. The historical data in conjunction with geological and analytical data collected by Dahrouge, does provide direct insight into potential mineralization on the Property. The results outlined in Table 1, do provide guidance to interpreted mineralized paleochannel and will be used to help guide future drilling campaigns.

Hole ID	From (feet)	To (feet)	Length (feet)	From (m)	To (m)	Length (m)	CPM	V2O5 (%)	U3O8 (%)
75-1	15	17.5	2.5	4.6	5.3	0.8	10000	0.014	3.41
75-2	5	12	7	1.5	3.7	2.1	10000	0.583	0.507
75-3	12.5	15	2.5	3.8	4.6	0.8	4500	0.89	2.16
75-3	15	17.5	2.5	4.6	5.3	0.8	6000	0.596	1.87
75-6	0	2.5	2.5	0.0	0.8	0.8	100	0.089	0.39

Table 1: Historical Drillhole Information

In reviewing the historical drillhole data and geologic interpretations, Dahrouge surmised that the historic drill program was following a trend that was interpreted as paleochannel hosting mineralization. This trend matches the structural measurements and mineralization trend hypothesis from Dahrouge's recent mapping program, helping us to target possible mineral-hosting paleochannels extending throughout the Property (Figure 1). This historic data provides key geological information and when combined with data collected from surface mapping and sampling, guides the generation of the preliminary geological model and drillhole targeting.

Figure 1: Map of interpreted paleochannel that historical drilling targeted

Figure 2: ESRS-007 sample outcrop.

Figure 3: An annotated picture depicting the sedimentary structures that make up the mineralized paleochannels on the Energy Sands Project.

NI 43-101 Disclosure

The technical content of this news release has been reviewed and approved by Jacob Anderson, CPG, MAusIMM, who is a Resource 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 nor the qualified person have 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.

References

Doelling, H.H., Kuehne, P.A., Willis, G.C., Ehler, J.B., 2015, Geologic map of the San Rafael desert 30' x 60' quadrangle, Emery and Grand counties, Utah, Utah Department of Natural Resources.

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/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.

SOURCE: Pegasus Resources Inc.

View the original press release on accesswire.com

FAQ

What is the significance of the preliminary geological model for Pegasus Resources?

The preliminary geological model helps in understanding the geology and mineralization of the Energy Sands project, guiding future drilling targets and supporting the submission of a Notice of Intent to the BLM.

What were the historical sample values for uranium and vanadium at Pegasus Resources' Energy Sands project?

Historical sample values returned 3.55% U3O8 and 5.34% V2O5.

How does Pegasus Resources' historical data impact its Energy Sands project?

The historical data provides insights into the property's mineralization, helping to guide future drilling campaigns.

What are the risks associated with the historical data used by Pegasus Resources?

The reliability of historical data is uncertain as it has not been verified by Pegasus or qualified personnel, posing potential risks.

What actions has Pegasus Resources taken to move forward with its Energy Sands project?

Pegasus Resources has developed a preliminary geological model, integrated historical data, and submitted a Notice of Intent to the BLM to support future drilling campaigns.