PUR hits high grade lithium in 2nd drillhole

Our Argentinian lithium Investment Pursuit Minerals (ASX: PUR) just announced more assay results from its 2024 drill program.

PUR is currently in the middle of a drill program aiming to increase its project's existing 251.3kt Lithium Carbonate Equivalent (LCE) JORC resource.

At the moment most of that resource sits at depths down to ~100m.

PUR’s theory from the very beginning has been that deeper drilling could extend that resource AND find higher grade pockets of brines.

Today’s results seem to be confirming PUR’s exploration theory, showing:

1. High grades at shallow depths - PUR hit grades up to 511mg/Li down at depths of ~161m which is higher than the average grade of PUR’s current resource (351mg/Li).
2. More intercepts between 130m and 500m depth - Assays from those sections are expected in a few weeks time.

So far so good, especially considering PUR got similar results from its first hole.

We covered the results from the first hole here: PUR hits higher grades, deeper below existing resource

We are hoping these assay results translate to an increase in PUR’s JORC resource.

The next hole will he interesting:

We also noticed in today’s announcement that PUR would be relocating its next drillhole so that it is done at its Mito tenement.

Mito is the much larger untouched part of PUR’s project where there is potential to exponentially increase PUR’s resources.

This ground is where we think PUR’s blue sky exploration upside is:

Here PUR will be testing a different type of exploration theory from its first two holes.

PUR will be looking to extend its resource to the edges of the Rio Grande Salar.

Here is what that theory looks like:

We are hoping to see a repeat of PUR’s regional peer NOA Lithiums results which came from similar ground.

NOA hit grades as high as ~925mg/li - IF PUR was to hit grades like this across decent thickness’ it could be a game changer for PUR’s project.

For now though, PUR needs to get environmental permits granted before drilling can start.

What’s next for PUR?

Phase 1 drill program 🔄

• Assay results from the rest of drillhole #2.
• Engironmental permits for drillhole #3.

Pilot plant commissioning 🔄

While the company’s drill program continues, PUR is also looking to bring its 250tpa pilot plant into production.

PUR is currently working on the environmental permitting required for evaporation ponds to be built on its project.