Pegasus Resources (TSXV: PEGA) has increased its uranium asset land holdings. The company this morning announced that it has staked the historically mined Energy Sands Project, which is located in Emery County, Utah.
The projected, which was acquired via staking, consists of a total of 30 unpatented lode claims covering a total of 600 acres. Geologically, the project consists of sandstone-hosted uranium and vanadium, which was historically mined on a small scale within two different locations on the property. The property is also said to demonstrate the “potential to establish resources.”
In terms of historical work conducted on the property, small scale production is said to have occurred in the 1950’s, over a three year span from 1953 to 1956. A total of 51.8 tons of U3O8 was pulled out of the ground at a grade of 0.373%, with the ore also containing 1.10% V2O5.
Found in the San Rafaeul Uranium District, the property is roughly 4 kilometres from Western Uranium’s San Rafael Uranium Project. That project is said to be on trend to the Energy Sands Project, and hosts 758,050 tonnes of 0.225% U3O8 on an indicated basis, which translates to 3.4 million pounds of U3O8, as well as 453,850 tons of 0.205% U3O8 on an inferred basis, which amounts to a further 1.9 million pounds of U3O8. That property also contains credits for vanadium as well.
“We feel the global uranium market should continue to build strength as the push for green energy alternatives accelerate. As we build our diversified uranium portfolio we are continuing to evaluate uranium assets in Canada and the United States. Given the present geopolitical climate uranium demand should continue to accelerate,” commented CEO Charles Desjardins on the acquisition of additional uranium properties.
The firm also provided a brief update for its Pine Channel uranium property in Saskatchewan. The company is reportedly awaiting permits for the exploration of that property, with exploratory work to begin once permits are received.
Pegasus Resources last traded at $0.06 on the TSX Venture.
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