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Pursuit Minerals Commence Lithium Drilling at Rio Grande Sur Project

7 February 2024 10:31
ASX: PUR
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Pursuit Minerals (ASX:PUR) has commenced exploration drilling activities at its Rio Grande Sur Lithium Project, located within Argentina’s Lithium Triangle, following the recent granting of environmental permits and commissioning of drill rigs.

Poised for Successful Campaign

The Company reports diamond drilling preparation and associated works have been completed at the Rio Grande Sur Project, paving the way for a successful maiden campaign.

The Stage 1 drilling program is currently underway, aiming to target resource growth at the existing inferred JORC resource.

Pursuit announced in October last year the Maiden JORC Code 2012-Compliant Inferred Mineral Resource Estimate (MRE) of 251.3kt LCE at an impressive grade of 351mg Li per litre.

The significant discovery, achieved in less than seven months after acquiring the Project, places Pursuit at the forefront of lithium exploration in the region and foreshadows the likelihood of substantial expansion in the future.

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Figure 1: Equipment trucks carrying front end loaders and initial drilling supplies arrive at Rio Grande Sur

Geophysical surveys conducted at the Project have identified high conductivity zones to depths of 250-500 metres below the current resource, which are highly prospective for lithium brines.

The drilling campaign will hopefully ascertain a better understanding of the resource and laid the foundation for a material resource upgrade in 2024.

The Company has already completed drilling permit applications for the Stage 2 program at the northern prospect of the Rio Grande Sur Project.

The Maiden Drill Program

Pursuit plans to drill an initial four diamond drill holes at the Salar tenements. A pumping well is additionally planned to be drilled following initial results from the first two holes to be drilled at Sal Rio II and Maria Magdelena.

The drilling is anticipated to reach depths of 500-600 metres below surface, significantly deeper than the existing defined JORC mineral resource depth.

Each hole is anticipated to take approximately one month to complete.

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Figure 2: Proposed locations for Stage 1 Drilling program

Company Comments

Pursuit Minerals Managing Director and CEO, Aaron Revelle, commented on the advancement of the Stage 1 Drilling campaign.

“We expect these upcoming results to cement the Rio Grande Sur Project as a significant high grade pre-production lithium project,” he said.

“With the first hole set to be drilled following the initial maiden JORC inferred resource, we believe that there is great potential for significant upside to be uncovered. The current round of drilling will target the known lithium brine mineralisation identified from historical drilling in addition to our own geophysical surveys carried out in 2023.”

“Whilst the Lithium market has been subdued over the end of 2023 and start of 2024, Lithium brine projects remain robust, profitable and attractive in these market conditions. Lithium brine projects continue to be profitable with Lithium Carbonate prices at $8,000-$12,000 USD per tonne. With marginal high-cost production now coming out of the market, we expect prices to rebound over the medium to long term as high-cost supply becomes unprofitable and withdraws from the market.”

“We continue to progress with permitting for our stage 2 drilling program in the north of the Rio Grande Sur Project which we hope to commence later in 2024, in addition to works at our Lithium Carbonate Pilot Plant which remains on track to commence operations in the first half of 2024.”

PUR’s Australian Securities Exchange-listed share price is currently trading at $0.004 (10.30am UTC+ 8 hours).

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