Pegasus Resources (TSXV: PEGA) this morning released the results of its fall 2020 prospecting program that was conducted at its recently optioned Vertebrae Ridge property near Golden, BC. Highlight results from the prospecting program include sample assays of 35.5% copper and 360 g/t silver.
The Vertebrae Ridge property in total covers 7,094 acres roughly 81 kilometres north of Golden. The prospecting program conducted, which took place over the course of two days, took place on three separate locations of the property.
Highlight results came from what is referred to as Vein 160, where a total of 7 samples were collected over a strike of 250 metres. Samples here averaged 6.0% copper and 14.7 g/t silver, while the highlighted results are referred to as being the peak values for the property. Geochemistry here implies a sedimentary copper occurrence, or a carbonate replacement deposit.
Zone 1 saw the most rock samples collected, with 23 samples collected over 1,400 metres of strike length. Sample assays here returned 4.13% copper, 28.6% lead, 4.74% zinc and 360 g/t silver. The copper-silver mineralized system here ranges from 2 to 5 metres in width, with mineralization appears to be associated with quartz-carbonate veins. Mineralization here remains open in all directions, with the company indicating further examination and evaluation is warranted.
The third region prospected during the program is that of Zone 2, where 13 samples were collected over a strike in excess of 650 metres, while mineralization was several metres wide. Samples returned an average of 1.7% copper and 4.5 g/t silver, while peak values came in at 10.7% 29.1 g/t silver. Five additional samples were taken from Zone 2 South, which was on trend but 1.5 kilometres south from Zone 2 North, with samples returning values of 0.5% copper and 2.9 g/t silver.
The company currently intends to conducting an aggressive exploration program on the property in the second quarter of 2021, as soon as conditions permit.
Pegasus Resources last traded at $0.065 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. Always do additional research and consult a professional before purchasing a security.
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