pegasus resources investor update

Key Highlights:

• Strategic Acquisition and Exploration Progress: The acquisition of the Jupiter Project, located just 3 km north of Energy Sands, completed on July 10, 2024, features over 100 historical drill holes. This positions Pegasus to rapidly advance toward developing a uranium resource estimate and to deepen our understanding of the area's potential.
• Advancing Geological Understanding: Our 2024 exploration efforts began with a successful ground sampling program at Energy Sands in January, which demonstrated a favourable environment for uranium mineralization. Subsequent acquisition of historical drilling data and analysis by Dahrouge Geological Consulting USA Ltd. revealed trends indicative of paleochannel-hosted mineralization, refining our target areas for potential resource development.
• Permitting and Preparations for Drilling: We have initiated the permitting process and submitted all necessary documents to commence a comprehensive summer drilling program at both projects, aiming to explore and expand known mineralization zones.

VANCOUVER, BC—July 12, 2024 – Pegasus Resources Inc. (TSX-V: PEGA: Frankfurt – 0QS0, OTC/Pink Sheet symbol: SLTFF) (the "Company" or "Pegasus") is excited to enter the third quarter of 2024 with significant developments in our exploration initiatives, particularly with the recent acquisition of the Jupiter Project and ongoing activities at our established Energy Sands project. As we advance these projects, we are positioned to significantly enhance shareholder value through strategic exploration and development.

“We are entering an exciting phase of exploration with the recent acquisition of the Jupiter Project and the work completed on the Energy Sands projects," stated Christian Timmins, CEO, "The strategic integration of these projects allows us to leverage extensive historical data and modern geological techniques to maximize our exploration potential. Our dedicated team is focused on advancing these projects rapidly, aiming to enhance our understanding of the mineral resources and expand our operational scope. With our upcoming drill program set to commence this summer, we are confident in our ability to deliver substantial value to our shareholders and reinforce Pegasus Resources’ position as a leader in the uranium sector.”

Figure 1: Utah Area Map

2024 Overview: 

The year commenced with a successful ground sampling program at Energy Sands in Utah in January 2024. The significant results, announced on March 25, 2024, indicated a favourable environment for uranium mineralization. Following this, we added to our geological understanding by acquiring historical drilling data of the area, which further defined the area's potential. As detailed in our June 04, 2024 news release, analysis conducted by Dahrouge Geological Consulting USA Ltd. identified a trend indicative of paleochannel-hosted mineralization. This significant discovery, aligning with structural measurements and the identified mineralization trends, aids in targeting potential mineral-hosting paleochannels across the property. We have initiated the permitting process and have submitted all necessary documents to launch a summer drilling program. 

Adding to our portfolio, the recent acquisition of the Jupiter Project (July 10, 2024), located  3 km north of Energy Sands, marks a pivotal expansion. Jupiter, boasting over 100 historical drill holes, is an exciting project that uniquely positions Pegasus to expedite the development of a uranium resource estimate. This strategic proximity to Energy Sands and Jupiter provides a significant opportunity for us to use the available historical drill logs and future company drilling programs to better understand the uranium mineralization in the area while looking to find the next discovery. The strategic significance of this acquisition is immense, and we are poised to begin work at Jupiter once we have secured the required permits and funding, and completed the tendering process to acquire the necessary equipment and crews for a summer drilling program, with expectations set on rapidly advancing our exploration and resource development objectives at Jupiter. 

Exploration Update: 

As we progress through 2024, Pegasus Resources is actively advancing our exploration initiatives at both the Jupiter Project and Energy Sands, leveraging historical data and recent geological studies to guide resource development.

Jupiter Project: Our exploration approach at the Jupiter Project is comprehensive, involving the twinning of historical drill holes, detailed logging of old drill holes, and the identification of new drill targets. These efforts are crucial not only for expanding the known resource base but also for discovering new mineralization zones. We are developing a robust geological model for the Jupiter Project that will substantially enhance our resource development plans. Utilizing extensive historical drilling data, our goal is to refine our exploration strategies and produce a resource estimate that meets the current CIM Definition Standards on Mineral Resources and Mineral Reserves. The wealth of historical data available underscores the considerable potential for uranium mineralization, laying a strong foundation for our ongoing exploration efforts.

Energy Sands: Following a successful ground program in January 2024, which involved a detailed review of historical drill logs, we have moved forward with securing the necessary drilling permits for the Energy Sands project. Once permits are in place, our next steps include initiating the tendering process to source the essential equipment and skilled crews required for a comprehensive summer drilling program. This upcoming program is designed to build upon the insights gained from recent mapping conducted by Dahrouge Geological Consulting USA Ltd. Our focus will be on targeting and further investigating potential mineral-hosting paleochannels that have been identified across the property, aiming to delineate and expand these mineralized zones.

Integrated Exploration Strategy: By synchronizing our exploration strategies at both Jupiter and Energy Sands, Pegasus Resources is effectively harnessing synergies between the two projects. This integrated approach not only streamlines our operational efforts but also enhances our ability to quickly adapt and respond to geological findings as they emerge. The proximity of Jupiter to Energy Sands offers unique opportunities for operational efficiencies and resource sharing, ensuring that our exploration programs are both cost-effective and strategically aligned.

These combined efforts at Jupiter and Energy Sands underscore our commitment to advancing these projects toward their full potential, with the aim of significantly enhancing shareholder value through the discovery and development of valuable uranium resources. As we continue to progress with our drilling and exploration programs, Pegasus Resources remains dedicated to upholding the highest standards of resource estimation and sustainable mining practices.

Pine Channel: Located on the north side of the Athabasca Basin, Pine Channel is slated for a gravity survey this summer. This survey will enhance our understanding of the property and refine targets for future drilling operations. The gravity survey will play a crucial role in our strategic exploration efforts.

The company also announces an agreement with Fairfax Partners Inc. dated July 9th, which will provide social media marketing communication support for a two-month period for a fee of C$75,000 plus goods and services tax, then C$10,000 plus goods and service tax for the following 6 months. The services include content development, social media campaign and analytics. The total term of the Fairfax agreement is for a period of 8 months ending March 9th, 2025. Fairfax and its principals are arm's length to the company. 

As we continue to advance our strategic projects, Pegasus Resources is uniquely positioned in the uranium sector to capitalize on both established and emerging opportunities. Our recent agreements and exploration advancements underscore our commitment to leading the industry in discovery and resource development. For more information and regular updates, investors are encouraged to visit our website or contact our investor relations team.

NI 43-101 Disclosure

The technical content of this news release has been reviewed and approved by Jacob Anderson, CPG, MAusIMM, who is a Resource Geologist for Dahrouge Geological Consulting USA Ltd., and a Qualified Person under National Instrument 43-101, who has prepared and/or reviewed the content of this press release.

About Pegasus Resources Inc.

Pegasus Resources Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on uranium, gold, and base metal properties in North America. The Company is also actively pursuing the right opportunity in other resources to enhance shareholder value. For additional information, please visit the Company at www.pegasusresourcesinc.com.

On Behalf of the Board of Directors:
Christian Timmins
President, CEO and Director
Pegasus Resources Inc.
700 – 838 West Hastings Street
Vancouver, BC V6C 0A6
PH: 1-403-597-3410

X: https://twitter.com/MrChris_Timmins
X: https://twitter.com/pegasusresinc
E: info@pegasusresourcesinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release. 

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.