INTERESTING REPORT BY PEGASUS GIVES SHAREHOLDERS SUMMARY OF OUR HOLDINGS IN THE CONFEDERATION AREA.
"Pegasus optioned properties to Infinite Ore Corp. (“ILI”)
A.Dixie 17-20 (Dixie 10 Mile)
A VTEM airborne survey is presently underway on this property. A geochemical survey was previously completed and the Company is awaiting assays results.
The properties total 1072 hectares, 35 km southeast of Red Lake and about 18 km from Great Bear Resources.
A mineralized zone on Dixie 17 yielded results up to 7.34 Zn and 1.4% Cu over a core length of 9.5 metres. On Dixie 18, a mineralized zone has been drilled over a core length of 250 metres and to a depth of 150 meters. Dixie 19 zone has been traced over a length of 500 metres, with drill intercepts including 6.33% Zn and 1.5% Cu over a core length of 355 metres.
These properties are 90% optioned to Infinite Ore Corp with the following outstanding payments and work commitment due:
$30,000 cash, 500,000 ILI shares and $550,000 work commitment
B. Garnet Lake
This is a 2733 hectares land package including a substantial mineral deposit and a number of mineralized drill intersections that are in need of follow-up drill testing. Mineralization on the property is all Volcanogenic Massive Sulphides (VMS) type, dominated by zinc, copper and silver with associated gold values. (see NR Oct 10, 2016)
A 2100 line km VTEM PlusTM airborne survey was completed in 2017 detected parallel conductors or extensions of known conductors in lengths of 400, 850, 900 and 950 metres at Fredart Corridor which is within a total strike length of 22km.
This property has an NI43-101 resource of:
3% Zn equiv. cutoff
Indicated Res. 2,071,000 tonnes @ 5.92% Zn, 0.75% Cu, 21.1 g/t Ag and 0.58 g/t Au
Inferred Res 120,550 tonnes @ 2.60% Zn, 0.56% Cu, 18.6 g/t Ag and 0.40 g/t Au
5% Zn equiv. cutoff
Indicated Res. 1,762,000 tonnes @ 6.75% Zn, 0.79% Cu, 22.3 g/t Ag and 0.61 g/t Au
Inferred Res. 51,630 tonnes @ 3.86% Zn, 0.79% Cu, 23.9 g/t Ag and 0.58 g/t Au
10% Zn equiv. cutoff
Indicated Res 633,000 tonnes @ 14.3 Zn, 1.11% Cu, 31.7 g/t Ag and 0.85 g/t Au
This land package is 80% optioned to Infinite Ore Corp with the following outstanding payments and work commitment due:
$225,000 cash, 3,000,000 ILI shares and $1,550,000 work commitment
C. Fredart
The Fredart Property had 124 drill holes completed between 1956 and 2003, totaling 22,500 metres. This deposit has a historical mineral resource of 425,000 tonnes grading 1.56% copper. This historical resource estimate does not comply with the standards of NI 43-101 and has not been reviewed by a Qualified Person. The zone was drill-tested to a depth of approximately 200 metres over a length of 350 metres, and was reported as being open at depth. Only portions of the drill holes were assayed for gold, due to the low price of gold at the time. The area was also explored for molybdenum in the 1970s, and samples containing up to 1.46% Mo were reported.
This property is 80% optioned to Infinite Ore Corp with the following outstanding payments and work commitment due:
$70,000 cash, 1,750,000 ILI shares and $1,000,000 work commitment.
The company changed its name from Pistol Bay Mining Inc. to Pegasus Resources Inc. effective December 23, 2020. Our new symbol is TSX-V-PEGA and CUSIP number is 70558T105."