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Pursuit Survey Argentine Brine

25 July 2023 13:59
ASX: PUR

Pursuit Minerals take another promising step towards unveiling the lithium brine potential of its holdings on Argentina’s highly prospective Rio Grande Sur, with a recently completed Transient Electromagnetic Survey revealing encouraging preliminary results indicating the presence of lithium-bearing brines.

Primed on Brine

While the Company is still awaiting the final results from a data review of the survey, preliminary findings have shown the existence of multiple major low-resistivity layers at the Rio Grande Sur Project which strongly suggests the Project area hosts lithium-bearing brines.

Results show brines at depths of 250-300ms sitting below the historical drilling depths of 50m to 100m down to depths of 250-300ms, with the very low measured resistivities indicating that sediments and rocks are saturated with brine that is potentially lithium-bearing from depth up to near the surface.

Conducted by Quantic Geosciences, the objective of the survey was to confirm the proven shallow lithologies from existing geophysical and drilling data, as well as providing insights into the underground geology and hydrogeology of the tenement area to assist in determining the best location for drill targets.

The now-identified low-resistivity zones provide support for the Company’s advised preferred drilling targets, which will be higher-resistivity zones nestled within low-resistivity zones believed to be sediments hosting lithium-bearing brine.

Looking Ahead

Pursuit will have a better view of the Project when the survey’s full report is delivered, but these early results are nonetheless promising and validate the Company’s confidence in the Project as its ramps up towards drilling it later this year.

Having recently secured $3 million in funding for the upcoming campaign, the Company has made rapid progress since securing the Project only several months ago. Pursuit wasted no time and promptly initiated the survey after receiving the green light to commence more intensive exploration at the Project’s Mito tenement.

Pursuits’ excitement about the Project can be attributed to the fact that the Project covers 3000 hectares of the massive Rio Grande Sur, which is estimated to host an inferred resource of 2.1 million tonnes LCE at an average grade of 370mg/lithium to a depth of 100m.

The Company said it expects to receive the full report from the survey in the next few weeks.

“We are highly encouraged by the preliminary data provided by Quantec following the completion of the TEM Survey. The low resistivity values identified are very significant, indicating both excellent drilling targets and a potentially substantial resource at the Rio Grande Sur Project,” Pursuit’s recently appointed Managing Director and Chief Executive Aaron Revelle said.

“The goal of the survey was to identify the optimal location for drill holes scheduled for Q3/Q4 2023 as well as presenting new data to the market demonstrating the world-class potential of the Rio Grande Sur Project. We look forward to the next phase of resource development at this high-quality lithium brine project as we progress to become the 3rd Lithium Carbonate producer on the ASX.”

PUR’s Australian Stock Exchange-listed share price has risen 7.14 per cent today and is currently trading at 1.5c (1:37 pm UTC+ 8 hours).

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