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Pursuit Secure Rio Grande Sur Brine

30 March 2023 10:10
ASX: PUR

After much anticipation, Pursuit Minerals are stepping into the lithium brine market with the finalisation of its acquisition of Trilogy Minerals and its 100-per cent-owned Rio Grand Sur Project in lithium-rich Argentina.

The acquisition was first announced in December and has been a major focus for the Company since, with the investment being the centre of Pursuits’ presentation at Paydirt Media’s annual battery minerals conference in Perth last week.

The Rio Grande Sur Project covers approximately 3000 hectares of the massive Rio Grande Sur, which hosts an inferred resource of 2.1 million tonnes LCE at an average grade of 370mg/Li to a depth of 100m reported as part of an existing Canadian National Instrument.

Pursuit is now preparing an extensive exploration program for the Project, with TEM/CSAMT programs now being planned to determine lithologies associated with aquifers with lithium in brine as well as geological structures to depths, with the objective of identifying targets for a drilling program later this year.

The explorer has picked an opportune time to enter the region, as Argentina is quickly establishing itself as a powerhouse when it comes to lithium brine. The region is also home to the Argosy Minerals Rincon Project, which has a Preliminary Economic Assessment detailing that it could produce 10,000-tonne pa operation over a 16.5-year mine lifetime.

A lot of interest in brine can be attributed to the fact that the demand for lithium production is expected to increase twenty-fold by 2050, and brines are increasingly seen as essential to meeting this challenge.

Investors have been quick to notice, with Pursuits Argentina neighbour C29 Metals seeing its share price jump 90% following the acquisition of its Argentinian lithium brine projects late last year.

The Company said exploration work at the Project will aim to determine the lithium brine resource, the effective recovery of brine and the economic viability of subsequent mining and refining operations

“The acquisition of Trilogy will see Pursuit expand its operations to become an emerging lithium exploration company with resources in a highly sought-after lithium-rich region. Trilogy has now exercised its options over all 5 tenements within the Rio Grande Sur Project area and is positioned to push forward with its proposed exploration programs,” Managing Director Bob Affleck said.

PUR’s Australian Stock Exchange-listed share price is currently trading at 1.2c (9:20 am UTC+ 8 hours).

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