Pegasus Resources Inc. announced that it has received permit approval from the Saskatchewan Ministry of Environment for the initial exploration at its Pine Channel Uranium Project, located in the Athabasca Basin region of northern Saskatchewan. The field work is expected to commence as soon as ground logistics allow. A working relationship continues with the group that represents the northern communities and First Nations groups, the Ya' thi Néné Lands and Resources (YNLR) office.

The first phase of work will include a ground radon and ground gravity survey on the Pine Channel Uranium Property. The RadonEX survey has previously identified exploration targets on the Patterson Lake trend for Fission Uranium and Nexgen Energy leading to the discoveries of the Triple R Zone and others. A ground gravity survey will also be conducted at the same time.

This work is expected to be carried out shortly taking into consideration stable ground conditions after the winter thaw. Pine Channel Uranium Property Highlights: The Project is prospective for unconformity-related uranium mineralization, with a very shallow depth to the basement from surface of about 60 to 100 metres; Historical work identified two conductive trends on the Project. One trend is approximately 2.5 km long, defined by both airborne and ground electromagnetic (EM) surveys.

The second, a 600-metre long conductor has not yet been followed up with a ground EM survey(s) or drilling; and Drilling in 1981 identified anomalous uranium in a hematite-rich fracture within Athabasca sandstone rocks, directly above unconformity in hole PC81-2 with 0.15% U3O8 over 0.15m. The Project with a thin cover of Athabasca Basin, is underlain at shallow depths by the structurally complex Tanto Domain, which is host to numerous U, Cu, Ni and Au occurrences.