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The Company is looking forward to what it expects to be an exciting 2021.
Pegasus has a 100% interest in properties near
1.
GOLDEN, British Columbia
The Company anticipates final results from its fall 2020 ground program shortly, which will be compiled and reported upon. During the fall of 2020, a brief program of property mapping and sampling was completed at both
A.
Gold Mountain
Approximately 50 km north of
Exploration during 1982 at the North Showing, near the adit, identified a 1 m wide quartz vein, which returned a grab samples of4.87 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 of30.3 g/t Au, 123.1 g/t Ag and 32.54% Cuwas 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
B. Vertebrae Ridge
At
C. Punch Bowl
Historic work identified Siliciclastic-hosted gold mineralization with variable quartz veins, which contain from background up to500 g/t Aufrom 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)
“Gold-quartz mineralization outcropping on the southwest slope of
2. CONFEDERATION LAKE, Ontario
Trillium Asset sale
The sale of some of the Company’s
Pegasus optioned properties to Infinite Ore Corp. (“ILI”)
A.Dixie 17-20 (Dixie 10 Mile)
A VTEM airborne survey is presently underway on this property. A geochemical survey was previously completed and the Company is awaiting assays results.
The properties total 1072 hectares, 35 km southeast of
A mineralized zone onDixie 17yielded results up to 7.34 Zn and 1.4% Cu over a core length of 9.5 metres. OnDixie 18, a mineralized zone has been drilled over a core length of 250 metres and to a depth of 150 meters.Dixie 19zone has been traced over a length of 500 metres, with drill intercepts including 6.33% Zn and 1.5% Cu over a core length of 355 metres.
These properties are 90% optioned to Infinite Ore Corp with the following outstanding payments and work commitment due:
B.
This is a 2733 hectares land package including a substantial mineral deposit and a number of mineralized drill intersections that are in need of follow-up drill testing. Mineralization on the property is all Volcanogenic Massive Sulphides (VMS) type, dominated by zinc, copper and silver with associated gold values. (see NR
A 2100 line km VTEM PlusTM airborne survey was completed in 2017 detected parallel conductors or extensions of known conductors in lengths of 400, 850, 900 and 950 metres at Fredart Corridor which is within a total strike length of 22km.
This property has an NI43-101 resource of:
3% Zn equiv. cutoff
Indicated Res. 2,071,000 tonnes @ 5.92% Zn, 0.75% Cu, 21.1 g/t Ag and 0.58 g/t Au
Inferred Res 120,550 tonnes @ 2.60% Zn, 0.56% Cu, 18.6 g/t Ag and 0.40 g/t Au
5% Zn equiv. cutoff
Indicated Res. 1,762,000 tonnes @ 6.75% Zn, 0.79% Cu, 22.3 g/t Ag and 0.61 g/t Au
Inferred Res. 51,630 tonnes @ 3.86% Zn, 0.79% Cu, 23.9 g/t Ag and 0.58 g/t Au
10% Zn equiv. cutoff
Indicated Res 633,000 tonnes @ 14.3 Zn, 1.11% Cu, 31.7 g/t Ag and 0.85 g/t Au
This land package is 80% optioned to Infinite Ore Corp with the following outstanding payments and work commitment due:
C. Fredart
The Fredart Property had 124 drill holes completed between 1956 and 2003, totaling 22,500 metres. This deposit has a historical mineral resource of 425,000 tonnes grading 1.56% copper. This historical resource estimate does not comply with the standards of NI 43-101 and has not been reviewed by a Qualified Person. The zone was drill-tested to a depth of approximately 200 metres over a length of 350 metres, and was reported as being open at depth. Only portions of the drill holes were assayed for gold, due to the low price of gold at the time. The area was also explored for molybdenum in the 1970s, and samples containing up to 1.46% Mo were reported.
This property is 80% optioned to Infinite Ore Corp with the following outstanding payments and work commitment due:
The company changed its name from
The technical information in this news release was prepared and/or reviewed by
About
On Behalf of the Board of Directors
President and Director
700 –
1-604-369-8973
E:info@pegasusresourcesinc.com
Neither the
Forward Looking Statements
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Statements included in this announcement, including statements concerning of 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 beidentified 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.
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