Pegasus Resources Inc. announced additional results from the fall 2020 prospecting program carried out on its Golden Project, consisting of the Gold Mountain,Punch Bowl and Vertebrae Ridge properties, located north of Golden, British Columbia. The company may earn a 100% interest in the Golden Project subject to the terms of an option agreement dated September 9, 2020. The Vertebrae Ridge Property is comprised of two claims totaling 2,871 ha (7,094 acres) approximately 81 km northwesterly from Golden, British Columbia. A prospecting program during fall 2020 resulted in the discovery and identification of significant polymetallic mineralization at multiple locations, including: Zone 1: The Cu-Ag mineralized system, described in a prior news release (January 6th, 2021) as Copper Zone 1, was confirmed over a 1,400+ meter length and ranges from approximately 2 to 5 meters in width. The mineralization appears associated with polymetallic quartz-carbonate veins, is open in all directions, and is orientated southeast-northwest. The veins cross-cut altered limestone, dolostone, and mudstone. The polymetallic nature of the veins, their extent, and the unique chemistry suggest that closer examination and evaluation are required prior to extrapolating a deposit type. Of the 18 grab rock samples collected, a total of 7 assayed between 1.48 and 4.13% Cu. Sample 148631 contained significant polymetallic mineralization with 2.72% Cu, 28.6% Pb, 4.74% Zn, and 360 g/t Ag. Anomalous As, Hg, and Sb is also noted from a subset of the samples. Zone 2 (North and South): Mineralization at Zone 2 North was examined over a strike length of approximately 650+ meters with widths approaching 2 meters. A total of 13 rock samples were collected from this location, returning an arithmetic average of 2.5% Cu and 4.5 g/t Ag, with peak values of 10.7% Cu and 29.1 g/t Ag. An additional five samples were collected from Zone 2 South, located on trend but over 1,500 meters further south from Zone 1 North, returned values of up to 0.5% Cu and 2.9 g/t Ag. The extent of mineralization at Zone 2 South is currently unknown, although mineralized outcrops approach 1 meter in width. The Cu-Ag mineralization at Zone 2 appears restricted to a single lithology that is up to 2 metres across. The anomalous Cu-Ag geochemistry and extent of the mineralization suggest the mineralization may represent a sedimentary Cu occurrence or a replacement style deposit. Vein 160 Showing: Vein 160 showing exhibits a maximum width of 1 meter and was examined over a strike length of approximately 250 meters. Multiple carbonate veins hosting chalcocite and malachite were also observed crisscrossing the showing. A total of 7 samples were collected, with peak assays returned of 35.5% Cu and 96.7g/t Ag with an average of 10.5% Cu and 14.7 g/t Ag. As with Zone 2, the geochemistry of the Vein 160 showing implies a sedimentary copper occurrence or carbonate replacement deposit. Intrusive Units (Syenite): Syenite bodies identified in a prior news release (January 6th, 2021) were explored over two days, with one sample (148516) reporting strong polymetallic mineralization. This sample consisted of altered feldspar pegmatite and oxidized sulphide blebs. Continued exploration of the syenite occurrences is warranted to determine the extent and degree of mineralization of altered feldspar pegmatites. Though unclear at this time, there may be a relationship between intrusive within the claim group, and the observed mineralization. A total of 65 samples were collected from outcrop and boulders during the fall 2020 prospecting program, with 17 returning assays which show that systems present at the Vertebrae Ridge Property are strongly mineralized. The full dimensions, extent, and number of mineralized systems are currently not well constrained or are unknown. Given the results obtained during the 2020 exploration, the Company looks forward to conducting an aggressive program of both regional exploration and detailed follow-up as soon as conditions permit in the second quarter of 2021. QA/QC Analytical Procedures: All rock samples and quartz blanks were shipped by ground to Activation Laboratories Ltd. in Kamloops, British Columbia for multielement analysis by two-acid digestion and ICP-OES finish and Au analysis by fire assay (code 1A2B-30). Over limits for Ag, Cu, Pb, and Zn were completed by the applicable assay package (code 8-AR ICP-OES). Ag values reporting >100 ppm after additional analysis were resubmitted for gravimetric fire assay (code 8-Ag). No certified reference materials were submitted with the rock samples for analysis with the company relying on the laboratories internal QAQC in this regard. Management cautions that surface rock sample assays, as presented herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled.