Substantial High-Grade Lithium Achieved Following Completion of Drill Hole 1 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 first results and assay samples from drill hole 1 (“DDH- 1”) on the Maria Magdelena tenement.

HIGHLIGHTS

• Drillhole 1 (DDH-1) at the Maria Magdelena tenement of the Rio Grande Sur Project, has completed with substantial high grade intercepts of lithium brine discovered at depths as low as 557m.
• High-grade assays include the following intervals:
  • 629mg/L (“milligrams per liter of Lithium”) from an interval of 512.75m to 518m
  • 620mg/L from an interval of 115.5m to 117.5m
  • 611mg/L from an interval of 258.25m to 260.25m
  • 608mg/L from an interval of 495.25m to 497.25m
  • 607mg/L from an interval of 369.25m to 371.25m
• Importantly, these grades over 600mg/L which were all discovered at depth are beneath the currently calculated mineral resource estimate and are expected to add to its size and grade.
• With completion of DDH-1, the crew is in the process of relocating to Sal Rio II to commence Drillhole 2 (DDH-2).
• The Stage 1 Drill Program is targeting resource growth to the existing inferred JORC resource of 251.3kt LCE @ 351mg/L¹.

In relation to the progress of DDH-1 at the RGS Project, Pursuit Managing Director & CEO, Aaron Revelle, said:

“The results from DDH-1 are substantial as we demonstrate the world class potential of the Rio Grande Sur Project. With completion of DDH-1, we are continuing the important advancements we have made in our understanding of the RGS Project mineralisation, with the results continuing to demonstrate the potential large scale of the project. With outstanding high grade brine intercepts of ~600mg/L at depths of 115.5m and those grades continuing to ~520m, the project is exceeding our expectations.

“We continue to progress with permitting for the drilling program in the north of the Rio Grande Sur Project, which we intend to include in our Stage 1 program works as we target a substantial mineral resource upgrade. This is in addition to works at our Lithium Carbonate Pilot Plant which remains on track to produce our first Lithium Carbonate in the coming months, with Pursuit advancing off-take discussions with multiple requests for product samples from potential off-take partners.”

High-Grade, Deep Depth Lithium Brine Assay Results

DDH-1 of the Stage 1 drilling program completed on site at the Rio Grande Sur Project in mid-June 2024 having reached a depth of 560m.

Throughout the drilling of hole 1, the on-site geologists and drilling team have been extremely encouraged by the geological units encountered across the depths of the hole. Of particular interest, at a depth of approximately 100-130m, a highly porous sandy unit 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.

Table 1 – Lithium Assays, Interval Data and Drillhole Collar

Intercepts from DDH-1 have shown highly favourable geology in line with, and exceeding expectations from historical drilling (to depths of 50m) carried out on the Rio Grande Salar. Lithium brine sample grades from the sampling of the hole are averaging above 600mg/L against the average grade of 351mg/L used to develop the current Mineral Resource Estimate (“MRE”). Additionally, the mineralisation extended to a depth of ~560m also well below the depth used to develop the MRE¹.

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