Pegasus Resources Inc. (TSX-V: PEGA) (Frankfurt – OQS2) (OTC/Pink Sheet:SLTFF) is pleased to announce that it has entered into an option agreement subject to TSX Venture Exchange approval, whereby it may acquire a 100% interest in the Millionara Property, Nevada from National Treasure Corporation.
The Property is located 112 kilometres north of Elko, Nevada, and is considered an intermediate stage exploration project within the regional Independence Gold Trend. The Property consists of 33 unpatented federal lode claims covering approximately 630 acres (255 hectares.)
Range Front Target Area:
The Range Front target area follows the north-south striking Range Front fault, which is the dominant high-angle fault on the Property. The structure has created the broadest area of mineralization on the Property, with several wide and unconstrained gold-bearing intervals. A review of historical exploration reveals that the structure has not been tested along strike with great detail. Highlights of the target area include:
Upper Vein Area:
The focus of Ashburton in the 2010/11 exploration of the Property was the Upper Vein target area, located 600 metres east of the Range Front target area. Ashburton defined a 640-metre-long trend with high-grade surface samples from a vein that varies between 0.20 and 1.5 metres. Highlights of the target area include:
Purchase Consideration and Payments are as follows:
Pursuant to the Agreement, Pegasus shall have an option to purchase a 100% interest in the Property for the total purchase price of US$575,000 and 1,500,000 shares of Pegasus payable to National Treasure, over a 36 month period, as follows:
Royalty Consolidated Company, LLC, a subsidiary of Waterton Global Resources Management Inc. a Nevada limited liability company has a net smelter returns royalty of three percent on all minerals on 4 unpatented claims, known as the CS Claims and the BB Claims. The RCC Royalty provides for the option and right for Pegasus to repurchase 1.0% of the RCC Royalty for US$2,000,000 at any time, thereby reducing the RCC Royalty to two percent. The RCC Royalty has no area of interest.
Nevada Select Royalty, Inc, a subsidiary of Ely Gold Royalties Inc. (Ely), a Nevada corporation has a net smelter returns royalty of three percent on all other minerals on 29 unpatented claims, know as the the DC Claims. The Nevada Select Royalty provides for the option and right for Pegasus to repurchase 1.0% of the Nevada Select Royalty for US$1,000,000 at any time, thereby reducing the Nevada Select Royalty to two percent. The Nevada Select Royalty has an area of interest of one mile.
The Property consists of :
The scientific and technical information contained in this news release has been reviewed and approved by Neil McCallum B.Sc., P.Geol., and is a “Qualified Person” as defined in NI 43-101.
* The historical mineral resource estimates listed above either use categories that are not compliant with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and cannot be compared to NI 43-101 categories, or are not current estimates as prescribed by NI 43-101, and therefore should not be relied upon. A qualified person has not done sufficient work to classify the estimates as current resources, and the mineral resources on neighbouring properties are Not necessarily indicative of the mineralization on the Millionara Property. A Qualified Person has not verified the sampling, analytical, and test data underlying the historical information. Pegasus Resources Inc. has assumed that this historical information is accurate and complete in all material aspects and, while the Company has carefully reviewed all the available information, it cannot guarantee its accuracy and completeness.
About Pegasus Resources Inc.
Pegasus Resources Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on zinc and base metal properties in North America. The Company is also actively pursuing the right opportunity in other resources to enhance shareholder value.
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