Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - July 18, 2024) - Investorideas.com, a global investor news source covering mining and metals stocks releases a snapshot looking at the future of uranium mining and exploration, featuring Pegasus Resources Inc. (TSXV: PEGA) (OTC Pink: SLTFF) (FSE: 0QS0), a diversified Junior Canadian Mineral Exploration Company with a focus on uranium, gold, and base metal properties in North America.
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The World Nuclear Association recently reported on the sector noting, "Looking ten years ahead, the market is expected to grow. The Reference Scenario of the 2023 edition of the World Nuclear Association's Nuclear Fuel Report shows a 28% increase in uranium demand over 2023-30 (for an 18% increase in reactor capacity - many new cores will be required). Demand thereafter will depend on new plants being built and the rate at which older plants are retired - the Reference Scenario of the 2023 Nuclear Fuel Report has a 51% increase in uranium demand for the decade 2031-2040. Licensing of plant lifetime extensions and the economic attractiveness of continued operation of older reactors are critical factors in the medium-term uranium market. However, with electricity demand by 2040 potentially increasing by about 50% from that of 2022 (based on the International Energy Agency's World Energy Outlook 2023 report), there is plenty of scope for growth in nuclear capacity in a world concerned with limiting carbon emissions."
Pegasus Resources Inc. (TSXV: PEGA) (OTC Pink: SLTFF) (FSE: 0QS0) released an update to shareholders and investors on July 12th, saying they are, "excited to enter the third quarter of 2024 with significant developments in our exploration initiatives, particularly with the recent acquisition of the Jupiter Project and ongoing activities at our established Energy Sands project. As we advance these projects, we are positioned to significantly enhance shareholder value through strategic exploration and development."
More from the news: "We are entering an exciting phase of exploration with the recent acquisition of the Jupiter Project and the work completed on the Energy Sands projects," stated Christian Timmins, CEO, "The strategic integration of these projects allows us to leverage extensive historical data and modern geological techniques to maximize our exploration potential. Our dedicated team is focused on advancing these projects rapidly, aiming to enhance our understanding of the mineral resources and expand our operational scope. With our upcoming drill program set to commence this summer, we are confident in our ability to deliver substantial value to our shareholders and reinforce Pegasus Resources' position as a leader in the uranium sector."
Continued: The year commenced with a successful ground sampling program at Energy Sands in Utah in January 2024. The significant results, announced on March 25, 2024, indicated a favourable environment for uranium mineralization. Following this, we added to our geological understanding by acquiring historical drilling data of the area, which further defined the area's potential. As detailed in our June 04, 2024 news release, analysis conducted by Dahrouge Geological Consulting USA Ltd. identified a trend indicative of paleochannel-hosted mineralization. This significant discovery, aligning with structural measurements and the identified mineralization trends, aids in targeting potential mineral-hosting paleochannels across the property. We have initiated the permitting process and have submitted all necessary documents to launch a summer drilling program.
Continued: Adding to our portfolio, the recent acquisition of the Jupiter Project (July 10, 2024), located 3 km north of Energy Sands, marks a pivotal expansion. Jupiter, boasting over 100 historical drill holes, is an exciting project that uniquely positions Pegasus to expedite the development of a uranium resource estimate. This strategic proximity to Energy Sands and Jupiter provides a significant opportunity for us to use the available historical drill logs and future company drilling programs to better understand the uranium mineralization in the area while looking to find the next discovery. The strategic significance of this acquisition is immense, and we are poised to begin work at Jupiter once we have secured the required permits and funding, and completed the tendering process to acquire the necessary equipment and crews for a summer drilling program, with expectations set on rapidly advancing our exploration and resource development objectives at Jupiter.
As we progress through 2024, Pegasus Resources is actively advancing our exploration initiatives at both the Jupiter Project and Energy Sands, leveraging historical data and recent geological studies to guide resource development.
Continued: Jupiter Project: Our exploration approach at the Jupiter Project is comprehensive, involving the twinning of historical drill holes, detailed logging of old drill holes, and the identification of new drill targets. These efforts are crucial not only for expanding the known resource base but also for discovering new mineralization zones. We are developing a robust geological model for the Jupiter Project that will substantially enhance our resource development plans. Utilizing extensive historical drilling data, our goal is to refine our exploration strategies and produce a resource estimate that meets the current CIM Definition Standards on Mineral Resources and Mineral Reserves. The wealth of historical data available underscores the considerable potential for uranium mineralization, laying a strong foundation for our ongoing exploration efforts.
Energy Sands: Following a successful ground program in January 2024, which involved a detailed review of historical drill logs, we have moved forward with securing the necessary drilling permits for the Energy Sands project. Once permits are in place, our next steps include initiating the tendering process to source the essential equipment and skilled crews required for a comprehensive summer drilling program. This upcoming program is designed to build upon the insights gained from recent mapping conducted by Dahrouge Geological Consulting USA Ltd. Our focus will be on targeting and further investigating potential mineral-hosting paleochannels that have been identified across the property, aiming to delineate and expand these mineralized zones.
Integrated Exploration Strategy: By synchronizing our exploration strategies at both Jupiter and Energy Sands, Pegasus Resources is effectively harnessing synergies between the two projects. This integrated approach not only streamlines our operational efforts but also enhances our ability to quickly adapt and respond to geological findings as they emerge. The proximity of Jupiter to Energy Sands offers unique opportunities for operational efficiencies and resource sharing, ensuring that our exploration programs are both cost-effective and strategically aligned.
These combined efforts at Jupiter and Energy Sands underscore our commitment to advancing these projects toward their full potential, with the aim of significantly enhancing shareholder value through the discovery and development of valuable uranium resources. As we continue to progress with our drilling and exploration programs, Pegasus Resources remains dedicated to upholding the highest standards of resource estimation and sustainable mining practices.
Pine Channel: Located on the north side of the Athabasca Basin, Pine Channel is slated for a gravity survey this summer. This survey will enhance our understanding of the property and refine targets for future drilling operations. The gravity survey will play a crucial role in our strategic exploration efforts.
Continued: As we continue to advance our strategic projects, Pegasus Resources is uniquely positioned in the uranium sector to capitalize on both established and emerging opportunities. Our recent agreements and exploration advancements underscore our commitment to leading the industry in discovery and resource development.
Pegasus Resources Inc property map (TSXV: PEGA)
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Western Uranium & Vanadium Corp. just updated shareholders in May , reporting, "Western continues to ramp up operations to achieve its annualized production target of 1 million pounds of uranium and 6 million pounds of vanadium. Participation in the aforementioned buying program should not hinder the development of an adequate uranium feedstock supply for the Maverick Minerals Processing Plant. Precision Systems Engineering (PSE) is targeting to release the preliminary engineering design and cost estimate in June."
More from the news: At the beginning of 2024 Western expanded the Sunday Mine Complex mining operations by deploying two alternating mining crews and two alternating drilling teams who operate seven days a week. Following the expansion of infrastructure deeper into the West Sunday Mine, the mining teams commenced driving a drift approximately 2,700 feet to the Leonard & Clark deposit. So far, the teams have drifted approximately 317 feet and are now deploying a jumbo drill to increase progress. The drilling teams continue to define additional mining areas utilizing underground horizontal drilling. Between January 25th and March 31st, the team has drilled a total of 8,170 linear feet with 43 long hole drill targets at three separate areas of the GMG deposit.
Anfield Energy Inc., a uranium and vanadium development and near-term production company, recently announced that it has received final approvals for its drill permit application to commence a 20-hole, 20,000-foot rotary drill program at its Slick Rock uranium and vanadium project, located in San Miguel County, Colorado. Permits approvals included the Bureau of Land Management, the Colorado Division of Resources Mining and Safety, and a Special Use Permit from San Miguel County, Colorado to allow access via county roads for the drilling project. The permits allow drilling between the months of June and September. Anfield will use local contractors to complete the drilling.
From the news: Anfield expects to commence the drill program in the third quarter of 2024. This is a crucial step in Anfield's plan to secure a large mine permit for Slick Rock as the Company looks towards future uranium and vanadium production.
Continued: Corey Dias, Anfield's CEO commented: "We are very pleased to commence development at Slick Rock as this project is integral to our hub-and-spoke uranium and vanadium production strategy. The 20-hole drill program, which will start during the third quarter of 2024, will allow us to both verify and upgrade our known resource at site and meet the criteria to secure a large mine permit from the appropriate agency. Our aim is to have both the Slick Rock and Velvet-Wood mines ready for production ahead of the restart of the Shootaring Canyon mill, with initial feed ready for transport once the mill is ready to receive it."
Ur-Energy Inc., a well-known, more senior uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming, reported its financial results in May saying, "Ramp-up continues at Lost Creek, with two additional header houses (HHs 2-6 and 2-7) coming online thus far in 2024. During Q1, we captured approximately 38,221 pounds, dried and packaged 39,229 pounds, and shipped 35,445 pounds U3O8. At quarter end, our in-process inventory was approximately 80,465 pounds, our drummed inventory was 26,062 pounds, and our finished inventory at the conversion facility was 79,235 pounds U3O8."
From junior uranium exploration stocks to more established miners, the uranium sector is heating up for investors and one to watch for both short and long term. As Nuclear Engineering reported, "Global uranium prices, which almost doubled in 2023, have continued the trend with further price rises this year."
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