Pegasus Resources (TSXV: PEGA) is looking to waste little time in the development of its newly acquired property in South Dakota. The firm this morning indicated it is looking to begin exploring its Chord uranium property, which was acquired in late April.
The company has begun the process of permitting the property for exploration, with the aim of mobilizing a crew to site to begin to better understand the geology. The last major exploration work believed to have occurred on the property took place in the 1970’s and 1980’s, conducted by Union Carbide.
The property notably contains a non-compliant historical resource of 2.4 million pounds of U3O8 on a measured and indicated basis. Mineralization was found to be suitable for both an open pit as well as an underground mining model, with a total of three regions of the property included within the estimate. A further potential 1.4 million pounds of U3O8 is said to have been included in the “potential mineral reserve.”
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Mineralization was predominantly present within the October Jinx and Viking zones on the property, with the former representing 1.6 million pounds on a measured and indicated basis alone, at 0.133% uranium, within the historical resource for an underground mine. The remaining portion of the estimate was found within open pit models for eight small, conventional open pit deposits.
The Chord property is found just 5.5 kilometres southwest of enCore Energy Corp’s Dewey-Burdock ISR uranium deposit.
Pegasus Resources last traded at $0.08 on the TSX Venture.
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