URANIUM - Pegasus adds to portfolio

Pegasus Metals has acquired a major uranium exploration portfolio in the East Kimberley region of Western Australia from private interests.

Pegasus says the acquisition adds significant weight to its existing uranium asset base, with the tenement package considered highly prospective for hard rock uranium discoveries associated with uriniferous granites with known uranium oxides, and extensive palaeo-channels and placer deposits generated from tertiary drainage of the source rocks.

The three new projects - Sturt Palaeochannel, McClintock Range and Giant Placer - are to the south-west and south-east of Halls Creek, in a region replicating geological environments hosting world-class mineral resources.

In addition to uranium, the tenements are also prospective for gold, with other reported mineralisation including tin, tantalum, tungsten, molybdenum and other base metals.

Pegasus Metals' executive director Peter Andrews says the recently discovered palaeochannel/placer deposits within the tenement package are believed to dwarf all prior placer discoveries in Australia.

"They offer Pegasus the opportunity to discover uranium and gold resources within a newly discovered though well-recognised geological host with proven resource-bearing potential. This under-explored region has attracted many new tenement applications and Pegasus considers itself extremely fortunate to have secured this exceptional opportunity. We intend to start exploration as rapidly as possible."

The company has bought all the issued capital of Placer Resources, which holds the four granted exploration licences comprising the Giant Placer Project and four exploration licences and applications of the Sturt Palaeochannel Project.

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