Pegasus acquires Saskatchewan uranium property
Canadian junior mineral exploration company Pegasus Resources has acquired the Pine Channel uranium property, in the Athabasca Basin in northern Saskatchewan from Eagle Plains Resources for 500 000 shares and a 2.5% net smelter return royalty.
The property is prospective for unconformity-related uranium mineralisation, with a very shallow depth to the basement from surface of about 60 m to 100 m.
Historical work identified two conductive trends on the property. One trend is about 2.5 km long, defined by both airborne and ground electromagnetic (EM) surveys. The second, a 600-m-long conductor has not yet been followed up with a ground EM surveys or drilling.
“Despite significant success at the Pine Channel property, including highly anomalous radioactivity being identified in structurally complex basement rocks, exploration essentially halted in 1981.
"We are very excited to have acquired this project, which has not only sat idle since the early 1980s, but also which was explored at a time prior to the discovery of uranium in basement rocks such as at NexGen’s Arrow and Fission’s PLS projects,” says Pegasus CEO Charles Desjardins.
Pegasus plans to begin an immediate programme of data compilation, review and planning for the next stages of exploration at the Pine Channel property.
The company also plans to acquire a claim adjacent to the Pine Channel property under a binding letter of intent with a staking syndicate.
A further four mineral claims in the area are under option from ALX Resources Corp.
The company can earn a 70% interest in the four mineral claims from ALX Resources by making cash payments of $50 000 and issuing 700 000 shares, as well as spending $300 000 in exploration over three years.
The remaining 30% interest in the four claims may be bought for a cash payment of $200 000 and the issue of 500 000 share, otherwise a joint venture will be formed between Pegasus and ALX.
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