Pegasus Resources Inc., a diversified junior Mining Canadian Exploration Company declared the acquisition, by staking, of the Energy Sands Project, situated in Emery County, Utah.
The Project comprises sandstone-hosted vanadium and uranium mineralization with proven resource potential. Historical small-scale mining took place in two isolated areas of the Property.
Project Highlights
Availability of 30 unpatented lode claims, summing 600 acres.
Situated within the San Rafael Uranium District, and nearly 4 km from the San Rafael Uranium Project of Western Uranium.
Historical small-scale production, between 1953 and 1956, summing 51.8 tons at a grade of 0.373% U3O8 and 1.10% V2O5.
Uranium mineralization on the Project has been hosted within the Salt Wash Member of the Jurassic Morrison Formation. Mineralization taking place within the Tidwell Mineral Belt of the San Rafael Uranium District has been oriented in a series of northeast trends. Separate mineralized bodies are tabular to lenticular with the long axis lined up along the trend.
The Energy Sands Project is located on-trend and roughly 4 km from the Western Uranium’s Rafael Uranium Project, which serves as host to 758,050 tons of noted mineral resources averaging 0.225% U3O8 and 0.30% V2O5 (comprising 3,404,600 million pounds of U3O8 and 4,595,600 million pounds of V2O5).
Also, 453,850 tons of inferred mineral resources averaging 0.205% U3O8 and 0.28% V2O5 (consisting of 1,859,600 million pounds of U3O8 and 2,510,600 million pounds of V2O5), at a cutoff grade of 0.06% U3O8 (from the Nov-19, 2014 Technical Report filed by Western Uranium).
Management cautions that past outcomes or breakthroughs on adjacent properties (that is, Rafael Uranium) may not essentially be indicative of the existence of mineralization on the Company’s properties (Energy Sands).
A historical report, archived by the United Stated Geological Survey (USGS) describes small-scale production of uranium by the Minerals Corporation of America, summing 51.8 tons at a grade of 0.373% U3O8 and 1.10% V2O5 occurred between 1953 and 1956.
The Company’s QP is not capable of verifying the grades and amount of the historical production.
Pine Channel Uranium
Pegasus is also continuing the permitting process for its Pine Channel uranium project in Saskatchewan’s northern Athabasca Basin, with the goal of commencing work as soon as permits are received.
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