Pegasus Resources Inc. announced the receipt of the Pine Channel Mineral Exploration Permit for Diamond Drilling from the Saskatchewan Ministry of Environment for the upcoming exploration program at its Pine Channel Uranium Project, situated in the Athabasca Basin region of northern Saskatchewan. This pivotal step sets the stage for maiden drill program at Pine Channel. These permits, including Crown Land Work Authorization, Forest Product Permit, and Aquatic Habitat Protection Permit, come with a set of conditions that aim to address concerns voiced by local First Nations communities.

These conditions cover various aspects, including caribou protection, specific site locations, and impacts on traditional land users. The approved permits enable to carry out essential work, including the clearance of up to six land drill holes with pads not exceeding 400m2 in size. The Pine Channel Uranium property holds immense promise, featuring shallow depths to the basement from the surface, historical exploration identifying conductive trends, and drilling that discovered anomalous uranium.

Previous work involved a ground radon and ground gravity survey. These methods have proven successful in identifying exploration targets that have led to significant uranium discoveries around the Athabasca Basin.