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Pursuit Kick-Off Rio Grande Sur Survey

7 June 2023 10:22
ASX: PUR

Pursuit Minerals take a massive step forward in the exploration of its Rio Grande Sur Lithium Project, with the Company commencing an extensive transient electromagnetic survey at the Argentinian project to determine the optimal location of drilling targets.

Surveying the Sur

The survey will work to confirm the proven shallow lithologies from historical and existing geophysical and drilling data. Additionally, it will provide insights into the underground geology and hydrogeology of the tenement area within the depth range of 250m to 300m, with the overall objective of determining the best locations for a drilling program scheduled for later this year.

The survey is being performed by the Argentinian geophysical survey company Quantec Geosciences, which recommended that Pursuit undertake a team survey due to the program being more flexible in terms of data acquisition and changes in ground condition than CSAMT and Induced Polarisation surveys.

The TEM survey provides the Company a better understanding of ground conductivity and enhance the potential to uncover lithium-bearing brines at depths ranging from approximately 250 – 300m beneath the surface. This is particularly importance because historical drilling efforts have only reached a depth of 100 metres, despite a high likelihood of encountering deeper lithium brines.

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Figure 1: Location of TEM Survey at the RGS Project

The TEM survey will be immediately followed up with a CS-AMT survey of the northern Mito tenement, with the data provided by both surveys then analysed by SRK Exploration Australia in July as part of a fieldwork program in preparation for the upcoming drilling campaign.

Right Place, Right Time

The commencement of the TEM survey comes right on the back of the Company getting the go-ahead to kick off exploration at Rio Grand Sur, with Pursuit recently receiving official approval from the Salta Secretary of Mining to conduct exploration activities at the Mito tenement within the Project. This approval was granted in the middle of last month, and the Mito tenement covers an area of 8,600 hectares, accounting for the majority of the 9,233-hectare project.

Progress has been rapid at the Rio Grande Sur Project, with Pursuit completing its acquisition from the previous owner, Trilogy Metals, in late March. The strategic move marks Pursuit’s entry into Argentina’s burgeoning lithium exploration scene.

The Project’s tenure 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 at a time. Given the enduring demand for lithium in the market, the rationale behind the rapid development of the Project is obvious.

Looking Ahead

The Company said the TEM survey is just the first step in an extensive exploration program.

“With the commencement of the TEM survey, we are excited to start a comprehensive and aggressive exploration and appraisal program, which will culminate in a maiden JORC resource following drilling at the RGS Project. Building upon significant historical exploration efforts, the TEM survey will play a vital role in determining optimal locations for the near-term drilling program in Q3 2023,” Chief Operating Officer Aaron Revelle said.

“Further, the exploration and appraisal program will provide new data on the deeper potential of the salar, potentially demonstrating significant upside to the resource.”

PUR’s Australian Stock Exchange-listed share price has risen 13.33 per cent today, currently selling at 1.7c (11:15 pm UTC+ 8 hours).

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