Pegasus Resources Inc. announced that it has commenced the RadonEX survey on its Pine Channel Uranium Project, located in the Athabasca Basin region of northern Saskatchewan. Pegasus continues working with the group that represents the northern communities and First Nations groups, the Ya' thi Néné Lands and Resources (YNLR) office. 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 surveys 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.