Pegasus Resources Inc V.PEGA

Alternate Symbol(s): SLTFF

Metals & Mining Industrial Metals & Minerals

Pegasus Resources Inc. is a Canada-based diversified junior mineral exploration company with a focus on uranium, gold, and base metal properties in North America. The Company’s projects include Northeast Athabasca, Energy Sands and Golden. The Company holds four uranium properties located immediately northeast of the prolific Athabasca Basin of northern Saskatchewan. Its Northeast Athabasca properties encompass about 60,054 hectares (ha) in 19 mineral claims. The Energy Sands project consists of sandstone-hosted uranium and vanadium mineralization and has 30 unpatented lode claims, totaling over 600 acres. The Energy Sands project is located within the San Rafael Uranium District, and approximately four kilometers from the San Rafael Uranium Project of Western Uranium. The Golden project features three properties along a trend located along the British Columbia - Alberta border. It includes Gold Mountain, Vertebrae Ridge and Punch Bowl properties.

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Post by HHAPPYon Jun 11, 2020 8:45am

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Post# 31137671

Finally let the GAMES begin ! Drilling is

the true proving of the value of the the company's holdings.So lets all cross EVERYTHING in hopes of success.
" Infinite Ore Corp. ("ILI" or the "Company") (TSX:V:ILI) (OTCQB:ARXRF) is pleased to announce its inaugural 1,250 metre diamond drill program on the Fredart property in the Red Lake Mining District. The phase one diamond drill program will commence within a week and aims to confirm and expand on the VMS mineralized zones, test for gold mineralization, and refine the Leapfrog 3D model. The ILI Fredart property is located approx. 40 km from the eastern boundary of Great Bear Resource Ltd.'s Dixie project and host an historical resource of (non-NI 43-101 compliant *) mineral resource of 386,200 tonnes grading 1.56 per cent copper (% Cu) and 33.6 grams per tonne silver (g/t Ag) (completed by Phelps-Dodge Mining Co. in 1971 and included within a prospectus for Consolidated Copper Lode Developments Inc., Jan. 7, 1977, submitted to the Ontario Securities Commission). * This historical resource estimate does not comply with the standards of NI 43-101 and has not been reviewed by a qualified person, nor verified. Infinite Ore is not treating the historical resource estimate as a current mineral resource or mineral reserve.

Figure 1: Location of ILI's Property Holdings in the Red Lake District

Image: https://www.accesswire.com/users/newswire/images/593554/94cba4c5-520b-421d-9bcf-f6c2b68fbc5e.png

The 1,250-metre drill program will focus on areas of known VMS mineralization and aims to expand upon the historical resource along strike and to depth. Initial drill targets are at a maximum depth of 200 vertical metres metres below surface. Historical drilling on the Copperlode "A" prospect identified several lenses of mineralization within diamond drill holes, which previous operators interpreted as a single VMS horizon which was subject to several folding events. Infinite's objectives for this program are three-fold: confirm the historical grades and widths; expand the known mineralization to depth and along strike; and test for gold mineralization which was historically not often analyzed.

Being well located in the Red Lake Mining district, the Fredart property benefits from excellent infrastructure and a highly skilled work force, as well as several nearby mills and active mining operations. ILI has contracted Chibougamau Diamond Drilling, which has significant experience in drilling in Red Lake, for this drill campaign.

Mr. Kelly Malcolm, P.Geo, is the qualified person as defined by National Instrument 43-101 who has examined and reviewed the recent NI 43-101 report and geological information available from public sources related to the property, and is responsible for approving the technical contents of this press release.

Figure 2: Geology of the Fredart Property with Known Mineral Occurrences. Drilling will be focused on the Copperlode "A" Prospect and surrounding areas.

Image: https://www.accesswire.com/users/newswire/images/593554/9d350ea3-4420-4e86-bdea-d81e9410b98d.png

About Infinite Ore Corp.

Infinite Ore is a junior mining exploration company focused on seeking and acquiring world-class mineral projects globally. The company's current focus is on properties with the potential for VMS mineralization in the Confederation mineral belt near Red Lake, Ont., as well as the Jackpot lithium property located near Nipigon, Ont.