Pegasus Resources Acquires Property With Historic Resource Of 535,718 Pounds U3O8
Pegasus Resources (TSXV: PEGA) is evidently going deep into the uranium sector. The company this morning revealed that it has acquired three more uranium properties in the Athabasca Basin region, in addition to the acquisition of the Pine Channel Uranium Property announced two weeks ago.
Included within one of the properties is a notable historic resource, contained on what is called the Mozzie Lake Uranium Property. The property, which consists of two claim blocks located 25 kilometres from the outer edge of the Athabasca Basin, is within the Charlebois-Higgingson Lake uranium district.
The historic resource, located in the 20A zone, is for 535,718 pounds of uranium at an average grade of 0.119% U3O8 with an average width of 4.8 metres, with the estimate conducted in 1968. Hosted within pegmatite intrusions, the historical data is also said to reference rare earth element bearing minerals, for which the company intends to reevaluate the property.
Also acquired were seven claims that cover 34,712 hectares which comprise of the Wollaston Northeast project, which is 45 kilometres to the northeast of the Eagle Point Uranium Mine. Notably, the Eagle Point deposits are “entirely hosted by basement rocks of the Wollaston Domain.” Other mines within the domain include the Key Lake and Rabbit Lake mines. The property has five documented uranium occurrences, at least eight base metal showings, and has “an unresolved radioactive boulder train” that has assayed 0.244% U3O8.
Finally, the last project acquired is the Bentley Lake uranium project, which covers 12,397 hectares over three claims. Positioned at what is defined as the transition zone between the Wollaston and Mudjactic geological domains, the property is near to the Wollaston Northeast project, and is located 35 kilometres northeast of the Athabasca Basin. The transition zone is noted to include deposits that include McArthur River, Cigar Lake, and the Roughrider deposit.
Collectively, the properties, including the Pine Channel property, were acquired in exchange for covering $35,000 in staking costs in cash, as well as the issuance of 1.2 million shares. A 2% NSR exists on all properties as well, with 1% eligible to be repurchased for $1.0 million.
Further details on the planned exploration programs across the properties are set to be released in the coming weeks.
Pegasus Resources last traded at $0.07 on the TSX Venture.
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