Pursuit Minerals : 4 New Gold Prospects from Auger Sampling at Commando

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ASX Release

31 May 2022

4 New Gold Prospects from Auger Sampling - Commando

Pursuit Minerals Ltd (ASX: PUR) ("PUR" or the "Company") is pleased to announce exciting results of a project-wide auger sampling program and Bottom of Hole (BOH) sampling of historical drilling at Commando. This is the first detailed geochemical sampling program ever conducted across the tenement package.

Significant Results - Auger

Paddington North

1. Wedge (new anomaly) - Large 1.9km x 500m >50 ppb Au-Bi-Sb-Te-Mo-S anomaly to 895ppb Au, only 17 holes in the area

1. Whisperer - (new prospect) 350m x 90m >50 ppb NE-SWAu-S-Bi anomaly, never drilled o Porphyry - Strong NNE-SSW 300m x 70m >100ppb Au anomaly, peak 187.5ppb
   o Six Boys - >1km long trend extended beyond old workings, peak 354ppb

Federal West

1. Bungarra (new prospect) - Large 1.5km x 200m >25 ppb Au-Bi-S-Sb anomaly up to 101 ppb Au, never drilled

1. Skink (new prospect) - 1.2km x 200m > 25 ppb Au-Bi-S-As-Sb anomaly up to 46.9 ppb, nearest hole

140m away returned 323ppb Au

Significant Results - Rockchip + old drillhole sampling

1. Pursuit rock chip sampling around Oriental shaft returned 108 g/t Au and 10.5 g/t Au from two

samples taken

1. Rock chips collected at Whisperer, south of Six Boys and at Gidji returned highly anomalous gold
2. • 0.89 g/t Au from grab sample at Whisperer
   • 0.22 g/t Au from float at Gidji
   • 0.14 g/t Au from south of Six Boys

Next Steps

1. 5,000m Air Core (AC) drilling of anomalies (mid-June start)

1. Investigate geophysics such as ground penetrating radar (GPR), passive or active seismic in deep cover areas

Pursuit Managing Director, Bob Affleck, commented:

"Pursuit is very pleased to announce the discovery of four new prospects and a number of new gold anomalies at Commando following our recent auger sampling program. This reinforces the prospectivity of this underexplored project. Given that the aqua regia digest assay used is only a partial digest technique, the very high levels of anomalism reported here are considered very encouraging and highly significant. The results provide the Company with new quality targets for our forthcoming AC drilling program at Commando."

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New Prospects Identified by Auger Geochemistry Program

Pursuit Minerals Ltd ("Pursuit" or the "Company") (ASX:PUR) is pleased to announce exciting new results from a project-wide auger geochemical

sampling program and reconnaissance drillhole resampling program.

Auger Sampling Results, Commando

Gold Project

The Company recently completed auger geochemical sampling across the entire Commando project area on a 160m x 80m grid. A total of 1,951 samples were collected in the first

comprehensive multi-element sampling program ever undertaken in the area.

The use of auger sampling was employed to collect material from beneath zones disturbed by past prospector activity and reach closer to bedrock. The auger sampling was moved

away from areas of prospector activity and recorded a number of key interpretive parameters such as depth, carbonate content, colour and lithology. Samples were sieved to <2mm and analysed for a 44- element suite by ICP-MS after an aqua regia digest. This assay technique gives shorter reporting times at a time when many assays take 8-10 weeks to return.

Given that the aqua regia digest is only a partial digest technique the very high levels of anomalism reported herein are considered both encouraging and significant.

Technical Discussion

Paddington North Results

Results of the sampling show a number of large new gold anomalies requiring follow up AC drilling as soon as possible (Figure 2). At the Wedge Prospect a very large 1.9km x 500m >50 ppb Au-Bi-Sb-Te-Mo-S anomaly was identified with values up to 895ppb Au. Other significant results include 253ppb, 146ppb, 146ppb and 102ppb Au. The anomalism lies close to the granite-greenstone contact, although most is within the Scotia Basalt to the west.

Significantly, the Whisperer Prospect gold anomaly crosses from greenstones in the west into the granite on a NE-SW structure evident in aeromagnetics that runs from the Paddington pit in the west to the Jakarta pit in the east. At Whisperer gold mineralisation is hosted on the contact of a basalt body within the Nine Mile Monzogranite and has never been drilled. Peak gold assay was 150ppb in an area of shallow sheetwash overlying the granite.

Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR

PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 | info@pursuitminerals.com.au | www.pursuitminerals.com

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At the Bungarra Prospect gold anomalism is supported by an auger result of 101 ppb Au along strike to the NE, and resampling of historic holes found on Google Earth 200m along strike returned a BOH value of 91 ppb Au.

At the Skink Prospect a historic drillhole 140m from the anomaly reported 323ppb Au1 which was never followed up. Logging of the auger samples at Skink note broad areas of sub-crop making the anomaly less likely to be derived from transported material and a peak value of 46.5 ppb Au was reported.

Structures reflected in the NE-SW drainage pattern appear to be weaknesses in the underlying granite and shear zones, which may be good trap sites for gold mineralisation as we see at Golden Cities. Interestingly, elevated Sulphur (S) to 5% is widespread in this area of broad sheetwash so wide AC traverses will be required to explore it effectively. The Company is considering using additional geophysical techniques such as ground penetrating radar (GPR), passive or active seismic to explore these areas of deeper cover.

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Gidji Results - P24/4967

This tenement lies close to the Gidji roaster in an area of widespread sheet wash with occasional areas of sub-crop (Figures 1 and 4). It lies within highly prospective Black Flag Beds, straddling the boundary with Scotia Dome granites to the north and lies close to the junction of the Bardoc and Kanowna shear zones.

Auger sampling across the tenement highlights several areas of +25ppb Au anomalism, most notably in the northeast. Rockchip sampling in this area also located a sample with 228ppb Au, confirming the overall prospectivity of the tenement. Logging of holes confirms deeper sheetwash to the south and west, meaning the auger samples do go beneath this transported material and follow-up AC drilling will be needed to explore it.