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Pursuit Kick Off Rio Grande Sur Lithium Drilling

6 March 2024 10:53
ASX: PUR

After much anticipation, Pursuit Minerals (ASX:PUR) have fired up the rig at it’s flagship Rio Grande Sur Lithium Project, with the first hole of the stage one drilling program having just commenced.

Drilling into Lithium Promise

The maiden drill program will comprise four drill holes targeting four of the Project’s tenements: Maria Magdelena, Sal Rio 1, Sal Rio 2 and Isabel Segunda, with each hole expected to take a month to complete and reach depths below 600m, significantly deeper than the Project’s known resource.

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Figure 1: Proposed locations for Stage 1 Drilling program.

This first drill hole, DDH-1, is targeting the Project’s Maria Magdelena tenement, with the company noting that this hole is drilling in close proximity to historical drill holes undertaken by ADY Resources which showed results up to 391mg/Li.

The objective of the campaign is to uncover potential avenues to grow the Project’s already significant inferred JORC resource of 251.3kt LCE @ 351mg/Li, with the explorer eyeing a potential resource upgrade later this year.

Prime Time For Brine

Commencement of drilling is a prime demonstration of the rapid success Pursuit has delivered with the Rio Grande Sur Project, with the explorer able to put the drill into the ground less than a year after acquiring the compelling Project.

Anticipating this success continuing, the explorer is already hard at work commissioning the Project’s Lithium Carbonate Pilot Plant, with Pursuit forecasting that production of lithium carbonate will commence in the first half of this year.

Due to this rapid progress, Pursuit looks to be entering into the lithium market at a crucial time, being able to get in on the ground level as speculation builds that the market could potentially turn to deficit before years end.

Looking Ahead

The company said with this first drill hole underway, it is now advancing the permitting process for the stage 2 drilling program.

“This is a very exciting phase of exploration we are embarking on as we await the first results from DDH-1 following its commencement of the Stage 1 Drilling Campaign at the Rio Grande Sur Project,” Managing Director and Chief Executive Aaron Revelle said.

“With the significant advancements we have made in our understanding of the RGS Project mineralisation, we are highly enthusiastic about the potential results to come especially with regard to the potential scale of the project.”

PUR’s Australian Securities Exchange-listed share price has risen 11.11 per cent today and is currently trading at $0.005 (10.45am UTC+ 8 hours).

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