A brief exploration program was carried out at
- Extension of polymetallic mineralization from 600 meters to over 900 meters in strike length with sample 151659: 1.63% Cu, 76 g/t Ag, 2.34 g/t Au;
- Confirmation sampling of main zone with sample 151637: 0.37% Cu, 2260 g/t Ag, 0.99 g/t Au, 4.6% Zn;
- 7 samples collected for petrographic analysis and characterization of mineralization, textures and alteration.
A brief exploration program was carried out at Punch Bowl during
- Additional confirmation of the historical work on the property, confirming mineralization within several separate gold-bearing veins with 24 samples collected at the main gold prospect, seven (7) of which are greater than 0.1 g/t Au and two (2) are greater than 1.0 g/t Au (Figure 3).
- Discovery of a new copper mineralized zone, located approximately 2.5 km southeast of the main gold zone. Of the 13 samples of outcrop and float, six (6) samples are greater than 0.1% Cu and are up to 1.68% Cu (Figure 3).
The Ag-Au-Pb-Zn-Cu-Sb mineralized system at
Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/e44893d1-d935-4317-acfe-37c06f99e1bb
Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/e47515d8-5d85-45ee-a26b-831d627310d9
Figure 3: https://www.globenewswire.com/NewsRoom/AttachmentNg/7238e29c-fb68-4cc6-afff-b284e0ffde4f
About
Exploration during 1982 at the North Showing, near the adit, identified a 1 m wide quartz vein, which returned a grab samples of 4.87 g/t Au, 647 g/t Ag and 1.89% Cu.
At the South Showing, five veins are exposed by trenches within a zone about 4 m wide, a peak value of 30.3 g/t Au, 123.1 g/t Ag and 32.54% Cu was returned.
Eight shallow back pack style drill holes were completed in 1984, though poor recoveries were noted, results include:
• 4.04 m - 59.04 g/t Au, 6,863.1 g/t Ag, 16.9% Cu, and 8.95% Pb
• 4.50 m - 7.89 g/t Au, 942.2 g/t Ag, 2.3% Cu, and 5.26% Pb
2020 Sampling confirmed high-grade mineralization at the South Showing with 4 samples returning from 1,000 to 6,670 g/t Ag.
About Punch Bowl
Historic work identified Siliciclastic-hosted gold mineralization with variable quartz veins, which contain from background up to 500 g/t Au from grab samples.
Gold mineralization at the Punch Bowl claims was discovered in the late 1960’s . Samples from this period returned a maximum value of 80 oz/t Au. Exploration by Gamsan Resources in 1987/1989, confirmed the presence of numerous high-grade gold veins (Shaw and Morton, 1989).
Fifty-three (53) samples were collected from a short property-visit in 2020, with thirty-nine (39) returning anomalous Au values, of which fourteen (14) samples returned assays greater than 0.1 g/t with the highest assay returning at 3.41 g/t Au.
NI 43-101 Disclosure
The technical information in this news release was prepared and/or reviewed by
All rock samples from the 2021 season were shipped by ground to
About
On Behalf of the Board of Directors
President and Director
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Neither the
Forward Looking Statements
Statements included in this announcement, including statements concerning the Company’s plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
![](https://ml.globenewswire.com/media/NTI1YzVkYTItOGE1ZS00ODRhLWEzNWMtN2NkMTViMzc1MjhiLTEwOTk2NTc=/tiny/Pegasus-Resource-Inc-.png)
Figure 1.
![](https://ml.globenewswire.com/media/e44893d1-d935-4317-acfe-37c06f99e1bb/medium/figure-1.png)
Mineralization present on the Gold Mountain Property. Left: oxidized botryoidal galena with malachite. Right: galena-chalcocite-malachite mineralization in a quartz-carbonate vein.
Figure 2.
![](https://ml.globenewswire.com/media/e47515d8-5d85-45ee-a26b-831d627310d9/medium/figure-2.png)
Gold Mountain Property sample locations.
Figure 3.
![](https://ml.globenewswire.com/media/7238e29c-fb68-4cc6-afff-b284e0ffde4f/medium/figure-3.png)
Sample summary of the Punch Bowl Property
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