Pegasus Metals Limited

Gifford Project

Introduction

The Gifford Creek Project covers 33.65km² in Exploration Licence E09/1250.

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Gifford Creek Project  -  Geology and Uranium Occurrences

Geological Setting

Extensive Cainozoic alluvium and colluvium is present, along with extensive calcrete developed proximal to the Fraser Creek and Lyons River.

Monzogranite which intruded into the Gascoyne Complex is present in the central part.
Northwest trending synclinal sediments of the Mesoproterozoic Bangemall Supergroup occur in the southwest, consisting of massive cherts of the Discovery Formation, and siltstone, mudstone and quartz sandstone of the Kianga Creek Formation.

Previous Exploration and Mineralisation

Mineralisation is recorded at two locations as shown on radiometric image
In 1973, an initial reconnaissance airborne radiometric survey was carried out with the principle exploration targets being calcrete deposits as potential uranium hosts.

The anomaly at location 2162 was identified by follow-up ground radiometrics and visible carnotite at surface.  The location was subsequently drilled by five percussion drill holes up to 38m in depth.  Calcrete was evident from 4.5m to 9.0m, overlying clayey sand.  The best assays reported were from drill hole GCP2 (location 2162), which reported low uranium contents from 10ppm to 40ppm from cuttings analysis.

At location 2163 at Fraser Creek a carnotite occurrence is described as visible in pits, with a grab sample assaying 500ppm U3O8 U3O8Carnotite was reported as being present in several drill holes, assaying up to 175ppm U3O8.

Discussion

The uranium anomaly and the occurrence at locations 2162 and 2163 associated with calcrete hosting have been drilled, with low levels of U3O8 mineralisation reported.  The initial anomalies identified by Amax were based on a reconnaissance airborne radiometric survey at half mile intervals, with follow-up traversing. 

In the southeasten part of the project area there appears previously untested radiometric anomalies.

 

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Gifford Creek Project - Radiometric image showing radiometric anomalies (red stars) and known uranium locations (red dots) (survey 400m line spacing)

The monzogranite of the Durlacher Supersuite occurs in the central part of the tenement trending northwest.  This intrusive body of the Mangaroon Orogeny is younger than the granites occurring at Horse Well and Hooley.  The monzogranite granite body on the tenement remains unexplored, and the presence of hydrothermal uranium mineralisation remains a possibility.

 

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