Pegasus Resources Inc. (PEGA.V)

And the beat goes on
"(the "Company" or "Pegasus") is pleased to announce that it has commenced the application process for permits to start an initial program at the Mozzie Lake Uranium Property. This project is part of a four-project land package that Pegasus has and is located immediately northwest of the prolific Athabasca Basin of northern Saskatchewan which includes a historical resource estimate of 204,200 tons at 0.119% U308 at an average width of 15.8 feet (4.8 metres), containing 535,718 pounds of uranium*. Cumulatively the properties encompass about 54,026 ha in 13 mineral claims.

Mozzie Lake Uranium Property
(20A Zone)
The Mozzie Lake Property consists of two claim blocks that are situated approximately 25 and 40 km northeast of the edge of the Athabasca Basin. It is located within the Charlebois-Higgingson Lake Uranium District.

Highlights:

Historical resource estimate at the 20A zone with 204,200 tons at 0.119% U308 at an average width of 15.8 feet (4.8 metres), containing 535,718 pounds of uranium*.
The mineralization is hosted within pegmatite intrusions. The pegmatite deposits of the Charlebois-Higgingson Lake Uranium District have remained largely dormant since it was first explored in the 1940's to 1960's era. There are historical references to rare-earth-element (REE)- bearing minerals in the region, including at the Pinkham Lake prospects on the Mozzie Lake property. The Company believes that a re-evaluation of the district with respect to REE mineralization should be conducted to potentially bolster the uranium potential of the project(s).
Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/2c9bbc2d-12d6-4ff8-aaf9-125c5c6c3e49

*The historical resource estimate was completed by Trigg, Woollett & Associates Ltd. on behalf of King Resources Company in 1968 (Sask. assessment report 74P07-0043).
a) Grade of individual sample widths within the blocks outlined is 0.05% U308 or greater. b) Ore has been projected up to 50 feet in both directions from diamond drill intersections, and up to 50 feet beneath surface showings.
c) Grade of blocks having no available assays, but whose existence has been confirmed by radiometric surveys, have been taken to be the average ore reserve grade. d) Tonnages have been calculated using a factor of 12 cubic feet per ton of solid rock. e) Tonnages have been calculated to the nearest 100 tons.
The historical mineral resource estimates listed above either use categories that are not compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and cannot be compared to NI 43-101 categories, or are not current estimates as prescribed by NI 43-101, and therefore should not be relied upon. A qualified person has not done sufficient work to classify the estimates as current resources and Pegasus is not treating the estimates as a current resource estimate. However, the estimates are relevant to guiding the Company's exploration plans and provide geological information regarding the type of mineralization that could be present in the Mozzie Lake area. The QP has reviewed the historical report and the historical resource estimate was prepared within a high-quality report which stated several key assumptions and criteria.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Neil McCallum B.Sc., P.Geo. of Dahrouge Geological Consulting, who is a "Qualified Person" as defined in NI 43-101.

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.