Preparing to drill for lithium in the "lithium triangle"
Our lithium Investment Pursuit Minerals (ASX: PUR) just put out results from geophysical surveys at its lithium project in Argentina.
PUR’s project sits in South America's 'lithium triangle', a region that’s home to ~50% of the world's lithium production and multi-billion dollar lithium majors like SQM and Albemarle.
For context - PUR’s project sits inside the Rio Grande Salar (salt lake) salt lake which already has a proven lithium resource of 2.1mt at ~374mg/li from drilling down to ~100m.
PUR’s goal is to try and define how much of that resource sits inside its ground as quickly as possible - to get there PUR is looking to drill to depths >300m.
The geophysical surveys being run (TEM and CSAMT) are both being used to help work out the best spots for PUR to drill.
The more conductivity at depth means the more likely there are lithium bearing brines underground.
By picking the sweet spots in the geophysical data PUR is hoping to show that the size/scale potential of the salt lake as a whole is much bigger than the current 2.1mt resource.
Here is what the first batch of results are showing:
So far the surveys are showing conductive zones way below 250-300m in depth.
Here is where PUR is planning to place its drillholes later this year:
PUR expects to be drilling later this quarter/early Q4.
See our latest PUR note here: PUR aiming to be the 3rd lithium carbonate producer on ASX
What’s next for PUR?
Exploration program 🔄
PUR still has results to come from its CSAMT survey.
The data from today’s TEM survey & the CSAMT survey will help workout the best drilling locations.
PUR’s plan is to drill four exploration holes as part of its stage 1 drill program on the project, drilling is expected to be later this year.
Maiden JORC resource 🔲
After the stage 1 drill program is complete PUR will run a pumping test to see if the brine can be extracted to surface.
After that it will be all about putting together the company’s maiden JORC resource estimate.
