Pegasus Resources Inc. announced the analytical results from its 2023 ground exploration program at the Punch Bowl Property, Golden Project in east-central British Columbia. Exploration Highlights: Abbreviated late fall reconnaissance program included 25 rock samples, with seven (7) having returned greater than 0.13 g/t Au; Three samples returned values of 4.70 g/t Au, 3.87 g/t Au and 1.61 g/t Au; The 2023 samples extended mineralization of the gold bearing quartz vein set to approximately 200 m along strike; Located previously unsampled mineralized quartz vein(s) on McGilvary Ridge. A late fall exploration program was carried out at the company's Punch Bowl Property on October 6th and 7th, 2023, with a total of 25 grab samples collected.

Due to the unprecedented Forest Fire activity across Canada in 2023, the company was limited to an abbreviated exploration program which had been scheduled for earlier in the field season. Samples targeted pyrite-bearing quartz veins within northwest-southeast trending recessive phyllitic lenses that have historically returned elevated gold values of up to 573.7 g/t Au (Shaw, 1989). Overall, the program was successful in extending mineralization along strike of known auriferous veins, in addition to locating a previously unsampled mineralized quartz vein.

The Golden Project is comprised of three distinct claim groups, from south to North: Gold Mountain, Vertebrae Ridge and Punch Bowl. The Punch Bowl Property consists of three mineral claims totaling 3,079 ha and is approximately 90 km NW of the company's Gold Mountain Property and 140 km NW of Golden, BC. The property surrounds the historic Punch Bowl Showing, where discrete gold in quartz veins are hosted within quartzites and pelites of the Early Cambrian McNaughton Formation.

The Vertebrae Ridge property is comprised of four claims encompassing about 5,324 ha (13,156 acres) roughly 81 kilometers northwest of Golden, BC. During August 2021 ground exploration resulted in the extension of known polymetallic mineralization trends, the confirmation of significant mineralization continuity at historically sampled locations, and the discovery of the Canon Cu-Au Zone. The Company believes the newly discovered Canon Zone may be related to a large oval, alkaline intrusion located a short distance west of the mineralized area.

The Gold Mountain Property is an early-stage gold/silver property located approximately 50 km NW of Golden, BC, just north of Highway 1. The property comprises two mineral claims encompassing 802 ha and covering the historic Grizzly Occurrence, which consists of gold and silver mineralization within polymetallic quartz/carbonate veins. All samples were collected in the field using a hammer and chisel. Locations were obtained using a handheld GPS or tablet, with samples placed in pre-labelled sample bags.

Metal tags with the sample numbers and flagging tape were left at each sample location. A Quality Assurance/Quality Control protocol was incorporated into the program and included the insertion of silica blanks at a rate of approximately 15%. Samples were transported to SGS Canada's laboratory in Burnaby, BC, for standard sample preparation (code PRP89), which includes drying at 105°C, crushing to 75% passing 2mm, riffle splitting 250 g, and pulverizing to 85% passing 75 microns.

They were analyzed for multi-element (code GE_ARM3V25) and Au by fire assay (code GE_FAA30V5). Management cautions that prospecting surface rock samples and associated assays, as discussed herein, are selective by nature and represent a point location and, therefore, may not necessarily be fully representative of the mineralized horizon sampled.