Pegasus Resources Inc (SLTFF)

[Sam Dan]

[b(
Update on drilling As always, wait for the assays for the true value of the property!
""Pistol Bay" or the "Company") is very pleased to provide an update on the recently announced 1,500 m diamond drill program by Infinite Ore Corp. (TSX-V:ILI) currently underway at the Fredart Property in Red Lake, Ontario. The Fredart Property is 100% owned by Pistol Bay. Pursuant to an option agreement entered into between Infinite Ore Corp. and Pistol Bay, dated February 03, 2020, Infinite Ore Corp. has an option to earn up to an 80% undivided interest in the Pistol Bay Property.

Infinite Ore Corp. has completed 3 of 5 holes and is ahead of schedule and underbudget as of the date of this press release. Drilling to date has encountered massive to stringer sulphide mineralization in each drill hole which appears to be associated with banded iron formation horizons. The goal of the current drill program is to confirm and expand on the VMS mineralized zones, test for gold mineralization, and refine the Leapfrog 3D model.

Mike England, President and CEO of Infinite Ore Corp. commented, "We are very pleased with the pace of drilling at Fredart, owing to the exceptional infrastructure and technical team we have in place at the property. We will be sending the core to the lab for assaying and will update the market with results as soon as possible".

Dr. Michel Bolly, PhD, P.Geo, the qualified person as defined by National Instrument 43-101, has designed and is managing the current drill program on behalf of Infinite Ore Corp, and is responsible for approving the technical contents of this press release]