Pegasus Resources Acquires Uranium Project In Utah

Pegasus Resources (TSXV: PEGA) has increased its uranium asset land holdings. The company this morning announced that it has staked the historically mined Energy Sands Project, which is located in Emery County, Utah.

The projected, which was acquired via staking, consists of a total of 30 unpatented lode claims covering a total of 600 acres. Geologically, the project consists of sandstone-hosted uranium and vanadium, which was historically mined on a small scale within two different locations on the property. The property is also said to demonstrate the “potential to establish resources.”

In terms of historical work conducted on the property, small scale production is said to have occurred in the 1950’s, over a three year span from 1953 to 1956. A total of 51.8 tons of U3O8 was pulled out of the ground at a grade of 0.373%, with the ore also containing 1.10% V2O5.

Found in the San Rafaeul Uranium District, the property is roughly 4 kilometres from Western Uranium’s San Rafael Uranium Project. That project is said to be on trend to the Energy Sands Project, and hosts 758,050 tonnes of 0.225% U3O8 on an indicated basis, which translates to 3.4 million pounds of U3O8, as well as 453,850 tons of 0.205% U3O8 on an inferred basis, which amounts to a further 1.9 million pounds of U3O8. That property also contains credits for vanadium as well.

“We feel the global uranium market should continue to build strength as the push for green energy alternatives accelerate. As we build our diversified uranium portfolio we are continuing to evaluate uranium assets in Canada and the United States. Given the present geopolitical climate uranium demand should continue to accelerate,” commented CEO Charles Desjardins on the acquisition of additional uranium properties.

The firm also provided a brief update for its Pine Channel uranium property in Saskatchewan. The company is reportedly awaiting permits for the exploration of that property, with exploratory work to begin once permits are received.

Pegasus Resources last traded at $0.06 on the TSX Venture.


FULL DISCLOSURE: Pegasus Resources is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Pegasus Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.

Video Articles

Tudor Gold x American Creek: Consolidating A Massive Gold Project

Aura Minerals: The Era Dorada Underground PEA

Gold Is Now Smart Money’s End Game | Doug Casey

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Pegasus Resources Looks To Begin Exploring Mozzie Lake Uranium Property

Hot off the heels of receiving exploration permits for its Pine Channel uranium property within...

Monday, April 25, 2022, 08:52:56 AM

Pegasus Resources Acquires Uranium Property In Athabasca Basin

Pegasus Resources (TSXV: PEGA) this morning released its much anticipated uranium property acquisition news. The...

Thursday, October 7, 2021, 09:13:33 AM

Pegasus Sees Drilling Commence On Joint Ventured Property

Pegasus Resources (TSXV: PEGA) has seen its joint venture partner commence a drill program at...

Thursday, March 11, 2021, 08:44:11 AM

Pegasus Resources: New Exploration Focus In B.C.

Pegasus Resources (TSXV: PEGA), formerly Pistol Bay Mining, recently made a series of interesting moves...

Saturday, January 23, 2021, 05:32:00 PM

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...

Wednesday, October 20, 2021, 08:58:45 AM