Pegasus Resources (TSXV: PEGA) this morning finally announced the results of its fall 2020 prospecting program carried out on its Gold Mountain and Punch Bowl properties, located north of Golden, BC. Highlight results from the program include samples grading as high as 6,670 g/t silver and 7.44 g/t gold at Gold Mountain, while Punch Bowl reported samples as high as 3.41 g/t gold.
In total, the Gold Mountain property had four samples returning values of 1,000 g/t silver and higher, out of the eleven samples reported this morning. The exploration program conducted on the property identified polymetallic mineralization over 600 to 700 metres of strike, with veins posting widths as wide as 2 metres while strike remains open in all directions. A total of 28 samples were taken from the property, with veins appearing similar in style to mineralization found at Black Forest, Germany.
Based on the results received by the company, Pegasus has indicated that it intends to conduct an aggressive program of regional and detailed exploration in the second quarter of 2021.
Punch Bowl meanwhile saw a brief site visit during the 2020 exploration program, with a total of 53 samples collected during the program. 39 of the 53 samples reportedly returned anomalous gold values, while fourteen returned assays greater than 0.1 g/t gold. Overall, the samples reported an average of 0.37 g/t gold, with the company indicating that the results warrant follow-up work. Further exploration is currently slated to occur over the summer months.
“The style and grades of mineralization observed at Gold Mountain imply the presence of a district scale mineralized system which requires both regional and detailed exploration during the summer of 2021. Our exploration confirmed the high grades of silver and significant grades of gold within the Gold Mountain polymetallic veins, but more importantly confirmed that the mineralization may be related to an unidentified intrusive.”Charles Desjardins, CEO of Pegasus Resources
Pegasus Resources last traded at $0.065 on the TSX Venture.
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