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Pursuit Minerals Limited

ASX:PUR

Last Price:

$0.016

Our Investment Summary

Date of
Initial Coverage

02-Dec-20

Initial
Entry Price

$0.014

Returns from
Initial Entry

19%




What does this company do?

Pursuit Minerals Limited (ASX:PUR) is a junior exploration company that is aiming to make a PGE-Nickel-Copper discovery in Western Australia.

What is the macro theme?

PUR is largely an exposure to the thematic of a commodity super-cycle leading to record high prices across all commodities.

PUR’s Warrior project is also located just 50km north-east of Chalice mining’s discovery in the new minerals province known as the Julimar Complex. PUR is aiming to replicate Chalice Minings success.


Our Past Commentary on Pursuit Minerals

Date Title
18-Jun-2022 $ 0.019 Raising cash in a rough market and what to watch out for
06-Jun-2022 $ 0.020 The need for significant investment in rare earths, other critical materials
11-Apr-2022 $ 0.034 Why we invest in IPOs and our investment approach
21-Feb-2022 $ 0.022 Why we invest in Oil & Gas and Precious Metals
14-Jan-2022 $ 0.028 How do Fund Managers Invest in Small Cap Stocks?
18-Dec-2021 $ 0.030 Investing 101: Taking Stock of your Stocks and Diversification
04-Dec-2021 $ 0.029 Omicron, Inflation and Investment Memos
06-Nov-2021 $ 0.035 COP26, Battery Metals, Green Energy
30-Oct-2021 $ 0.036 The fallout from the VUL short attack explained
26-Oct-2021 $ PUR hit a significant “mineralising system” - now to find the core (and what it actually is…)
09-Oct-2021 $ 0.035 Investing 101: Key lessons for small cap investors
04-Oct-2021 $ 0.046 This time PUR hit it, more drilling incoming...
25-Sep-2021 $ 0.048 Managing a market crash - lessons from March 2020
20-Sep-2021 $ 0.052 ONE, VUL all grown up… BPM, LCL finding targets. PUR drilling again.
18-Sep-2021 $ 0.052 Why uranium stocks are soaring, one good movie recommendation
13-Sep-2021 $ 0.051 Quick fire commentary on the six stocks making progress today
11-Sep-2021 $ 0.051 The thematics we are investing in right now
07-Sep-2021 $ 0.046 PUR first drill results are in - More coming in a few weeks
21-Aug-2021 $ 0.062 Market fluctuations and portfolio news and quick takes
24-Jul-2021 $ 0.066 Why stocks go into "Quiet Execution Mode", how to spot a cap raise, stock "Confession Season"
17-Jul-2021 $ 0.062 Cash is King, Gold Stocks and Enough of VUL and EMN
12-Jun-2021 $ 0.080 What did our investments do this week? CPH, ONE, TMZ, 88E and more...
21-May-2021 $ PUR says Early Soil Samples “Compare Favourably” to $2.6BN Chalice
14-May-2021 $ 0.061 PUR’s EM conductors “significant” - Drilling in 6 to 8 weeks
27-Apr-2021 $ 0.075 Our Portfolio Performance from January 1st to March 31st 2021
23-Mar-2021 $ 0.072 TRIPLE DOWN ALERT - Plus 6 Hot Stocks
19-Feb-2021 $ 0.045 Nearology News Next to $1.4 Billion Behemoth Big Brother
07-Jan-2021 $ 0.026 Our Stock Picks for 2021
05-Dec-2020 $ 0.021 This Week’s News Makers are Riding High
02-Dec-2020 $ 0.017 1,600% Gain Sparks Julimar Explorer Race - We Just Found the Cheapest



Investor Presentation

AC drilling program underway at WA gold project

ASX:PUR Jun 17, 2022 Announcement


General: Exploration


Our exploration Investment Pursuit Minerals (ASX:PUR) has commenced a 5,500m AC drilling program on the four new gold prospects discovered by recent auger sampling at its Commando Gold Project.

The 156 hole program of AC drill traverses over the recently announced auger geochemical and Bottom of Hole (BOH) gold anomalies is expected to take approximately two weeks to complete (a late June finish). PUR expects to receive assay results in late August, after which it will plan additional RC or diamond drilling.

The company managed to locate a rig offering competitive drill rates at relatively short notice so that the program could start on time.

PUR anticipates that the program will identify new areas for follow up drilling in H2 2022.

We're currently putting together an Investment Memo for PUR outlining why we continued to hold, the objectives we want to see the company achieve, risks involved, and our Investment plan.


Four new gold prospects at Commando

ASX:PUR May 31, 2022 Announcement


Pursuit Minerals (ASX:PUR) was up as much as 28% this morning after announcing the discovery of four new prospects and a number of new gold anomalies at its Commando Project.

Commando, which PUR acquired in December 2021, is a portfolio of highly prospective exploration tenements adjacent to multi-million ounce gold deposits, 38 km north from Kalgoorlie in WA.

PUR today reported on the results of the first geochemical sampling program ever done across this tenement package.

The company reported very high levels of anomalism which it considers very encouraging and highly significant. The results provide PUR with new quality targets for its upcoming AC drilling program at the project.

What’s next?

PUR’s exploration team is now:

  • Preparing to complete 5,000m of AC drilling of anomalies (mid-June 2022); and
  • Investigate geophysics such as ground penetrating radar (GPR), passive or active seismic in deep cover areas to clarify underlying geology and structure.


Air core drilling commenced at its Warrior Project in WA.

ASX:PUR Apr 06, 2022 Announcement


This morning our junior exploration investment Pursuit Minerals (ASX:PUR) confirmed that air core drilling at its Warrior project in WA had commenced.

The drilling program comes less than 1 week after the company put together a ~700m x 250m target area where copper/gold anomalies were found during a previous round of sampling. We covered this in a previous Quick Take which can be viewed here.

The announcement last week detailing the new copper/gold anomalies seems to have caught the markets interest with the share price moving from ~2c per share to now trade just below 4c per share.

Our initial investment in PUR was made in December 2020, and was largely based around the company’s nearology to Chalice Mining’s multi billion dollar Julimar discovery. These new gold/copper targets come as a complete surprise to us so we haven't set any expectations for the upcoming drilling program.

PUR are using an air core drill rig so we don't expect to see a new copper/gold discovery being made with this round of drilling but if the company can put together some decent intercepts and find enough mineralisation to warrant follow up drilling then the project could become a lot more interesting.

PUR expects to have the assays back in ~June of this year.


PUR share price up 100% in two days

ASX:PUR Apr 04, 2022


Last Friday we saw PUR release some sampling results from its PGE-nickel-copper project in WA that sits close to Chalice Mining’s Julimar Project.

PUR has now put together a ~700m x 250m gold anomaly and has secured an air core drilling rig that will be used to test this anomaly later this month.

We first announced our investment in PUR in December 2020 hoping to see the company replicate the success Chalice had with its Julimar Project. The gold anomalies are unexpected at this project so we will be watching closely to see what comes of the aircore drilling program later this month.

With the broader market looking relatively strong of late, we suspect the unexpected news from PUR was the reason for the buying over the last two trading days.

At this stage, the auger samples are still far too early to tell if PUR are onto something, but the aircore drilling program should shed some light on what the company has come across.