Pegasus Resources Expands Vertebrae Ridge Property Following Positive Assays
Pegasus Resources (TSXV: PEGA) has staked additional claims at its Vertebrae Ridge property near Golden, BC. The staking of additional claims follows the recently released assays wherein the company reported highlight samples measuring as high as 35.5% copper and 360 g/t silver.
Additional land was staked by the company to the north and south of its current claims, which was done as a means of covering potential extensions of the known mineralization to both the north and the south. The staking has resulted in the property size growing from 2,871 hectares to 5,324 hectares.
The property now consists of a total of four claims, located 81 kilometres northwest of Golden. Following the fall prospecting program where samples were identified with the above highlight samples, the company is currently planning a late spring 2021 work program. The samples from the program were collected from three separate locations on the property, with an aggregate 2,300 metres of strike being found across the three zones.
The company this morning also provided an update on its sale of certain Confederation Lake assets to that of Trillium Gold Mines (TSXV: TGM). The company indicated that it has received $100,000 in cash to date from the company, with a further $400,000 in cash expected in the near term, along with $1.25 million worth of common shares of the Red Lake gold explorer.
In addition to Confederation Lake, the company has an outstanding option agreement with Infinite Ore Corp (TSXV: ILI). That arrangement currently has work commitments of $3.1 million, as well as cash payments of $325,000 and the issuance of 5.25 million Infinite Ore common shares outstanding, to Pegasus’ benefit.
Pegasus Resources last traded at $0.055 on the TSX Venture.
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