Pegasus Commences Permitting at Chord Project in South Dakota

VANCOUVER, British Columbia, June 09, 2022 (GLOBE NEWSWIRE) — Pegasus Resources Inc. (TSX-V: PEGA: Frankfurt – OQS2, OTC/Pink Sheet symbol: SLTFF) (the “Company” or “Pegasus”) is pleased to announce that it has commenced an application for exploration permits and mobilization of a crew on the Chord Uranium Project located approximately 5.5 kilometres southwest of the enCore Energy Corp., licensed Dewey–Burdock ISR Uranium deposit.

Mineralization is hosted within typical roll front–type deposits in the Cretaceous-age Fall River and Lakota formations. The contiguous claim block covers Uranium mineralization drilled by Union Carbide Corp (UC) in the late 1970s.

Union Carbide-defined, non-43-101 compliant historical measured and indicated resources (“UC Mining Reserves”) total 2,379,990 lbs. U3O8. Mineralization occurs in three areas and was evaluated by UC for conventional open pit and underground mining. UC resource calculations also report an additional potential resource based on the geologic projection of the UC-calculated “measured and indicated resources” (UC “Potential Mining Reserve”) of 1,440,000 lbs. U3O8. Resource calculations are documented in UC and subsequent claimant reports and UC radiometric ore maps covering most of the reported mineralization.

UC delineated two unoxidized deposits (October Jinx and Viking) that are 350 ft. to 500 ft. deep and, based on historic depth-to-groundwater measurements (Cohan, 1984), are believed to lie below the water table. Mineralization is hosted in three sands of the lower Chilson member of the Lakota formation. Historical UC resources (“UC Mining Reserves”) were calculated using internal UC protocol for underground mining. Drill patterns were on 100 ft. and 50 ft. centers. Measured resources of deposits drilled on 50 ft. centers were calculated using the manually calculated Polygonal Block Method. Measured resources on 100 ft. drill spacing were calculated using a 300 tons per foot estimate per ore intercept. Indicated resources based on 100 ft. drill spacing were derived by subtracting the measured resources from the total resources calculated using the standard formula which relates the ratio of ore holes to total holes within the volume of the area of equally spaced drilling (Pinnick, 1982). Resources were calculated using a 0.06% U3O8 cut-off grade and a grade X thickness (GT) cut-off of 0.30. Dilution due to minimum underground mining widths and grade distribution were also incorporated (Pinnick, 1982).

Underground Mining Resources (historical, non-43-101 compliant)

UC drilling also delineated at least eight small, conventional open-pit mining (oxidized) deposits, in the Fall River and Lakota formations. Drill patterns were on 50 ft. centers, and measured resources were calculated for open pit mining at a 0.04 % U3O8 cut-off and a minimum 0.08 GT (Pinnick, 1982).

Open Pit Mining Resources (historical, non-43-101 compliant)

Qualified Person

The technical information contained in this news release has been reviewed by Kent Ausburn, Ph.D. in Geology and (PG) since 1992, who is a “Qualified Person” as defined in NI 43-101. Kent has served as QP for several Public Companies since 2002. Professional geologist active in the mining /exploration industry for approximately 40 years.

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. For additional information please visit the Company at www.pegasusresourcesinc.com or contact Charles Desjardins at charles@pegasusresourcesinc.com.

On Behalf of the Board of Directors

Christian Timmins
President and Director
Pegasus Resources Inc.
700 – 838 West Hastings Street
Vancouver, BC V6C 0A6
PH: 1-604-369-8973
E: info@pegasusresourcesinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Forward Looking Statements
Statements included in this announcement, including statements concerning the Company’s plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements.” Forward-looking statements may be identified by words including “anticipates,” “believes,” “intends,” “estimates,” “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.