PURSUIT MINERALS LIMITED ASX Announcement
19 August 2021
Phil's Hill Drilling Commenced
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 | |||
Share Price | 5.8 cent | |||
Shares | 927,013,916 | |||
Market Cap | A$54 million | |||
Cash | $8.7 million | |||
Options | ||||
10c exp 31/10/21 | 76,166,073* | |||
20c exp 28/8/21 | 15,000,000 | |||
25c exp 14/8/21 | 850,000 | |||
4.9c exp 6/11/21 | 2,000,000 | |||
0.7c exp 18/9/23 | 36,000,000 | |||
Perfor Rights** | 7,500,000 |
- Listed PUROA
- 3,000,000 subject to shareholder approval
Pursuit Minerals Limited (ASX:PUR) ("Pursuit" or the "Company") is pleased to advise that the maiden diamond drilling program has commenced at Phil's Hill.
The first hole is targeting MLEM plate 20a. This hole is expected to drill to a total depth of 200m and estimated to take 7 days to drill. The drilling program is anticipated to take around 8 weeks to complete.
The Company has purchased a pXRF unit and will expediate the assaying in Perth of compelling mineralised core to the extent it is identified. Pursuit confirms it has engaged independent consultants, CSA Global Pty Ltd, to establish a consistent geochemical protocol for Pursuit field crews to follow whilst collecting pXRF data on drill core.
Following completion of the holes, the Company will follow-up with downhole EM surveys.
Figure 1 - Phil's Hill Proposed Diamond Drill holes and surface geochemistry
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA
Suite 4, 246-250 Railway Parade | West Leederville | WA Australia 6007
PO Box 214 | West Perth | WA 6872 Australia
T + 61 8 6500 3271 | info@pursuitminerals.com.au | www.pursuitminerals.com.au
Warrior Project (100%)
Pursuit Minerals Ltd ("Pursuit" or the "Company") (ASX:PUR) is pleased to confirm that drilling has commenced at Phil's Hill 1,500m diamond drilling program. The first hole is targeting MLEM plate 20a. The hole is expected to drill to a total depth of 200m and estimated to take 7 days to drill. The drilling program is anticipated to take around 8 weeks to complete.
The Company has purchased a pXRF unit and will expediate the assaying in Perth of compelling mineralised core to the extent it is identified. Pursuit confirms it has engaged independent consultants, CSA Global Pty Ltd, to establish a consistent geochemical protocol for Pursuit field crews to follow whilst collecting pXRF data. It is anticipated that a consistent approach will allow collection of semi-quantitative results as allowable under JORC code.
Following completion of the holes, the Company will follow-up with downhole EM surveys. The use of downhole EM surveys is used extensively across the industry and in particular by other PGE-Ni-Cu explorers in the region. It allows the Company to more accurately model conductors in a 3D environment.
In February 20211, Pursuit flew a detailed airborne EM survey over the Calingiri East, Calingiri West, Wubin and Wubin South exploration licences on the Warrior PGE-Nickel-Copper Project (Figure 3). Several
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA
Suite 4, 246-250 Railway Parade | West Leederville | WA Australia 6007
PO Box 214 | West Perth | WA 6872 Australia
T + 61 8 6500 3271 | info@pursuitminerals.com.au | www.pursuitminerals.com.au
conductive features identified at Phil's Hill were followed up with moving loop ground EM ("MLEM") confirming the airborne conductors were discrete basement conductors.
In May 20211, the Company announced that highly conductive features (up to 5,093 S/m) were evident on 9 lines of MLEM data over a strike length of ~1,600 m. The modelled depth to top of the conductors is ~100 m and coincident with the edge of an interpreted ultramafic sequence. The conductance of the Phil's Hill Prospect is significant and well within the known range of conductance for the Gonneville PGE-Ni-Cu discovery. The June 2021 MLEM extension programme successfully closed off the Phil's Hill conductive package both north and south confirming the highly conductive anomalies are discrete. Refer to the JORC table 1 statements1 referenced below.
ID | Easting | Northing | RL | Depth | Dip | Dip | Strike/ | Conductivity | ||||||||||||||
Depth | ||||||||||||||||||||||
(grid north) | (Centre Top of Plate Referenced) | Azi | (S/m) | |||||||||||||||||||
Extent | ||||||||||||||||||||||
06a | 464290 | 6545240 | 113 | 132 | 60° | 052 | 130/77 | 3,500 | ||||||||||||||
10a | 464171 | 6545652 | 153 | 99 | 43° | 069 | 352/80 | 5,093 | ||||||||||||||
17a | 463995 | 6546380 | 134 | 128 | 65° | 093 | 180/120 | 2,000 | ||||||||||||||
20a | 463855 | 6546720 | 175 | 88 | 60° | 085 | 80/80 | 3,300 |
Table 1: MLEM Plates Identified
Figure 2 - Phil's Hill Prospect, MLEM plates (red) over RTP magnetic image (left) and 3D magnetic susceptibility isosurfaces with 1,500m drill program (right). Magnetic Isosurfaces 10 and 20 x 10-3SI.
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA
Suite 4, 246-250 Railway Parade | West Leederville | WA Australia 6007
PO Box 214 | West Perth | WA 6872 Australia
T + 61 8 6500 3271 | info@pursuitminerals.com.au | www.pursuitminerals.com.au
Subsequently on 20 May 20211, Pursuit received results for the first 238 hand auger soil samples over the Phil's Hill PGE-Ni-Cu Prospect. The sampling confirmed the presence of anomalous PGE's, nickel, copper and gold associated with mafic-ultramafic rocks, which are also the host rocks for PGE-Ni-Cu mineralisation at Gonneville.
A total of 15 samples showed elevated levels of Au-Pt-Pd combined anomalism with maximum values up to 1,164ppb (1.164g/t) (Au 52 ppb, Pt 777 ppb and Pd 335 ppb) over a strike length greater than 1,100m at Phil's Hill, which remain open to the north. Refer to Figure 1 and Table 2 for significant results, with gold anomalism to 81 ppb identified, over a 1,200m strike, which also remains open to the north. Additionally anomalous copper values over 100 ppm and broadly co-incident with elevated gold and PGE's were also encountered over a 950m strike. Figure 1 also shows anomalous nickel values > 100 ppm and up to 310 ppm over a strike length of 1,100m.
Similar levels of extensive PGE anomalism in soils are commonly associated with mineralised nickel sulphide systems elsewhere in WA and support the presence of magmatic nickel sulphides at the Warrior Project.
1 See Pursuit Minerals ASX Announcements 25 February 2021, 14 & 20 May 2021, and 22 June 2021. The Company is not aware of any new information or data that materially affects the information included in the referenced ASX announcement and confirms that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.
Sample ID | Easting | Northing | RL | Depth | Au | Cr | Cu | Ni | Pd | Pt | Au+Pt+Pd | |||||||||||||||
ppb | ppm | ppm | ppm | ppb | ppb | ppb | ||||||||||||||||||||
cm | ||||||||||||||||||||||||||
21WS0025 | 464379 | 6545790 | 266 | 10 | 1 | 260 | 468 | 214 | -1 | -5 | -5 | |||||||||||||||
21WS0029 | 464230 | 6545669 | 262 | 60 | 8 | 258 | 188 | 110.5 | 14 | 20 | 42 | |||||||||||||||
21WS0035 | 464029 | 6545699 | 261 | 50 | 10 | 149 | 140 | 99.4 | 2 | 5 | 17 | |||||||||||||||
21WS0038 | 464143 | 6545796 | 261 | 60 | 6 | 206 | 90.1 | 101.5 | 11 | 11 | 28 | |||||||||||||||
21WS0039 | 464182 | 6545829 | 270 | 60 | 5 | 146 | 69.7 | 78.1 | 12 | 10 | 27 | |||||||||||||||
21WS0053 | 464238 | 6546072 | 275 | 20 | 47 | 105 | 571 | 208 | -1 | -5 | 41 | |||||||||||||||
21WS0057 | 464088 | 6545946 | 270 | 60 | 9 | 166 | 187 | 110.5 | 6 | 7 | 22 | |||||||||||||||
21WS0061 | 463934 | 6545816 | 261 | 60 | 22 | 192 | 104 | 122 | 1 | -5 | 18 | |||||||||||||||
21WS0066 | 464064 | 6546128 | 273 | 60 | 81 | 657 | 169.5 | 285 | 17 | 15 | 113 | |||||||||||||||
21WS0102 | 463857 | 6546395 | 263 | 40 | 1 | 800 | 99.9 | 244 | 1 | -5 | -3 | |||||||||||||||
21WS0103 | 463816 | 6546363 | 261 | 50 | 4 | 311 | 50.1 | 310 | 3 | -5 | 2 | |||||||||||||||
21WS0104 | 463701 | 6546500 | 263 | 50 | 8 | 191 | 122.5 | 103 | 5 | 7 | 20 | |||||||||||||||
21WS0110 | 463929 | 6546692 | 273 | 50 | 52 | 346 | 46.8 | 52.7 | 335 | 777 | 1,164 | |||||||||||||||
21WS0112 | 464005 | 6546757 | 278 | 60 | 6 | 313 | 68.2 | 109 | 7 | -5 | 8 | |||||||||||||||
21WS0125 | 463665 | 6548199 | 281 | 50 | 11 | 159 | 154.5 | 104 | 20 | 5 | 36 | |||||||||||||||
21WS0126 | 463626 | 6548168 | 280 | 50 | 11 | 115 | 90.1 | 62.9 | 16 | 6 | 33 | |||||||||||||||
21WS0127 | 463588 | 6548136 | 278 | 50 | 16 | 496 | 120.5 | 116 | 33 | 15 | 64 | |||||||||||||||
21WS0128 | 463550 | 6548104 | 277 | 50 | 8 | 168 | 102 | 93.9 | 18 | 13 | 39 | |||||||||||||||
21WS0131 | 463435 | 6548008 | 277 | 50 | 9 | 229 | 85.3 | 143 | 13 | 6 | 28 |
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA
Suite 4, 246-250 Railway Parade | West Leederville | WA Australia 6007
PO Box 214 | West Perth | WA 6872 Australia
T + 61 8 6500 3271 | info@pursuitminerals.com.au | www.pursuitminerals.com.au
Figure 3 - Warrior PGE-Ni-Cu Project Location
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA Suite 4, 246-250Railway Parade | West Leederville | WA Australia 6007 PO Box 214 | West Perth | WA 6872 Australia
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 07:24:09 UTC.
