Pegasus Resources Inc. (TSX-V:PEGA) CEO Chris Timmins talked with Proactive about the company's latest strategic acquisition, the Jupiter uranium project. Timmins highlighted the potential of this project, emphasizing the extensive historical drilling data and its proximity to the Energy Sands project.
Proactive: There's news from the company about the strategic acquisition of the Jupiter uranium project. This is another unique addition to the portfolio. Can you tell us more about it?
Chris Timmins: This is a great project with a lot of drilling that we're really excited to follow up on this summer. We think it's a fantastic addition to our portfolio. Getting our hands on it is a crucial step to firmly establish ourselves here in Utah. We're going to put a lot of effort into this area, pursuing our Energy Sands project and working on the Jupiter project with all its historical drilling.
We believe we've got something really strong and full of uranium.
Jupiter is pretty close to your Energy Sands project, as you mentioned. So, the ability to work on both projects almost simultaneously is a significant advantage, isn't it?
Oh, it's going to be great for us. Just like you said, we have a permit in the works right now for Energy Sands. All we need to do is extend that permit to cover the Jupiter project. So far, we think there are no issues with doing this. Everything we've looked into indicates we can do it. So, we're going to extend that permit to include the Jupiter project and start drilling there this summer.
In the news release, you mention there's historical work that was done on the project. Is the plan to drill near the previously drilled holes? Could you give us an idea of how you tackle a project like this with such extensive historical data?
Well, first we'll go through the project and identify which holes are actually open since some are still accessible. We'll compile a list of these open holes, then figure out where we need to do some confirmation drilling. This will involve twinning some of the holes. Based on those results, we'll determine how much additional drilling is needed to bring this into a resource estimate. We think the outcome will be favorable. Essentially, we'll assess the situation, perform the necessary confirmation drilling, run probes down the open holes, and we should be off and running on developing a resource.
And lastly, Chris, with the Jupiter project and Energy Sands, uranium is being talked about a lot. How do you feel about where the company is at now, moving forward with these two strong assets?
I think we're set up perfectly. Building up a solid position in Utah gives us the chance to be a regional player, and that's our goal. We really want to focus on Utah and put all our energy into this area because we believe it has huge potential. There are other properties in the area available, and when we're ready, we'll look at bringing in more deposits and historical drilling areas to add to our resources.
We're going to be very methodical about this. We're not just going to grab a bunch of land and work on only 10% of it. We'll focus on Jupiter, where we believe we already have a resource that just needs confirmation drilling. Additionally, we'll focus on Energy Sands and chase down the paleo channel we saw there with our ground program and the drill holes we acquired in March. We've got a great project here in Utah, and we're excited about it.
Quotes have been lightly edited for style and clarity