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Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to present its activities report for the quarterly period ended 30 June 2024.
Highlights
- Completion of Drill Hole 1 with outstanding results including multiple intercepts above 600mg/L Li.
- Commencement of Drill Hole 2 at as part of the Stage 1 Drill Program at RGS.
- Successful oversubscribed capital raising of $2.4 million AUD completed.
- $2.024 million in cash and equivalents available at quarter end.
- Commencement of production at 250t Pilot Plant to produce first Lithium Carbonate in H2, 2024.
PROJECT DEVELOPMENT
During the June 2024 quarter, Pursuit Minerals Ltd (“Pursuit” or “Company”) has continued to advance through numerous engineering and geological workstreams, permitting approval processes and stakeholder engagement activities at our flagship Rio Grande Sur Lithium Project in the Salta province of Argentina.
Rio Grande Sur (RGS) Lithium Project Argentina
The Rio Grande Sur Project comprises of 5 tenements prospective for lithium on the Rio Grande Salar in the Salta province of Argentina, in addition to a Lithium Carbonate Pilot Plant located in the city of Salta. The five tenements cover approximately 9,233 hectares (Table 1).
Figure 1: Rio Grande Sur Tenement Map
Figure 2: RGS Project location in the ‘Lithium Triangle’ Region
Rio Grande Sur Stage 1 Drilling Campaign.
During the quarter, Pursuit announced the completion of Drill Hole 1 / DDH-1 at the Maria Magdelena tenement with substantial high-grade lithium assays achieved (see ASX announcement dated 29 May 2024).
DDH-1 achieved a depth of 560m, with Pursuit’s on-site geologists and drilling team having been extremely encouraged by the geological units encountered across the depths of the hole.
Of particular interest, at a depth of approximately 100-130m, was a highly porous sandy unit that was encountered with Lithium brine grades substantially above expectation, based on historical drilling results. This zone has been earmarked as the potential location of a pumping well due to its heightened porosity and average grade of 620mg/L. As drilling continued to depth, DDH-1 continued to deliver exceptional grades averaging above 600mg/L and the presence of good quality, porous and permeable sands.
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