ASX RELEASE

3 December 2021

Final Assays Extend Silver Mineralising System at Phil's Hill

The Company's principal business objectives are the acquisition, exploration, development andoperation of PGE, copper, nickel silver, gold, vanadium and other mineral deposits.

Directors

Peter Wall (Chairman)

Mark Freeman (MD)

Bob Affleck (Technical Director)

Company Secretary

Mark Freeman

Capital Structure

ASX Code

PUR

Shares

937,013,916

Options

0.7c exp 18/9/23

36,000,000

Perfor Rights*

7,500,000

  • 3,000,000 subject to shareholder approval

Highlights:

  • Silver sulphide mineralising system confirmed over 1.6km strike, open north and south with massive, stringer or disseminated sulphides in all holes
  • Final assay results include silver (Ag) mineralisation up to 8.4 g/t
  • Strong surface Ag mineralisation noted, possible supergene
  • Same Ag-Au-Cu-As-Mo-Co-Bi element association as identified in holes 1, 2, 4, & 5 indicative of an orogenic gold signature
  • DHEM modelling located high intensity conductors adjacent to holes 3 and 8 highlighting potential new drill targets
  • Thorough review of all diamond drilling results underway, particularly DHEM to rank new drill targets
  • Follow-upauger geochemistry over Phil's Hill to Ablett trend planned, POW's lodged and contractor secured

Next Steps:

  • Review all diamond drilling data and plan new drill targets
  • Complete follow-up auger geochemistry at Phil's Hill to expand coverage along strike N and S including the Ablett Prospect
  • Resample shallow core in all holes to clarify the surface Ag anomalism found in hole 8 (4m @ 5.0 g/t Ag)

Pursuit Managing Director, Mark Freeman, said:

"These assay results confirm that that the Company has located a significant mineralising system at Phil's Hill, which suggests an orogenic gold signature. Our technical team are now focussed on finding the core of the system and will be working to extend our geochemical coverage of the Project area."

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

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

Warrior Project (100%)

Pursuit Minerals Limited (ASX:PUR) ("Pursuit" or the "Company") is pleased to provide assay results for the last four drill holes (21WDD0003, 21WDD0006, 21WD0007 & 21WDD0008) from the Phil's Hill prospect diamond drilling program (Table 1, Figure 1).

A review of the results has highlighted a similar Ag-Au-Cu-As-Mo-Co-Bi anomalous mineral association as noted for the first four diamond drill holes (1, 2, 4 and 5, see ASX release 26 Oct 2021). Silver mineralisation up to 8.4 g/t is reported in the assay results (Table 2 & Appendix

  1. and the Company notes strong surface enrichment at a number of locations. Additional sampling of near-surface drill core across the prospect will be completed shortly along with additional sampling adjacent to the anomalous downhole zones located.

Figure 1 - Phil's Hill Diamond Drill holes and surface geochemistry

Hole ID

Target

Easting

Northing

RL

Azimuth

Dip

Hole

Comment

Plate

MGAzone50

MGAzone50

Depth

21WDD0001

20a

463950

6546740

266.5

270

-60

201.8

21WDD0002

10a

464268

6545699

251.6

230

-60

267.4

21WDD0003

10a

464316

6545719

251.6

230

-60

198.8

21WDD0004

20a

463970

6546840

266.5

230

-60

198.4

21WDD0005

17a

464115

6546409

258

230

-60

68.6

Hole abandoned

21WDD0006

17a

464115

6546409

258

230

-60

197.6

Redrill of hole 5

21WDD0007

6a

464379

6545281

242.6

230

-60

59.5

Hole abandoned

21WDD0008

6a

464384

6545284

242.6

230

-60

200

Redrill of hole 7

Table 1: Collar details for Phil's Hill diamond drill holes

Hole 3 (Figure 3) located a number of mineralised intervals including:

  • 1.35m @ 1.35 g/t Ag, 0.07% Cu from 106.6m, including 0.4m @ 3.66 g/t Ag from 106.6m
  • 1.84m @ 2.95 g/t Ag from 129.1m, including 0.53m @ 7.39 g/t Ag and 0.07% Cu from 129.1m

As noted previously, this anomalism is associated with sulphide mineralisation although not all sulphide intervals are anomalous. A sub-vertical EM plate identified by DHEM to the West of hole 3 (Figure 3) is very strong at 8,000 mS and considered a high priority future drill target and potentially a higher grade "feeder" zone to mineralisation. Assays from hole 6 at plate 17a (Figure 4) confirmed the sulphide silver anomalism association noted in hole 5 as previously reported. DHEM notes an off-hole plate to the south which may warrant additional drilling in the future.

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

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

ASX RELEASE

Figure 3: Plate 10a Cross section showing sulphide mineralisation and assay

Figure 4: Plate 17a Cross section showing sulphide mineralisation and assay

anomalism Holes 2 and 3

anomalism, Holes 5 and 6

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

Suite 4, 246-250 Railway Parade, West Leederville, WA 6007 |PO Box 214, West Perth, WA 6872

T + 61 8 6500 3271 | info@pursuitminerals.com.au | www.pursuitminerals.com.au

ASX RELEASE

HOLE ID

FROM

TO (M)

Interval

Ag_ppm

Au_ppb

As_ppm

Co_ppm

Bi_ppm

Cu_ppm

Mo_ppm

Ni_ppm

Pd_ppm

Pt_ppm

Zn_ppm

(M)

(m)

21WDD0003

82

82.85

2.85

1.35

10

3.7

63

0.6

707

5.50

153

0.004

<0.001

175

21WDD0003

106.2

108.24

2.2

1.35

8

5.8

49

0.4

155

4.80

283

0.004

0.003

198

including

106.6

107

0.4

3.66

30

1.5

54.9

1.01

621

16.70

169

0.002

<0.001

112

21WDD0003

112.4

113.8

1.4

2.5

13

4.1

31

0.78

304

11.50

143

0.002

<0.001

258

21WDD0003

129.1

130.94

1.84

2.95

12

1.1

15.2

0.7

281

2.60

103

0.003

<0.001

148

including

129.1

129.63

0.53

7.39

30

1.1

22.8

1.71

683

3.16

103

0.003

<0.001

130

21WDD0003

132

132.4

0.4

1.15

7

1

20

0.45

115

2.19

65

0.002

<0.001

235

21WDD0006

0.5

2.0

1.5

4

2

3.6

13.3

0.14

61

1.40

28

0.002

<0.001

17.6

21WDD0006

59.7

60.25

0.55

1.2

24

1.3

59.5

1.1

2.54

8.20

183

0.01

<0.001

183

21WDD0006

64.5

64.4

0.9

1.65

22

0.4

52.3

0.8

368

9.62

257

0.003

0.007

88

21WDD0006

68

70.4

2.4

1.7

19

1.7

41

0.8

285

4.00

238

0.003

<0.001

116

21WDD0006

80.8

81.6

0.8

1.57

18

2.1

73

0.72

357

4.17

264

0.005

0.005

69

21WDD0007

46

46.96

0.96

1.3

3

1.1

46

0.25

225

3.38

136

0.001

<0.001

62.4

21WDD0008

0

4

4

5

2

2.5

5.2

0.12

10.3

2.40

20

0.001

<0.001

8.75

including

2

3

1

8.4

2

3.8

5.5

0.13

12.7

2.50

22

0.002

<0.001

204

21WDD0008

81.9

82.35

0.45

1.91

17

0.9

15

0.77

185

4.20

67.2

0.003

<0.001

215

21WDD0008

90.4

91.6

1.2

1.2

7

1.4

20

0.5

247

2.90

43

0.002

<0.001

156

21WDD0008

140

141

1

1.05

6

0.7

22

0.37

445

9.37

72.7

0.002

<0.001

116

21WDD0008

160.9

161.6

0.7

4.43

16

8.9

175

2.17

763

25.20

206

0.003

<0.001

111

Table 2: Anomalous Ag intervals holes 3,6,7 and 8, Phil's Hill - note all intervals are down-hole intervals, not true thicknesses (note: weighted averages with up

to 1m of internal dilution)

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

Suite 4, 246-250 Railway Parade, West Leederville, WA 6007 |PO Box 214, West Perth, WA 6872

T + 61 8 6500 3271 | info@pursuitminerals.com.au | www.pursuitminerals.com.au

ASX RELEASE

Holes 7 and 8 were drilled at the southern plate 6a (Figure 5) and as previously reported lithologies in hole 8 are significantly more silicified and tectonised than holes to the north. A number of anomalous silver and copper intervals are noted (Table 2) in association with sulphide mineralisation and additional sampling adjacent to these zones is warranted.

The DHEM surveying notes a number of high intensity conductor plates, in particular beneath the bottom of hole 8 and this may be a "feeder" zone for the mineralisation detected.

Figure 5: Plate 6a Cross section showing sulphide mineralisation and assay anomalism, Holes 7 and 8

Downhole EM Surveying (DHEM)

Vortex Geophysics conducted downhole EM at the end of the program and subsequent modelling by Terra Resources located 17 high conductance plates (Table 3). Figure 6 shows the loops deployed around each drillhole against aeromagnetic anomalies and Figure 7 shows the large number of plates generated from the surveying at quite different orientations. The large number of plates closely spaced explains the difficulty in directly targeting mineralisation during drilling. The various different orientations, especially the subvertical, sub-parallel to drilling plates modelled in holes 3 and 8 suggest these features might represent "feeder" zones to the mineralisation observed.

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

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

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Pursuit Minerals Limited published this content on 17 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 January 2022 07:14:07 UTC.