(Kitco News) - Pegasus Resources CEO Christian Timmins said his company has a big infrastructure advantage.
On Wednesday Timmins spoke to Kitco Mining.
Pegasus Resources (TSX.V PEGA) is a diversified junior Canadian mineral exploration company with a focus on uranium, gold, and other base metal properties in North America.
Pegasus’s primary focus is its Utah Energy Sands project. The Energy Sands Project is on-trend and approximately 4 kilometres from the Western Uranium’s Rafael Uranium Project, which is host to 758,050 tons of indicated mineral resources averaging 0.225% U3O8 and 0.30% V2O5 (containing 3,404,600 million pounds of U3O8 and 4,595,600 million pounds of V2O5); and 453,850 tons of inferred mineral resources averaging 0.205% U3O8 and 0.28% V2O5 (containing 1,859,600 million pounds of U3O8 and 2,510,600 million pounds of V2O5), at a cut off grade of 0.06% U3O8.
Energy Sands is located within the San Rafael uranium district and about 4 kilometres from the San Rafael uranium project of Western Uranium and Vanadium. Utah is home to two built uranium mills and a third that is soon to be built by Western Uranium and Vanadium.
“As far as infrastructure goes, it doesn’t get much better than that,” said Timmins.
Pegasus’ other uranium asset is Pine Channel in Saskatchewan, a uranium property consisting of six mineral claims encompassing 6,028 ha situated at the northernmost edge of the Athabasca Basin. The property is about 40km due west of the community of Stony Rapids, Saskatchewan, and is accessible via trails and winter road that cross through the property. The property is underlain at shallow depths by the structurally complex Tanto Domain, which is host to numerous U, Cu, Ni and Au occurrences.
“We’ve got ourselves covered in North America in two very prolific areas,” said Timmins.
Timmins said uranium is the right focus for the company.
“I love uranium,” he said. “Energy is a problem, whether it’s oil or solar, we’re lacking energy. The real cure for this energy problem is more nuclear, and with more nuclear we need more uranium. In my opinion, we’re going to see the demand for uranium increase over the next 5 to 10 years, and we’re going to need to find more sources of uranium, and that’s what we’re doing here.”
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