Pegasus Resources Expands Gold Mountain Project with Strategic Land Acquisition, Doubling Project Area and Unlocking High-Grade Polymetallic Potential

VANCOUVER, BC / ACCESS Newswire / January 16, 2025 / Pegasus Resources Inc. (TSXV:PEGA)(Frankfurt:0QS0)(OTC Pink:SLTFF) (the "Company" or "Pegasus") is pleased to announce that it has acquired, through staking, a 100% interest (the "Acquisition") in additional claims (the "Claims") adjoining the Company's Gold Mountain Project (the "Project"), located north of Golden, British Columbia. The Property is situated just north of Highway 1, approximately 50 km northwest of Golden, BC. The newly acquired Claims cover an area of ~1,061 ha (10 km²), increasing the size of the Project to a total of ~1,862 ha (18 km²).

Based on promising historical and modern results at Gold Mountain, the Company strategically acquired these additional Claims to expand its exposure to this exciting mineral-rich project area. The new Claims unlock opportunities for expanded exploration and drilling activities, aiming to uncover the full extent of mineralization along this trend. With these additions, Pegasus is working to establish the Project's potential as an asset in a region with a rich history of mining activity.

Historical and Modern Results:

The Gold Mountain Project boasts significant historical exploration results that highlight its potential for high-grade mineralization. In 1984, eight shallow backpack-style drill holes were completed, though poor recoveries were noted. The results include:

• 4.14 m - 57.62 g/t Au, 7,349.5 g/t Ag, 16.5% Cu, and 8.74% Pb (Drillhole A)

• 4.85 m - 29.99 g/t Au, 6,711.3 g/t Ag, 11.0% Cu, and 14.53% Pb (Drillhole B)

More recent sampling conducted in 2020 and 2021 confirmed high-grade mineralization at the North and South Showings. Highlights include:

• Five samples returning 1,000 to 6,670 g/t Ag

• Eight samples returning 1,260 to 8,220 ppm Sb

• Seven samples returning 1.55 to 13.1% Zn

These results underscore the exceptional potential of the Gold Mountain Project, and the newly acquired Claims provide additional ground for expanded exploration and resource development.

"Our acquisition of additional claims at the Gold Mountain Project demonstrates Pegasus' commitment to building value through strategic expansion," commented Christian Timmins, CEO of Pegasus Resources Inc. "Not only does this expansion increase our exposure to the Property's potential, but it also sets the stage for the eventual monetization of this mineral-rich and geologically complex Project. While Pegasus' focus remains on advancing our uranium assets in the United States, expanding the Gold Mountain Project was a low-cost opportunity to double the project area and further increase our exposure to these promising and exciting assets."

Director Noah Komavli on the expansion: "This strategic move secures the Gold Mountain main showing within a larger, highly prospective area. With ongoing discussions about the project's future, our focus is on advancing exploration to realize the potential of the three Icefield Projects fully. We expect to share further updates in early 2025."

The recent acquisition of the Claims at the Project in the Rocky Mountains has significantly extended the Property's mineralized trend potential. This southeast-northwest trending polymetallic system, covering ~1,100 meters in strike length, remains open in all directions and presents expanded exploration potential. The mineralization includes galena, chalcocite, malachite, and azurite, concentrated along the margins and intersections of quartz-carbonate veins. These structures suggest the potential for additional mineralized vein systems across the new Claim area.

The mineralization is hosted within argillite, believed to result from magmatic intrusions releasing evolved hydrothermal fluids, similar to the processes that formed polymetallic veins in renowned mining districts like Germany's Black Forest. This geological setting supports a complex metal assemblage that includes silver, gold, lead, zinc, copper, and antimony, reflecting the high-grade potential of the Project.

The expansion of the Project creates promising opportunities to uncover parallel vein systems and broader mineralized zones, adding value to the 'Project's existing potential. The addition of these Claims solidifies the strategic position of the Project, increasing the 'Project's scope and exploration pathways.

These recent Claims underscore the potential of Project as a major polymetallic asset in a historic mining region. The Property is well-positioned for continued exploration to delineate further high-grade zones and capitalize on its expanded mineralized footprint.

About Gold Mountain Project

The property's mineral-rich history dates back to the 1930s and includes impressive showings of gold, silver, copper, and lead within a trend that spans over 600 meters. Past work has revealed high-grade values across two primary showings, North and South, which are separated by approximately 450 meters of talus-a zone where mineralized boulders suggest the continuity of mineralization between the showings.

The South Showing covers an area of 160 by 50 meters and features five vein exposures in multiple trenches, where high-grade mineralization has previously been sampled, including values up to 30.3 g/t Au, 13,301 g/t Ag and 32.54% Cu. These veins trend toward the North Showing, which has been partially exposed by a shallow open cut and an old adit. Exploration during 1982 at the North Showing, near the adit, identified a 1 m wide quartz vein, which returned a grab sample of 4.87 g/t Au, 710 g/t Ag and 1.89% Cu, indicating a rich polymetallic presence. Together, these showings form a mineralized corridor that remains open at both ends.

NI 43-101 Disclosure

The technical information in this news release was prepared and/or reviewed by Nathan Schmidt., P.Geo., a Qualified Person as defined in National Instrument 43-101.

Some results discussed in this document are historical. Pegasus Resources nor the qualified person have performed sufficient work or data verification of the historical data. Although the historical results may not be reliable, the Company nevertheless believes that they provide an indication of the 'Project's potential and are relevant for any future exploration program.

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.

On Behalf of the Board of Directors:

Christian Timmins
President, CEO and Director
Pegasus Resources Inc.
700 - 838 West Hastings Street
Vancouver, BC V6C 0A6
PH: 1-403-597-3410

X: https://twitter.com/MrChris_Timmins
X: https://twitter.com/pegasusresinc
E: info@pegasusresourcesinc.com

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Disclaimer for Forward-Looking Information

This news release contains certain information that may be deemed "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking information contained in this press release may include, without limitation, statements regarding creation of value for Company shareholders, results of operations the size, timing and completion of the Offering, the use of proceeds from the Offering and the listing of the Common Shares (including the Common Shares underlying the Warrants and the broker warrants) on the TSXV upon closing of the Offering.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company's public disclosure documents filed on the SEDAR+ website at www.sedarplus.ca.

The forward-looking information contained in this press release represents the expectations of Pegasus as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Pegasus may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.

SOURCE: Pegasus Resources, Inc.