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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.
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