Pursuit Minerals (ASX: PUR) has announced the results of 4m composite assays from Air Core (AC) drilling at the company’s Calingiri East and Bindi Bindi projects.
The projects are located approximately 50km northeast of Chalice’s Julimar project, and 125km northeast of Perth, western Australia.
Assay results from AC drilling of PGE, gold, and REE targets at Ablett, Phil’s Hill, and downslope of existing REE anomalies have been received, highlighting new coincident Ni-Cu-PGE mineralization.
At Ablett, 86 holes for 2,989m were drilled to extend gold anomalism and to follow up encouraging Ni-Cu-PGE anomalism. The drilling was highly successful with new coincident Ni-Cu-PGE mineralization identified located on the eastern margin of an ultramafic unit.
Gold mineralization encountered during the AC drilling programme has clarified and extended the zone to over 850m in strike and width between 40m to 100m. The mineralization appears to bifurcate into an eastern and western zone.
At Phil’s Hill, 43 holes for 833m were completed across the prospect to extend and clarify the orogenic gold signature previously reported.
Drilling located potentially significant Ni-Cu-PGE mineralization to the north and south of the main Phil’s Hill prospect that warrants further follow up.
24 AC holes for 255m were completed at Cranmore prospect over a 700m strike of sub-cropping and outcropping ultramafics, silica cap rock, and breccias.
Cranmore has been the site of auger geochemistry which located significant Ni-Cu and REE anomalism, as well as MLEM surveying which established a prospective EM trend warranting further work.
Pursuit has initiated a formal internal process to co-ordinate an investigation of the various strategic options available to the company to accelerate available alternatives which could maximize value for all shareholders.
Further, the company will review Phil’s Hill results and consider geological mapping, IP, and further drilling in the proximity of the southern northeast and south west cross fault.
Pursuit managing director, Bob Affleck said “We are delighted with the AC drilling results at Ablett prospect, Calingiri East confirming a true mineralized ultramafics co-incident Ni-Cu-PGE system has been discovered.”
“This is an exciting time for the company as we aggressively advance the world-class Rio Grande Sur Lithium project along with the latest Warrior results which adds to the Ni-Cu-PGE mineralization.” Said Mr. Affleck.
To find out more, please visit www.pursuitminerals.com.au
