Pursuit Minerals has received official approval from the Salta Secretary of Mining for exploration at its Rio Grade Sur Project in Argentina’s lithium-rich Salta province. This includes permission to conduct drilling activities at the Mito Tenement, a highly promising lithium project.
The news comes just over a month after the Company secured the Rio Grande Sur Project following the finalisation of its acquisition of former owner Trilogy Minerals in late March.
Of the five tenements that make up the Rio Grande Sur Project, Mito is by far the largest, comprising a massive 8,600 hectares of the 9,233-hectare project. The tenement is considered highly prospective for lithium brine alongside hosting considerable strategic importance in terms of infrastructure purposes.
Figure 1: Map of Mito Tement with proximity to Rio Grande Salar and Recent Drilling location
Recent drilling activities conducted on a neighbouring tenement to Mito have greatly increased the profile of the Project. The results have revealed the presence of multiple potential lithium brine aquifers with considerable thickness, ranging from 800-1000m below the surface of the Salar. The drilling highlights include the discovery of promising salar evaporite and semi-consolidated sedimentary lithologies, intersected from a depth of 55m all the way down to the full depth of the hole at 600m.
With formal approval in hand, the Company is now ramping up exploration with a number of extensive CS-AMT surveys planned in the coming months to determine lithologies associated with aquifers with lithium in brine, with the objective of identifying targets for a drilling program later this year.
The Company said that due to favourable drilling results on a similar geological structure directly adjacent to the Mito tenement, it has high expectations of the prospective exploration potential of the Mito tenement.
“The approval of the Mito tenement rounds out an already impressive tenement position on the Rio Grande Salar. With CS-AMT surveys planned for the middle of the year, we are excited to see the resource potential of this tenement, especially given the recent public announcements of drilling on a directly adjacent tenement,” Pursuit Chief Operating Officer Aaron Revelle said.
PUR’s Australian Stock Exchange-listed share price is currently trading at 1.9c (10:42 am UTC+ 8 hours).