Pegasus Resources Inc. announced that based on the recent radon survey results, in combination with the historical geophysical work, Pegasus is looking to advance its Pine Channel Uranium Project (the "Project" or "Pine Channel"), located in the Athabasca Basin region of northern Saskatchewan, to the drilling stage. The radon survey comprised two grids, Grid A and Grid B, consisting of 461 and 217 radon sampling points. Grid A spans roughly 3km east to west, starting along the shoreline and extending approximately 850m to the south.

Grid B is 1,300m by 750m and is located to the south of Grid A. Two linear anomalous radon trends are interpreted on Grid A, A NNE to SSW trend and a WNW to ESE trend. Both are interpreted to reflect basement structural features. There are three ENE-WSW trending anomalous radon trends.

The three diminish in intensity toward the WSW. Given that the dominant ice direction in this region parallels these trends, RadonEx interprets that they may be caused by uraniferous boulder trains. Alternatively, they may be due to ENE-WSW basement structures that parallel the nearby Grease River Shear Zone.