Pegasus Resources Inc. (TSX-V:PEGA) has finalized an agreement with KD Prospect to acquire an undivided 100% right, title, and interest in the Jupiter project, a strategic uranium project located in Utah.
The Jupiter claim group, located three kilometers north of Pegasus’ Energy Sands property, consists of 48 unpatented claims accessible via a well-maintained service road connected to a major highway, Pegasus said in a statement.
"Energy Sands holds the potential for a discovery, supported by recent ground program findings and historical drilling data indicating a mineralized paleochannel. Meanwhile, Jupiter provides an advanced property with historical drilling, which will be instrumental in developing a future resource estimate,” Pegasus CEO Chris Timmins said.
“Together, these projects offer a unique chance for investors to participate in both the development of a new resource and the excitement of a potential discovery."
Historical drill logs revealed promising uranium intercepts, and Pegasus plans to use this data to guide its exploration program with the goal of creating a resource estimate.
The agreement terms include the issuance of 2.2 million shares to the vendor and cash payments totaling US$100,000. Pegasus also commits to a 1,500-meter drilling program within 30 days following the first anniversary of the agreement.
Upon fulfilling these obligations, Pegasus will earn a 100% interest in Jupiter, subject to resource bonuses and a net smelter return royalty in favor of the vendor.