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Pegasus Resources announced results of the fall 2020 prospecting program on its Gold Mountain and Punch Bowl properties in British Columbia

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Given the results obtained during the 2020 exploration program and confirmation of historic exploration, the company looks forward to conducting an aggressive program of both regional exploration and detailed follow up as soon as conditions permit in the second quarter of 2021.

Additional Information:

Company: Pegasus Resources
Website: http://www.PegasusResourcesInc.com
Stock Symbol: TSXV: PEGA
Date Published: Jan 13, 2021
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Pegasus Resources formerly Pistol Bay, a diversified Junior Canadian mineral exploration company with a focus on zinc and base metal properties in North America, announced results of the fall 2020 prospecting program carried out on its Gold Mountain and Punch Bowl properties.

In September 2010, the company acquired an option to earn a 100% undivided interest in the Icefield Gold Project, located north of the community of Golden, British Columbia, along the border with Alberta.

The 6,752-hectare Project consists of three distinct claim groups, the 3,079-hectare Punch Bowl, the 2,871-hectare Vertebrae Ridge, and the 802-hectare Gold Mountain.

The Project covers portions of an approximately 90 kilometer long trend with highly anomalous gold occurrences reported from both outcrop and drill core.

At the Gold Mountain Property, located just north of Highway 1, about 50 kilometers northwest of Golden, an exploration program carried out during fall 2020 confirmed a mineralized system over approximately 600 to 700 meters length on surface with individual mineralized veins ranging from 0.5 to 2 meters width.

The mineralization is oriented southeast-northwest and is open in all directions, with the full dimensions, extent and number of mineralized vein systems currently not well constrained or are unknown.

A total of 28 samples were collected from outcrop, boulders and float, with 11 returned assays showing the system is strongly mineralized and 4 samples returning from 1,000 to 6,670 grams per tonne silver.

Management cautions that grab samples are selective by nature and values reported are not representative of mineralized zones.

Charles Desjardins, President and CEO, stated: “The style and grades of mineralization observed at the Gold Mountain Property imply the presence of a district scale mineralized system which requires both regional and detailed exploration during the summer of 2021. Our exploration confirmed the high grades of silver and significant grades of gold within the Gold Mountain Property polymetallic veins, but more importantly confirmed that the mineralization may be related to an unidentified intrusive.”

Given the results obtained during the 2020 exploration program and confirmation of historic exploration, the company looks forward to conducting an aggressive program of both regional exploration and detailed follow up as soon as conditions permit in the second quarter of 2021.

A site visit of the Punch Bowl claims was completed in late September, during which 53 samples were collected, with 39 returning anomalous gold values, of which 14 samples returned assays greater than 0.1 grams per tonne with the highest assay returning at 3.41 grams per tonne gold.

The presence of anomalous gold identified in approximately 74% of the collected samples with an average of 0.37 grams per tonne gold confirms that follow up work is warranted during the summer months to better understand the potential for this property.

The shares are trading at $0.06.

For more information on the company’s many properties, please visit the company’s website, www.PegasusResourcesInc.com, contact Charles Desjardins, President and Director, at 604-369-8973 or email charles@PegasusResourcesInc.com.

I’m Cassandra Bolinski for Investmentpitch Media