Renforth Resources (CSE:RFR, OTC:RFHRF, WKN:A2H9TN) continues to advance its Surimeau polymetallic project in Quebec, adjacent to the Canadian Malartic mine, the largest gold mine in Canada, and about 20 km south of Agnico Eagle’s LaRonde mine.
According to Renforth, information gleaned from drilling and trenching the Victoria West target, along with surface sampling, create an area of interest that includes about 5 kilometers of strike on the western end of a 20-kilometer magnetic anomaly.
The company interprets this anomaly to be a nickel-bearing ultramafic sequence unit, which occurs alongside, and is intermingled with, VMS-style copper-zinc mineralization.
In fact, Renforth considers the style of mineralization to be an “Outokumpu-like” occurrence, referring to a district in eastern Finland known for several unconventional sulfide deposits with economic grades of copper, zinc, nickel, cobalt, silver and gold. About 50 million tonnes of ore averaging 2.8% Cu, 1% Zn and 0.2% Co, along with traces of Ni and Au, were mined from three deposits between 1913 and 1988.
Renforth is fortunate enough to have a nickel sulfide deposit at surface whose secrets it is just starting to reveal to the market.
Just how large this nickel sulfide system is, remains to be seen.
RFR is clearly hoping to find nickel sulphides that when refined would be appropriate for lithium-ion batteries. This would make the project and/ or the company attractive to potential acquirers.
The Surimeau project occurs within a unique geological setting, where two types of mineralization, formed from completely different geological processes, are “mashed together” in one distinct orebody. Renforth’s Surimeau project is best described as a magmatic nickel sulfide deposit, juxtaposed with a copper-zinc volcanogenic massive sulfide deposit.
The first type of deposit, which may contain nickel, cobalt and platinum group elements (PGEs), is associated with ultramafic rocks. The second type, volcanogenic massive sulfides (VMS), were formed on or near the ocean floor during ancient underwater volcanic activity.
VMS deposits are sought after for mining because they usually contain a mix of base metals such as zinc, lead, copper, and sometimes precious metals including silver and gold. The minerals usually form massive sulfide mounds or layers, making them relatively easy to extract.
At Surimeau, the results from current (2020-21) and historical exploration indicate there is a confluence of magmatic nickel, copper and possibly PGEs (Renforth is still assaying results from a recent drill program and when those are available, the mineralogy will become clearer).
To fully understand what Renforth has at Surimeau, it is helpful to describe the two deposit types and identify analogues.
Ultramafic nickel sulfide deposits
Ultramafic rocks are igneous rocks with a low silica content, rich in minerals such as hypersthene, augite and olivine, formed from very high temperature (~1400oC) melts.
For ultramafic rocks to contain sulfide-hosted (i.e. recoverable) nickel, they must be adulterated by sulfur. When the rocks crystallize, usually the main mineral to form is olivine. If sulfur is introduced into the melt before olivine forms, liquidized copper and nickel sulfide melt separates from the silicate melt like oil and water, with the sulfide liquid sinking to the base and forming Ni-Cu rich sulfide accumulations.
The key setting is the basal contact between the ultramafic rock hosting nickel mineralization and the underlying volcanic and sedimentary strata. Geologists are looking for the ancient ultramafic lava channels that flowed over the basalt surface. It is at the base of these channels where economic nickel sulfide mineralization can potentially accumulate.
Much of the nickel produced from the Kambalda District came from a few very large (>100,000 tonnes) nickel mines, all of which are located around the Kambalda Dome, where nickel has been mined from seven ore systems including Otter Juan, the largest producer in the district.
A Canadian example of nickel-bearing ultramafic orebodies that RFR thinks is similar to what Renforth has at Surimeau are deposits in the Thompson Nickel Belt of northern Manitoba.
The Thompson nickel deposits occur over a 130-km north-northeast trending interval, 660 km north of Winnipeg.
The Thompson Nickel Belt hosts over 18 nickel deposits and is estimated to have produced over 5 billion pounds of nickel since 1959. The nickel deposits are within the Opswagan Group, a sulfide-rich package of rocks infused by ultramafic intrusions. The nickel deposits are located within the ultramafic sills or in the metasediments close to the sills (a sill is a flat intrusion of igneous rock, that forms between pre-existing rock layers).
Between the Mid to late Archean and the Holocene — the current geological period — volcanogenic massive sulfides (VMS) formed and are forming today on the ocean floor during underwater volcanic activity. Where the Earth’s crust was thin, magma boiled up, forming volcanoes which have associated very hot (>380oC) seawater plumes (“black smokers”) that contain zinc, copper, and some lead, silver and gold that spewed into the ocean.
Minerals precipitate from “black smokers” forming Zn-Cu-Fe sulfide precipitate as mounds on or near the seabed. Eventually with the movement of tectonic plates, these mineral deposits ended up on land that was once underwater. VMS deposits usually contain abundant iron sulfides (pyrite or pyrrhotite) and lesser amounts of chalcopyrite, the copper mineral, and sphalerite, the zinc mineral. They are major sources of zinc, copper and lead, with gold and silver by-products.
We can see where the term “volcanogenic” come from, since the deposits are formed by underwater volcanic processes. The “massive sulfides” refers to the large accumulations of sulfide minerals that form on or below the ocean floor.
VMS deposits contain mostly base metals and may have lesser amounts of precious metals such as gold, silver and platinum. They are often major sources of zinc, copper and lead, with gold and silver by-products. Cobalt, tin, barium, sulfur, selenium, manganese, cadmium, indium, bismuth, tellurium, gallium and germanium may also be found in VMS deposits.
VMS deposits consist of a massive or semi-massive stratabound sulfide lens. Most are underlain by a sulfide-silicate stockwork vein system. Individual massive sulfide lenses can be over 100 meters thick, tens of meters wide, and hundreds of meters in strike length. VMS deposits range from 200,000 tonnes to more than 150 million tonnes and most often occur in clusters.
VMS deposits are estimated to have supplied over 5 billion tonnes of sulfide ore. They currently account for 22% of the world’s zinc production, 9.7% of the lead produced, 6% of copper, 8.7% of silver and 2.2% of gold.
An estimated 900 VMS deposits are found worldwide, averaging about 17 million tonnes each. As noted above they are still forming, mostly along extensional ridges where plate movements form cracks in the Earth’s crust — allowing a conduit for mineralizing fluid to travel up as hot liquids and be deposited, through billowing white and black clouds, onto the sea floor.
VMS deposits in Canada include Flin Flon, Bathurst, Snow Lake and Noranda. The Kidd Creek mine in Ontario near Timmins, the deepest base-metal mine in the world, is a VMS deposit that has been in production since 1966.
VMS deposits in Canada include Flin Flon, Bathurst, Snow Lake and Noranda. The Kidd mine in Quebec, the deepest base-metal mine in the world, is a VMS deposit that has been in production since 1966.
VMS deposits have long been recognized, by both majors and juniors, as potential elephant country — and because of their polymetallic content these types of deposits continue to be one of the most desirable because of the security offered against fluctuating prices of different metals.
Canadian VMS mines have deposits ranging from five million tonnes to 20 million tonnes, although the Bathurst No. 12 mine dwarfs them all at over 100 million tonnes.
Twenty economically viable VMS deposits were discovered in the Noranda District over 85 years, including Noranda’s Horne mine in northern Quebec which produced 11.6 million ounces of gold and 2.5 billion pounds of copper from 1927 to 1976, and Agnico Eagle’s flagship LaRonde mine just north of the Surimeau discovery.
Located 20 km north of Surimeau, LaRonde is the Canadian company’s oldest mine, with production starting in 1988. Its 2.2-km Penna shaft is the deepest single-lift shaft in the Western Hemisphere. The 7,000-tonnes per day mine and processing facility has produced over 6 million ounces of gold plus by-products, and still has 3 million ounces of gold in proven and probable mineral reserves (15.2 million tonnes grading 6.12 grams gold per tonne) as of December 31, 2020.
Agnico-Eagle describes LaRonde as a gold-rich volcanogenic massive sulphide deposit with significant silver, zinc and copper credits. LaRonde lenses were formed mainly by sulphide precipitation from hydrothermal fluids on the seafloor and by replacement below lenses.
Another appropriate Canadian analogue to Surimeau’s VMS mineralization is the Ring of Fire. The 180-km-long greenstone belt, running under the James Bay Lowlands of northwestern Ontario, hit the radar of mining companies and explorers in the early 2000s, when copper-zinc rich VMS mineralization was discovered at McFaulds Lake. Since then, exploration companies have unearthed resources and reserves of chromite, magmatic nickel-copper-PGEs, copper-zinc VMS, and well over 70 occurrences of multiple commodities.
One of those explorers, Toronto-based Noront Resources, currently finds itself at the center of a bidding war between two rival Australian mining heavyweights, Wyloo Metals and BHP, over Noront’s Eagle’s Nest project in the Ring of Fire.
Noront describes Eagle’s Nest as a magmatic Ni-Cu-PGE sulfide deposit hosted within a sub-vertically plunging bladed dyke-like body composed principally of peridotite. The Eagle’s Nest deposit is associated with an ultramafic sill complex situated at the contact between a large tonalite body to the northwest, and a volcanic sequence to the southeast. At over 15 km in strike length and up to 1.5 km in thickness, this sill complex is believed to consist of at least two individual sills known as the Double Eagle Intrusive Complex and the Black Thor Intrusive Complex. Both contain an ultramafic keel and/or feeder dyke with attendant Ni-Cu-PGE mineralization, overlain by crudely layered accumulations of dunite, peridotite and chromitite and capped by pyroxenite and gabbro.
This style of mineralization is rare, however, it is known to occur in the Outokumpu District of eastern Finland. Outokumpu contains sulfide deposits with economic grades of copper, zinc, cobalt, nickel, silver and gold. Mining extended from 1913 to 1988 and involved exploitation of three major deposits — Outokumpu, Vuonos and Luikonlahti — with total production of around 50 million tonnes of ore.
Geologists believe that Outokompu’s unconventional deposit type first originated through deposition of copper-rich ore on the sea floor around 1,950 Ma. Some 40 Ma later, disseminated nickel sulfides formed through chemical interaction between massifs (blocks of rock) and adjacent black schists.
A 2007 geological paper states that mixing of these two “end-member” sulphides, i.e., the primary Cu-rich proto-ore and the secondary Ni sulphide disseminations, resulted in the uncommon metal combination of the Outokumpu-type sulphides. Late tectonic solid-state remobilisation, related to the duplexing of the ore by isoclinal folding, upgraded the sulphides into economic deposits.
As for just how closely Renforth’s Surimeau deposit resembles size and qualities of the Outokumpu District in Finland, it is too early to say, however the scale of the district is encouraging (up to 50Mt of ore has been mined in Finland) and we also know that Outokumpu is enriched with palladium, a high-value metal currently worth more than an ounce of gold (current spot Pd = $1,964/oz) – Renforth has yet to assay for PGE’s.
Moreover, the Finnish deposit contains a confluence of elements that yields a large suite of base metals. If Renforth can delineate a similar mix, there is a good chance they can be mined as a single unit like at Outokumpu, and processed into separate concentrates.
The 260 km2 Surimeau property hosts several target areas for gold and base metals (nickel, copper and zinc) located south of the Cadillac Break, a major regional gold structure in Quebec.
In July, Renforth completed a four-hole drill program at the 5-km-long nickel, copper and zinc mineralized Victoria West target.
Victoria West is one of six polymetallic target areas on the Surimeau property historically documented as hosting mineralization.
It is located at the western end (5 km) of a 20-km-long magnetic anomaly that hosts proven mineralization at either end, with the Colony target at its eastern end.
The first drilling at Surimeau by Renforth occurred in October 2020 with 2.5 short holes completed. A total of 15 holes for 3,456m of drilling were completed during the 2021 program, drilling off 2.2 km of strike within the approximately 5 km-long Victoria West target. Another four holes totaling about 1,000m were drilled this summer.
The company plans to return to the field this fall to conduct surface stripping, to expose on surface a portion of the Victoria West mineralized system. Renforth also intends to fly a detailed magnetic survey of Victoria West using drones. Assays are pending for the bulk of the 2021 drilling at Surimeau.
Surimeau shows some promise of becoming a district-scale mining project, given its unique geological similarities to the Outokumpu District in Finland, as well as being analogous to a number of current and past-producing Canadian VMS deposits, some of which, like Kidd and LaRonde, are still in production decades after mining started.
Renforth is currently focused on the Victoria West target, but this target area is only 5 km of the 20-km magnetic anomaly. The strike is long and from what we know so far, it has a decent width, pinching and swelling on surface from between 80 and 450m.
You would not expect continuous mineralization over the whole 20 km but the fact remains Surimeau is a confluence of elements that gives you a large suite of base metals. These base metals could be synchronously mined as a single unit as they do at Outokumpu, producing concentrates for the various elements – nickel, zinc, copper, with potential PGE’s (from the nickel) – and smelting them separately.
Without copper the current global drive to electrify and decarbonize our transportation system does not happen. Nickel is used in lithium-ion batteries for electric vehicles.
Two of the most recent drill holes undercut holes drilled earlier in 2021. Visibly coarse pentlandite, and better chalcolpyrite, would seem to indicate to your author things are getting better as they go deeper, hole 2 ended in mineralization at 145 meters indicating some depth to the deposit.
Surimeau is a sulfide nickel magmatic sulfide deposit, juxtaposed with a copper-zinc volcanogenic massive sulfide deposit. These deposit types are effectively squeezed, or squashed together, and that’s what they have been mining at Outokumpu for over 50 years.
How big, how rich is Renforth’s Surimeau? Only time will tell, but the possibility of a Canadian junior having an Outokumpu type deposit is an exciting possibility and it’s why I own shares.
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Critical minerals explorer Critical Resources has notched another arrow to its bow, signing a binding terms sheet with Essential Metals (ASX:ESS) and International Lithium Corporation (TSVX:ILC) for a 100% interest in the Mavis Lake lithium project in Canada.
The proposed acquisition is a big opportunity for Critical Resources (ASX:CRR) to add a high-quality critical minerals project with excellent further exploration potential to its portfolio.
Especially considering the strong outlook for the lithium market.
The price for lithium carbonate, 99.5% Li2CO3 min, battery grade, spot price CIF China, Japan, and Korea is sitting around US$26/kg.
Not to mention, Canada is a first-class low-risk mining jurisdiction which is strategically located for lithium offtake into the North American manufacturing markets – with the project close to the Trans-Canada highway and railway arteries.
Excellent opportunity to enter the lithium market
Previous drill programs in 2018 returned high-grade lithium oxide intercepts including 55.25m at 1.04% from 82.75m, and 26.30m at 1.70% from 111.9m including 7.70m at 2.97% from 130.5m – which the company says presents significant exploration potential.
“The Mavis Lake terms sheet presents an excellent opportunity for the company to add a high-quality project to our portfolio that further increases our exposure to critical minerals,” Critical Resources (ASX:CRR) CEO Alex Biggs said.
“The company is on a trajectory to become a high growth business focused on building a project pipeline based on asset quality and exposure to in-demand minerals.
“Our focus for this year remains on the upcoming exploration of our Halls Peak base metals asset in New South Wales, Australia which we are very excited about.
“The Mavis Lake project fits all these requirements and provides an excellent entry to the lithium market with an asset that offers excellent prospectivity in a tier 1 jurisdiction.
“Due diligence is ongoing, and we will update the market in due course.”
Exclusivity fee allows due diligence
As part of the terms of the agreement, the company will pay a total non-refundable exclusivity fee of $200,000, which provides exclusivity until 4 January 2022 – during which Critical Resources will undertake due diligence on the project.
Subject to the satisfaction of the conditions precedent, at completion the company will be required to:
Pay $1.5 million cash payment to the sellers;
Issue 68,000,000 shares in Critical Resources to the sellers (or their nominees) at an issue price of $0.022 per share (a deemed value of $1.496 million); and
Issue 8,000,000 fully paid ordinary shares to the deal facilitator who is a non-related party.
Milestone 1 payment and deferred consideration includes:
Payment of $1.50 million cash to the sellers; and
$100,000 of fully paid ordinary shares in Critical Resources (up to a maximum of 4,000,000 shares) to the facilitator upon definition of JORC compliant resource of not less than 5.00 million tonnes containing not less than 50,000t of Li2
Milestone 2 payment and deferred consideration includes:
Payment of $1.50 million cash to the sellers; and
$100,000 of fully paid ordinary shares (up to a maximum of 4,000,000 shares) in Critical Resources to the facilitator upon definition of JORC compliant resource of not less than 10.0 million tonnes containing not less than 100,000t of Li2
$4 million placement planned
As a condition to completion of the acquisition, Critical Resources will conduct a capital raising via a placement to professional and sophisticated investors at $0.029 per share to raise around $4 million. The company confirmed all directors will be participating in the raise.
Participants will receive one free attaching option for every three shares with an exercise price of $0.04 and expiring 3 December 2024.
The proceeds will fund
Halls Peak drilling: $1.5 million;
Mavis Lake Lithium acquisition, preliminary drilling, and associated costs: $2.15 million; and
Corporate and working capital: $0.350 million.
Sixty Two Capital Pty Ltd is the lead manager and on completion will be entitled to a capital raising fee of 6% of the total amount – and subject to shareholder approval, will be entitled to be granted 15,000,000 unlisted lead manager options with an exercise price of $0.04 and expiring 3 December 2024.
This article was developed in collaboration with Critical Resources Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Each day, we analyze emotions and sentiments from different sources and crunch them into one simple number: The Fear & Greed Index for Bitcoin and other large cryptocurrencies.
This post by Lorimer Wilson, Managing Editor of munKNEE.com is an edited ([ ]) and abridged (…) version of an article by Alternative.me for the sake of clarity and length to ensure a fast and easy read.
<img src=”https://alternative.me/crypto/fear-and-greed-index.png” alt=”Latest Crypto Fear & Greed Index” />
Why Measure Fear and Greed?
The crypto market behaviour is very emotional. People tend to get greedy when the market is rising which results in FOMO (Fear Of Missing Out). Also, people often sell their coins in irrational reaction of seeing red numbers. With our Fear and Greed Index, we try to save you from your own emotional overreactions. There are two simple assumptions:
Extreme fear can be a sign that investors are too worried. That could be a buying opportunity.
When Investors are getting too greedy, that means the market is due for a correction.
Therefore, we analyze the current sentiment of the Bitcoin market and crunch the numbers into a simple meter from 0 to 100. Zero means “Extreme Fear”, while 100 means “Extreme Greed”. See below for further information on our data sources.
We are gathering data from the five following sources. Each data point is valued the same as the day before in order to visualize a meaningful progress in sentiment change of the crypto market…
1. Volatility (25 %)
We’re measuring the current volatility and max. drawdowns of bitcoin and compare it with the corresponding average values of the last 30 days and 90 days. We argue that an unusual rise in volatility is a sign of a fearful market.
2. Market Momentum/Volume (25%)
Also, we’re measuring the current volume and market momentum (again in comparison with the last 30/90 day average values) and put those two values together. Generally, when we see high buying volumes in a positive market on a daily basis, we conclude that the market acts overly greedy / too bullish.
3. Social Media (15%)
While our reddit sentiment analysis is still not in the live index (we’re still experimenting some market-related key words in the text processing algorithm), our twitter analysis is running. There, we gather and count posts on various hashtags for each coin (publicly, we show only those for Bitcoin) and check how fast and how many interactions they receive in certain time frames). A unusual high interaction rate results in a grown public interest in the coin and in our eyes, corresponds to a greedy market behaviour.
4. Dominance (10%)
The dominance of a coin resembles the market cap share of the whole crypto market. Especially for Bitcoin, we think that a rise in Bitcoin dominance is caused by a fear of (and thus a reduction of) too speculative alt-coin investments, since Bitcoin is becoming more and more the safe haven of crypto. On the other side, when Bitcoin dominance shrinks, people are getting more greedy by investing in more risky alt-coins, dreaming of their chance in the next big bull run. By analyzing the dominance for a coin other than Bitcoin, you could argue the other way round, since more interest in an alt-coin may conclude a bullish/greedy behaviour for that specific coin.
5. Trends (10%)
We pull Google Trends data for various Bitcoin related search queries and crunch those numbers, especially the change of search volumes as well as recommended other currently popular searches. For example, if you check Google Trends for “Bitcoin”, you can’t get much information from the search volume. Currently, you can see that there is a +1,550% rise of the query “bitcoin price manipulation“ in the box of related search queries (as of 05/29/2018). This is clearly a sign of fear in the market, and we use that for our index.
Surveys (15%) currently paused
Together with strawpoll.com (disclaimer: we own this site, too), quite a large public polling platform, we’re conducting weekly crypto polls and ask people how they see the market. Usually, we’re seeing 2,000 – 3,000 votes on each poll, so we do get a picture of the sentiment of a group of crypto investors. We don’t give those results too much attention, but it was quite useful in the beginning of our studies. You can see some recent results here.
Editor’s Note: The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
A futures-based exchange-traded funds based on Bitcoin called the ProShares Bitcoin Strategy ETF (BITO) started yesterday and I believe it will be a major factor in making the process to invest in Bitcoins considerably easier, safer, and more convenient. Here are 5 reasons why:
While our year-end price target for Bitcoin is $100,000, we believe that Bitcoin prices will soar much, much higher in the long run – like 5X higher. That’s right, we think Bitcoin is going to $500,000 and the rationale is simple.
Trading in bitcoin has become a very profitable way to generate income, and whether you’re just starting out, or have been at it for a while, there are some tips that can enhance your bitcoin trading strategy.
While there are risks, cryptocurrencies can reap huge rewards for those who make the right investment decisions. In this blog post, we discuss how to invest in cryptocurrency and what you need to know if you want to get involved!
Gold and Crypto are both expected to embark on their next bull run and, a disadvantage to owning one asset is often an advantage of owning the other. Therefore, we believe both deserve a place in your portfolio for at least insurance purposes.
It would be wise for bitcoin traders to use any kind of hedge that they can find and over the past few months, one such hedge has been, ironically, gold.
A Few Last Words:
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Pegasus Resources Inc. (TSXV:PEGA) continues to make its presence in the prolific Athabasca Basin uranium camp with the recently announced acquisition of three uranium properties at the northwest edge of the Basin. The 54,026 hectare properties comprising 13 mineral claims contain a cumulative total of 535,718 lbs of uranium, and significantly, includes a historic resource estimate of 202,200 tons at 0.119% U308 at an average width of 4.8 metres.
These new properties add to the previously announced Pine Channel uranium property which consists of six mineral claims covering 6,028 hectares and is located at the northern edge of the Athabasca basin, roughly 40 km west of the town of Stony Rapids. The Athabasca Basin in Northern Saskatchewan is host to several of the world’s largest and highest-grade uranium mines, including Cameco’s (TSX: CCO) McArthur River Mine and Cigar Lake Mine.
The Wollaston Northeast property is located in the 20A zone within the prolific Wollaston Domain, 45 kilometres northeast of the Eagle Point Uranium Mine. The property has at least eight known base metals showings and five previously documented uranium occurrences, and is considered highly prospective for basement hosted uranium mineralization.
Much of the recent renewed interest in uranium in the region is due to recent discoveries within the Wollaston Domain where the Eagle Point deposits are hosted within its basement rocks. In addition to the Eagle Point Mine, the area also hosts the historic Rabbit Lake Mine and Cameco/Orano Key Lake Mine, the world’s largest high-grade uranium mine.
The 12,397 hectare Bentley Lake Uranium Property consisting of three mineral claims, and is located 35 kilometres northeast of the edge of the Athabasca Basin, within a transition zone between the Wollaston and Mudjatic Domains. This trend is host to several major uranium deposits, including Cigar Lake, Roughrider, McArthur River and Midwest. It is located at the transition zone between the Wollaston and Mudjatik geological domains.
The third property is located approximately 40 kilometres northeast of the edge of the Athabasca Basin and within the Charlebois-Higginson Lake Uranium District. The 6,908 hectare Mozzie Lake Uranium Property consists of three mineral claims and has a historical resource estimate of 204,200 tons at 0.119% U308, with an average width of 4.8 metres, and containing 535,718 lbs of uranium. What makes the Mozzie Lake Property particularly compelling, aside from the historical resource estimate that Pegasus’s exploration efforts may be able to increase significantly, are the pegmatite deposits of the Charlebois-Higginson Lake Uranium District.
Since being initially explored from the 1940’s through to the 1960’s, there has been virtually no exploration on the property. Previous work in the region, as well as on the Pinkham Lake property at Mozzie Lake, indicated that the pegmatite deposits may also host mineralization which contains rare-earth-element bearing minerals. Rare earth minerals are in high demand today due to the needs of the various technology, consumer electronics, and electric vehicle manufacturing industries. PEGA plans to examine the property’s rare earth potential as part of its uranium exploration program at Mozzie Lake.
Pegasus will next review the historical data on the properties to determine an exploration strategy and work programs, and will provide shareholders with updates in the near future. The company’s recent announcements of the uranium assets have certainly rekindled interest in PEGA shares, and its market capitalization has increased by almost 50% to $7.98 million in recent weeks, signifying that investors are enthused about the direction management has taken.
PEGA last traded at $0.095 on the TSX Venture exchange.
FULL DISCLOSURE: Pegasus Resources is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Pegasus Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.