- Pegasus Resources Inc.(PEGA) acquires 147 lode mining claims in South Dakota for US$1.5 million
- The claims were optioned in an all-cash deal which is payable over three years
- Drilling programs will target public and already identified privately owned data packages
- Drilling objectives are to confirm historical results and produce an updated technical compliant resource
- Pegasus Resources Inc.(PEGA) is unchanged trading at $0.09 per share as of 11:51 a.m. ET
Pegasus Resources (PEGA) has acquired 147 lode mining claims in Fall River County, South Dakota for US$1.5 million.
The claims are managed by the United States Forest Service
The claims were optioned from Cowboy Exploration and Development, a Wyoming-registered LLC in an all-cash deal for a 100 per cent ownership payable over three years.
Pegasus is planning to conduct drilling programs following the acquisition of additional public and already identified privately owned data packages.
Drilling objectives are to confirm historical results, produce an updated technical compliant resource, perform aquifer tests for ISR amenability, and to explore for additional mineralization along projected trends.
Mineralization is hosted within typical roll front–type deposits in the Fall River and Lakota formations. The contiguous claim block covers Uranium mineralization drilled by Union Carbide Corp. in the late 1970’s.
A defined measured and indicated resources totalled 2.37 million lbs. of uranium oxide. The mineralization occurs in three areas.
Resource calculations also report an additional potential resource of 1.44 million lbs. uranium oxide.
Pegasus Resources Inc. (PEGA) is unchanged trading at $0.09 per share as of 11:51 a.m. ET.