Pegasus Resources Inc Stock Price, News & Analysis

Pegasus Resources has secured drilling permits through the approval of a Notice of Intention (NOI) for its Energy Sands and Jupiter uranium projects in Utah. The exploration plan includes 18 drill holes at Energy Sands, averaging 178 feet depth, and 30 drill holes at Jupiter, averaging 550 feet depth. The Energy Sands Property has shown historical uranium intercepts exceeding 2% and 3% U₃O₈, while the Jupiter Property benefits from over 100 historic drill holes. The company plans to construct 48 drill pads, causing a total disturbance of 4.94 acres. The next steps involve finalizing bonding, securing funding, and mobilizing drilling crews to advance toward developing current resource estimates.

Pegasus Resources Inc. (TSX-V:PEGA, OTC Pink:SLTFF) has extended its non-brokerage private placement for an additional 30 days. The offering aims to raise up to CDN$1,500,000 through the issuance of up to 9,375,000 units at CDN$0.16 per unit. Each unit includes one common share and half a warrant, with each whole warrant allowing the purchase of one common share at C$0.20 for two years.

The company has already closed the first tranche, raising $647,640.00 through 4,047,750 units. Pegasus has also hosted the Bureau of Land Management for an on-site overview of proposed drilling locations at Jupiter and Energy Sands. The closing of the offering is expected around November 01, 2024.

Pegasus Resources (TSXV:PEGA, OTC PINK:SLTFF) has closed the first tranche of its non-brokered private placement, raising $647,640. The company issued 4,047,750 units at $0.16 per unit, with each unit comprising one common share and half a warrant. Warrants are exercisable at $0.20 for 2 years. Insiders, including CEO Christian Timmins and Director Noah Komavli, participated in the offering. Finders' fees of $15,862 and 99,138 warrants were paid. Proceeds will fund exploration of uranium projects in Utah and working capital. The offering has been extended until October 5, 2024, for potential subsequent tranches.

Pegasus Resources Inc. (TSX-V:PEGA, OTC Pink:SLTFF) has announced a non-brokered private placement to raise up to C$1,500,000. The offering consists of up to 9,375,000 units at C$0.16 per unit. Each unit includes one common share and half a warrant, with each full warrant allowing the purchase of one common share at C$0.20 for two years.

The proceeds will fund exploration of the Energy Sands and Jupiter Uranium Projects in Utah, USA, and general working capital. The offering is expected to close around August 21, 2024, subject to regulatory approvals. The securities will have a four-month-and-one-day hold period. The company may pay finder's fees as permitted by TSXV and securities laws.

Pegasus Resources Inc. (TSXV: PEGA) (OTC: SLTFF) has provided an update on its uranium exploration projects, focusing on the Jupiter Project and Energy Sands in Utah. The company is preparing for a summer drilling program at Energy Sands, following successful ground sampling and historical data analysis. The recently acquired Jupiter Project, with over 100 historical drill holes, offers potential for rapid uranium resource development.

Pegasus is also advancing its Pine Channel project in the Athabasca Basin with a planned gravity survey. The company's integrated exploration strategy aims to leverage synergies between projects and enhance shareholder value. This update comes amid a positive outlook for the uranium sector, with the World Nuclear Association projecting a 28% increase in uranium demand over 2023-30.

Pegasus Resources has announced notable advancements, including the acquisition of the Jupiter Project on July 10, 2024, positioned 3 km north of Energy Sands. The Jupiter project features over 100 historical drill holes, setting the stage for rapid uranium resource development. The company has also achieved significant progress at its Energy Sands project, marked by a successful ground sampling program in January 2024.

Analysis by Dahrouge Geological Consulting USA revealed promising trends indicative of paleochannel-hosted mineralization. The company has initiated the permitting process for a summer drilling program across both projects.

Strategically, Pegasus is integrating exploration efforts at Jupiter and Energy Sands to enhance operational efficiencies and resource development. Additionally, a gravity survey at Pine Channel is scheduled for this summer to refine future drilling targets.

The company has also entered into an agreement with Fairfax Partners Inc. for social media marketing support, emphasizing Pegasus' focus on investor engagement and transparency.

Pegasus Resources has secured exclusive rights to the Jupiter Uranium Project in Emery County, Utah. The acquisition involves a 100% interest in the Jupiter Project, consisting of 48 unpatented claims.

Previously explored by Atlas Minerals, the project features over 100 drill holes indicating substantial uranium potential. Pegasus plans to use historical data to guide new exploration initiatives, including twinning old drill holes and defining new targets to create a resource estimate.

The agreement includes issuing 2.2 million shares and making cash payments totaling $100,000. Pegasus will also conduct a 1500-meter drilling program within a year. The vendor retains a Net Smelter Return Royalty and will receive bonuses for additional uranium discoveries. The acquisition complements Pegasus’s existing Energy Sands Project, offering investors opportunities in both resource development and potential new discoveries.

On June 18, 2024, Pegasus Resources announced that all resolutions were passed at their Annual General Meeting. Shareholders elected Christian Timmins, Dave Bissoondatt, Noah Komavli, and Derrick Strickland as directors for the upcoming year. The number of directors remains four. Crowe MacKay LLP will continue as the auditor for the ensuing year, with remuneration set by the directors. Additionally, the company's 10% rolling stock option plan received shareholder approval.

Pegasus Resources has retained Dahrouge Geological Consulting to develop a preliminary geological model for its Energy Sands project in Utah, based on detailed geological mapping and sampling completed in Q1 2024. The gathered data, combined with the 2015 Utah Geological Survey map, was used to define drill targets and support the submission of a Notice of Intent to the BLM. Historical drilling data from 1975 was also incorporated, providing valuable insights into the property's uranium and vanadium mineralization. Field samples previously returned values of 3.55% U3O8 and 5.34% V2O5. This model will guide future drilling campaigns.