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Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to announce a Maiden JORC Code 2012 compliant inferred Mineral Resource Estimate (“MRE” or “Resource”) of 251.3kt LCE at 351mg Li at its Rio Grande Sur Project in Salta, Argentina.
- Substanital maiden inferred resource of 251.3kt LCE at 351mgLi establishes Rio Grande Sur as a significant Argentinian Lithium project with scope for material ongoing growth.
- Inferred Resource is based only on recent geophysical surveys and historical drilling representing a small portion of the known mineralisation.
- Maiden diamond drilling programme expected to commence this quarter focused on upgrading the inferred resource.
- More recent, higher grade, deeper drilling to 500m on Rio Grande Sur by surrounding tenement holders, plus interpretation to depth of the recent geophysics, suggest that the current Inferred Resource may be just scratching the surface of a much larger resource.
- Geophysical surveys confirm aquifers and mineralisation are open to depths of 500-600m+ highlighting the significant upside potential at Rio Grande Sur.
- Highly prospective Mito tenement not included in MRE further highlighting significant upside potential.
- The Maiden JORC Code 2012-Compliant Inferred Mineral Resource Estimate (MRE) has been prepared by SRK Consulting (Australasia) Pty Ltd (SRK)
This strong result comes less than 7 months after Pursuit acquired the Rio Grande Sur Project and marks the start of what the Company believes will be significant ongoing growth in the project resource ahead of the upcoming drilling campaign.
Table 1 – Maiden JORC Mineral Resource Estimate for Rio Grande Sur
Figure 1 – Maiden JORC Mineral Resource Estimate for Rio Grande Sur 3D Model
Rio Grande Sur Maiden Mineral Resource Estimate
In the 7 months since the acquisition of the Rio Grande Sur Project, Pursuit has completed geophysical surveys which, when combined with historical exploration drilling has culminated in a Maiden JORC Code 2012-Compliant Inferred Mineral Resource Estimate (“MRE”) of 251.3kt LCE at 351mg/Li. The maiden MRE is provided in Table 1.
In relation to the Maiden JORC Resource Pursuit Managing Director & CEO, Aaron Revelle, said:
“This is a very strong result for Pursuit, particularly given the short period of time since completion of the transaction to acquire the Rio Grande Sur Project.
In this time, the Company has now issued a maiden JORC Resource and commenced commissioning of the Lithium Carbonate Pilot Plant following its acquisition earlier this year.
We are now rapidly progressing plans to become the 3rd Lithium Carbonate Producer on the ASX.
Our attention is now on our upcoming drill program as we drill to depths beyond the current resource limit where neighbouring companies have been obtained impressive results and grades of 750mg/Li+ to depths of 500m.
Notable impressive intercepts include 785mg/Li from 249-250m approximately 2km south of our Maria Magdelena tenement and 925mg/Li from 419-421m approximately 2km east of our Mito tenement.
“We believe that the maiden JORC compliant Inferred Resource, calculated down to only 200m depth, is just the tip of the iceberg.
Recent deeper drilling of higher grades to 500-600m depth by other companies on adjacent ground, and interpretation of Pursuit’s recently acquired geophysics, suggest a much higher volume of Lithium brine may be present on Pursuit’s licences.
We believe that this will be outlined by the upcoming drilling programme planned for late 2023.”
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