Pegasus Resources Samples 18.8% U308 at Energy Sands Utah

VANCOUVER, March 25, 2024 - Pegasus Resources Inc. (TSXV:PEGA)(Frankfurt:0QS0),(OTC PINK:SLTFF) (the "Company" or "Pegasus") proudly announces significant findings from its recent sampling program at the past-producing Energy Sands project in Utah. Out of 41 samples collected, 13 have demonstrated uranium (U3O8) grades exceeding 1%, with notable results, including sample ESRS24-016 returning 18.8% U3O8 and sample ESRS24-007 returning 3.5% U3O8.

"The remarkable 18.8% U3O8 concentration in sample ESRS24-016 validates the high-grade uranium potential at our Energy Sands project in Utah," commented CEO Christian Timmins. "These results significantly enhance our confidence in the uranium mineralization of this asset, and this analysis will serve as a crucial guide for drill targeting and permit applications needed to take Energy Sands to drill-ready status."

During the 13-day program, Pegasus collected 41 grab samples using the RS-125 handheld spectrometer to locate areas of uranium mineralization. Notable samples were collected from mineralized outcrops, tailings, and historical mine workings. This completion of geological mapping and sampling is a vital step in advancing Pegasus' exploration efforts, providing valuable insights into the Energy Sands property's uranium and vanadium potential. The Company remains committed to leveraging this data for informed decision-making as it continues to pursue sustainable resource development.

Sample results for 13 samples with results above 1% U3O8 are included in Table 1 below. The remaining 28 samples are distributed into the following ranges.

• 0.5% - 1% U3O8 (4 samples)
• 0% to 0.5% U3O8 (24 samples)

Building on the success of the sampling program, Pegasus will now focus on finalizing drill targets and submitting applications to the Bureau of Land Management (BLM) for associated permits required for a proposed summer drill program. These proactive measures align with the Company's commitment to maximizing the value of its assets and further exploring the potential of the Energy Sands Uranium project.

Table 1: Significant Vanadium and Uranium Sample Assay Results

Figure 1: Uranium Field Sample Assay Results

Historical production on the Energy Sands Project reported by the United States Geological Survey indicates that 51.8 Tons with a grade of 0.373% U308 and 1.10% V2O5 was extracted between 1953 and 1956 (Byers & Robertson, 1956)

NI 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Jacob Anderson, CPG, MAusIMM, who is a Resource Geologist for Dahrouge Geological Consulting USA Ltd., and a Qualified Person under National Instrument 43-101, who has prepared and/or reviewed the content of this press release.

Quality Assurance / Quality Control
During sampling two blank samples consisting of a quartz matrix were included among the samples submitted to Pace Analytical.

About Pegasus Resources Inc.
Pegasus Resources Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on uranium, gold, and base metal properties in North America. The Company is also actively pursuing the right opportunity in other resources to enhance shareholder value. For additional information, please visit the Company at www.pegasusresourcesinc.com.

On Behalf of the Board of Directors:

Christian Timmins
President, CEO and Director
Pegasus Resources Inc.
700 - 838 West Hastings Street
Vancouver, BC V6C 0A6
PH: 1-403-597-3410

X: https://twitter.com/MrChris_Timmins
X: https://twitter.com/pegasusresinc
E: info@pegasusresourcesinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
Statements included in this announcement, including statements concerning the Company's plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements." Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

SOURCE: Pegasus Resources Inc.