Hot off the heels of receiving exploration permits for its Pine Channel uranium property within the Athabasca Basin of Saskatchewan, Pegasus Resources (TSXV: PEGA) is looking to conduct additional exploration in the region. The company this morning indicated it has begun the process of applying for exploration permits for its Mozzie Lake property.
Also found in Northern Saskatchewan, the Mozzie Lake property is immediately northwest of the Athabasca Basin, where numerous uranium discoveries have been made in recent years. The property is one of four land packages the company has in the region, which collectively consist of over 54,000 hectares of land across thirteen claims.
Mozzie Lake notably has a historical resource estimate on the property at the 20A zone, consisting of 535,718 pounds of U308 at 0.119%. Mineralization within this historical estimate is found within an average width of 4.8 metres, with mineralization hosted in pegmatite intrusions in the Charlebois-Higgingson Lake uranium district.
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The proposed exploration program is referred to as an initial program. Presumably, this is to include a ground radon and ground gravity survey, similar to the exploration methods being undertaken at the firms Pine Channel property.
Pegasus Resources last traded at $0.09 on the TSX Venture.
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