Pursuit Minerals

Exploration Progress as Drill Hole 1 Commences at Rio Grande Sur

Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to provide the following update on its maiden Stage 1 Drilling Program with the commencement of drill hole 1 (“DDH-1”) on the Maria Magdelena tenement.


HIGHLIGHTS

  • Drillhole 1 or DDH-1 currently in progress at the Maria Magdelena tenement of the Rio Grande Sur Project.
  • Drill hole expected to reach 500-600m+ in depth with results expected over the coming months.
  • Stage 1 Drill Program currently underway to target resource growth to the existing inferred JORC resource of 251.3kt LCE @ 351mg/Li1.
  • Geophysical surveys shows high conductivity zones, highly prospective for lithium brines to depths of 250-500m which is below the current resource DDH-1 is in close proximity to historical shallow drill holes which yielded average grades of 395mg/Li and 391mg/Li in the first 50m.

Drill Hole 1 Underway

The first drill hole of the Stage 1 drilling programme has now commenced on site at the Rio Grande Sur Project with the finalisation of the project camp installation and setup.

Figure 1 – Drill rig loading onto platforms and commencing DDH-1 following arrival to site.

The establishment of Pursuit’s operational camp at the RGS project is now complete, with a full drilling crew in place along with representatives from SRK Argentina managing and overseeing the drilling program.

The establishment of the camp was a difficult process given the adverse weather conditions faced over the past weeks since the commencement of works with road closures and significant rain. However, despite these challenges Pursuit’s local team was able to complete the setup with minimal delays.

Figure 2 – DDH-1 drilling in progress

Each hole is anticipated to take approximately one month to complete, with the drilling expected to reach depths of 500-600m below the surface, significantly deeper than the existing defined JORC mineral resource depth. Pursuit is targeting a material resource upgrade in 2024 which will build on the recent maiden resource defined at the Rio Grande Sur Project.1

DDH-1 is in close proximity to historical drilling carried out by ADY Resources in 2011 and later audited and re-explored by LSC Lithium Inc in 2018. The drill holes RG-17 and RG-18 yielded results of 395mg/Li and 391mg/Li with the holes drilled to a depth of 50.9m below the surface.


Click here for the full ASX Release

This article includes content from Pursuit Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

The Conversation (0)
Glowing battery with green zigzag on a futuristic circuit board background.

Fastmarkets’ 2025 Lithium Conference to Tackle EV Growth, Battery Supply Chains and Market Outlook

Fastmarkets is set to host its 17th Lithium Supply and Battery Raw Materials Conference.

Scheduled to run from June 23 to 26 in Las Vegas, Nevada, the event will bring together global industry leaders to explore key topics shaping the future of the battery supply chain.

Discussions will cover lithium extraction technologies, including direct lithium extraction, as well as advances in processing, refining and recycling. More broadly, market outlooks, pricing trends and investment strategies will be analyzed alongside evolving ESG standards, policy impacts and risk management approaches.

Keep reading...Show less
Gina Rinehart, executive chair of Hancock Prospecting, stands in front of cherry blossom trees.

Inside Billionaire Gina Rinehart's Key Mining Investments

Australian billionaire Gina Rinehart has become a formidable force in the global mining industry.

After taking the helm of her father’s iron ore firm Hancock Prospecting in 1993, she embarked upon a diversification strategy that has vastly expanded her resource empire. Now Australia’s richest person, Rinehart has investments in many of the world’s most strategic commodities such as lithium, rare earths, copper, potash and natural gas.

One of those investments is Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF), which even in a low price environment for rare earths managed to secure nearly AU$1.5 billion in debt financing in mid-2024 to advance its Nolans project in the Northern Territory. With a 10 percent equity stake, Rinehart’s Hancock Prospecting is Arafura's largest shareholder.

Keep reading...Show less
Lithium Africa CEO Tyron Breytenbach.

Lithium Africa CEO Makes Case for Lithium Investing Amid Bear Market

The CEO of Lithium Africa is making a case for investing in lithium during the current bear market, saying recent moves by major players such as Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) indicate confidence in the market's longer-term potential.

“(Rio Tinto) is the second biggest miner of commodities on the planet. And late last year, they did the Arcadium Lithium transaction, which is the second largest transaction in corporate history, and they've picked lithium," Tyron Breytenbach said during an interview with the Investing News Network.

"Shortly after that, they followed on with a big, multibillion-dollar investment in Chile. Again, the commodity they picked was lithium."

Keep reading...Show less
Truck with drill rig at sunset in a dry, grassy landscape.

Rock Bottom: Strategic Window for Ground-level Lithium Investment in 2025

When lithium prices hit bottom, savvy investors know that’s exactly where the next big discovery begins — literally. Beneath the surface of global markets and remote exploration grounds, new opportunities are forming in the wake of a sharp price reset and renewed geopolitical urgency.

Macroeconomic and policy shifts in 2025 are creating ideal conditions for those willing to look past the headlines. While volatility in lithium prices has tempered short-term sentiment, the underlying demand trajectory remains strong. With governments reshaping supply chains to reduce reliance on China and accelerate the energy transition, lithium is emerging not only as a critical resource, but as a strategic investment theme with long-term upside.

For investors, this reset isn’t a retreat; it’s a rare chance to get in early, at ground level.

Keep reading...Show less

Latest Press Releases

Related News

×