Pegasus Resources Secures Drilling Permits, Paving the Way for High-Impact Uranium Exploration in Utah

In This Article:

VANCOUVER, BC / ACCESSWIRE / November 5, 2024 / Pegasus Resources Inc. (TSXV:PEGA)(Frankfurt:0QS0)(OTC PINK:SLTFF) (the "Company" or "Pegasus") is excited to announce a significant advancement in its uranium exploration initiatives with the approval of our Notice of Intention (NOI) to Commence Exploration for the 100% owned Energy Sands and Jupiter projects. This sets the stage for a transformative drilling campaign in Utah, a key region for uranium development and production.

Exploration Plans Overview:

The Energy Sands Property's high-grade historical uranium intercepts of over 2% and 3% U₃O₈ (reported here) underscore its potential to become a significant resource asset. The Jupiter Property's extensive database from over 100 historic drill holes (reported here) will enable Pegasus to rapidly advance a current resource estimate, fast-tracking our exploration goals.

  • Energy Sands Property: Eighteen drill holes are planned, with an average depth of 178 feet and approximately 3,200 feet of drilling. No monitoring wells will be installed. This property has a history of impressive uranium intercepts, with previous historical drilling reporting grades of over 2% and 3% U₃O₈, emphasizing the significant potential of the mineralization in this area.

  • Jupiter Property: Thirty drill holes are planned, with an average depth of 550 feet, totalling approximately 15,360 feet of drilling. Similar to Energy Sands, no monitoring wells will be installed. The property benefits from over 100 historic drill holes, which provide valuable data and allow for the expedited development of a current resource estimate, significantly advancing our resource delineation efforts.

Drilling pads will be constructed to minimize environmental impact, utilizing existing and new roads with a design that centers them to limit disturbance. Bonding covers the planned disturbance of 4.94 acres, including 48 drill pads and associated infrastructure. Each pad will measure 50x50 square feet.


Figure 1: Area Map

"We are thrilled to have reached this important milestone," stated Christian Timmins, CEO of Pegasus Resources. "Receiving these permits marks a significant step forward in our journey to define meaningful uranium resources in Utah, a region already hosting productive uranium operations. The excitement surrounding uranium is evident, and we are eager to contribute to the growing demand for this critical energy resource. With our inaugural drill program on the horizon, aimed at verifying historical data to develop a current resource estimate, we are well-positioned to deliver shareholder value and capitalize on the current market dynamics."