PURSUIT MINERALS LIMITED ASX RELEASE
22 June 2021
Warrior Project Update: July Drilling Confirmed
The Company's principal business objectives are the acquisition,exploration and development of PGE, copper, nickel, silver, gold, vanadium and other precious minerals.
Directors
Peter Wall (Chairman)
Mark Freeman (Managing Director)
Jeremy Read (Technical Director)
Company Secretary
Mark Freeman
Capital Structure
ASX Code | PUR |
Share Price | 6.9 cent |
Shares | 903,238,840 |
Market Cap | A$63.6 million |
Cash | $9 Million |
Options | |
10c exp 31/10/21 | 76,166,073* |
20c exp 28/8/21 | 15,000,000 |
20c exp 28/2/21 | 1,992,000 |
25c exp 14/8/21 | 850,000 |
4.9c exp 6/11/21 | 2,000,000 |
0.7c exp 18/9/23 | 59,000,000 |
* Listed PUROA
Warrior Project:
- Phil's Hill PGE-Ni-Cu Prospect
- Program of Work ("POW") approval received clearing drilling to proceed at Phil's Hill
- Operations well advanced at local field house with drilling to
commence on or about 15th July 2021
- Follow-upMLEM crew is currently onsite utilising larger loops to the north and south of Phil's Hill to extend the anomalism
- Terra Resources VTEMTM Max Report
- Calingiri East identifies a trend of interest over 23 km in strike
- Wubin - At least one anomaly in the NW Group warrants further investigation
- Calingiri West - EM responses adjacent to Devex Sovereign Hill warranting additional follow-up
Pursuit Managing Director, Mark Freeman, said:
"The VTEM program has delivered a cost-effective screening tool for the majority of our landholdings at the Warrior project, allowing the Company to rapidly progress Phil's Hill. Pursuit is now on the ground with a permanent field house in the area and will continue exploration at Wubin, Calingiri West and Bindi-Bindi to advance these projects. The Mt Magnet Drill Rig is in the final stages of refurbishment, ready to move to site early July 2021."
Phil's Hill Prospect, Warrior (100%) - Drilling Update
Pursuit Minerals Ltd ("Pursuit" or the "Company") (ASX:PUR) is pleased to confirm that it has received all permits and access required to commence its drilling program at the promising Phil's Hill PGE-nickel- copper prospect in Western Australia.
Department of Mines, Industry Regulation and Safety (DMIRS) has approved the (PoW) application for Phil's Hill Prospect relating to the forthcoming 1,500m diamond drilling programme.
Mt Magnet Drilling has been secured with drilling scheduled to commence on or about 15 July 2021.
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA
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
VTEM Summary
The Company is pleased to announce the results of the VTEMTM Max (VTEM) survey completed over the Calingiri East, Calingiri West, and Wubin project areas. The helicopter-borne VTEM system has proven to be a successful way of identifying massive sulphide conductors as it successfully delineated previously known massive sulphide conductors in the Julimar region. A number of EM Conductors were detected, in addition to the previously announced Phil's Hill Prospect as summarised in Table 1 below. These conductors will be followed up with Geochem analysis and MLEM surveys.
UTS Geophysics delivered the final digital data for the 1,957 line-kilometre airborne survey in late April 2021. Terra Resources has completed interpreting this data confirming priority targets identified in the dataset. The report focussed its interpretation on the delineation of highly conductive anomalies which represented an association with a PGE-Ni-Cu deposit.
Table 1 - Summary of Targets
Survey Results | Work Completed / Planned |
Calingiri East - Phil's Hill - Most significant results. Most | Followed up with ground EM surveys and Geochem |
notably highly conductive basement anomalies in the | (see ASX announcement 20 May 2021). Drilling to |
southern end of the survey (refer figure 1 below). | commence in July 2021. |
Calingiri East - Ablett Prospect - a prospective trend | Initial Geochem (See ASX announcement 11 June |
(the "Calingiri trend") has been interpreted and | 2021) completed with additional Geochem soils |
conductors can be associated with as well as two | planned and MLEM Surveys to be undertaken. |
strong, late time IP responses in VTEM data (refer | Previous soils by Dominion only sampled for limited |
figure 1 below). | elements. An Air Core program to test for the |
potential of a disseminated (non-conductive)Ni-Cu- | |
PGE system will be considered. | |
Wubin Project Targets (E70/5493 and E70/5678) - | Follow-up plan - small, targeted soils program over |
VTEM data significantly affected by conductive cover | NW group where known ultramafics outcrop to test |
resulting in the depth of the program being reduced. At | for potential PGE-Ni-Cu mineralisation as previous |
least one anomaly in the NW Group warrants further | explorers have only focused on gold mineralisation. |
investigation (refer figure 2 below). | Work to be scheduled post-harvest to minimise |
program costs. | |
Calingiri West (ELA70/5378) - Due to culture or | Follow-up plan - small, targeted soils program |
conductive cover, EM responses adjacent to Devex | followed by larger loops of MLEM. Work to be |
Sovereign Hill were low (See Devex ASX Announcement | scheduled post-harvest to minimise program costs. |
27 April 2021). Refer figure 3 below. |
MLEM Survey Being Undertaken | MLEM equipment |
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA
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
Figure 1: Calingiri East EM Trend over Ablett and Phil's Hill Prospects Trend length 24.7 km (21 km southern area, 3 km northern area)
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA
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
Figure 2: Wubin EM NW Group Prospective Areas
Figure 3: Calingiri West EM Prospective Areas
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA
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
This announcement has been authorised for release by the board of directors of the Company.
For more information about Pursuit Minerals and its projects, contact:
Mark Freeman | Mathew Perrot |
Managing Director | Exploration Manager |
E:markf@pursuitminerals.com.au | E:mathewp@pursuitminerals.com.au |
T:+ 61 412 692 146 | T: + 61 411 406 810 |
www.pursuitminerals.com.au
Competent Person's Statement
Statements contained in this announcement relating to exploration results, are based on, and fairly represents, information and supporting documentation prepared by Mr. Mathew Perrot, who is a Registered Practicing Geologist Member No 10167 and a member of the Australian Institute of Geoscientists, Member No 2804. Mr. Perrot is a full time employee the Company, as the Company's Exploration Manager and has sufficient relevant experience in relation to the mineralisation style being reported on to qualify as a Competent Person for reporting exploration results, as defined in the Australian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC) Code 2012. Mr Perrot consents to the use of this information in this announcement in the form and context in which it appears.
Forward looking statements
Statements relating to the estimated or expected future production, operating results, cash flows and costs and financial condition of Pursuit Minerals Limited's planned work at the Company's projects and the expected results of such work are forward-looking statements. Forward- looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, forecasts, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.
These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfil projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties.
About the Warrior Nickel-Copper-PGE Project, Western Australia
The western margin of the Archean Yilgarn Craton is highly prospective for Platinum Group Elements ("PGE") and Nickel (Ni) - Copper (Cu) sulphide mineralisation associated with intrusive mafic to ultramafic rocks. The discovery of PGE-Ni-Cu mineralisation on the Julimar Project held by Chalice Mining Limited (see Chalice Mining ASX Announcement 23 March 2020), is the first significant PGE-Ni-Cu discovery in the region. It is becoming apparent that the prospective mafic-ultramafic intrusions which host Chalice Mining's PGE-Ni-Cu mineralisation are far more widespread than previously thought throughout the western margin of the Yilgarn Craton. The area of the Warrior Project remains poorly explored for PGE- Ni-Cu mineralisation due to the lack of outcrop, predominance of farmland and the prior focus of exploration companies on bauxite and iron. Pursuit secured the Warrior Project in December 2020.
In February 2021, 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. Several conductive
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA
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 07:24:09 UTC.
