PUR hits high grade lithium on its biggest block - more assays pending
Our lithium Investment Pursuit Minerals (ASX: PUR) just returned its highest ever lithium grade from the first hole drilled on the margins of the salt lake at its project in Argentina.
PUR's project already has a 1.26Mt Lithium Carbonate Equivalent (LCE) JORC resource...
AND a Pre-Feasibility Study (PFS) which showed a US$364M Net Present Value (NPV).
All of that resource and feasibility study work was done on the ground PUR holds INSIDE the Rio Grande Salar (salt lake).
It doesn't include the ground PUR has surrounding the salt lake, where PUR is drilling right now.
Today PUR released early results from the first drill hole at the project:
(source)
This included grades shallower nearer the surface (298.4mg/L lithium at ~156m)...
However from the deeper sample, there was a result of 809mg/L lithium across ~5m at ~400m depth.
That is near DOUBLE the current resource's grade of ~424mg/L lithium - and is on the biggest block PUR holds around the Rio Grande Sur salt lake.
Here is where the result came from:
(source)
The key takeaway for us is that PUR has now proven its exploration model - which is that the lithium brines inside the salt lake extend out into the margins of the salt lake (where PUR has a lot more ground).
Now we wait to see if the next hole proves these brine reservoirs extend out along that bit of ground.
We cover that exploration theory in our last note here: PUR: Lithium back. Market back? Drilling just started on the "blue sky" target
What’s next for PUR?
🔄 Lithium asset (Drilling started early July)
PUR kicked off its drill program on this project recently.
We have been waiting for a hole to be put into this part of PUR’s project for a few years now so it will be interesting to see what comes from it.
We are hoping to see PUR hit grades similar to what its Canadian peer did when it drilled on the edges of the salt lake (up to 925m/li).
Today PUR received some early assays, which included a sample of 809mg/L lithium across ~5m at ~400m depth. (source)
🔲 Drilling at PUR’s gold-silver project in Argentina
PUR also owns 100% of an earlier stage gold-silver project in Argentina.
On that project PUR is hunting an 8M ounce "Cerro Negro lookalike" gold discovery.
Cerro Negro is the 8 million ounce mine owned by US$112BN capped Newmont, ~100km north of PUR's ground.
Recently on that project ~55% of priority mapping was complete and an IP survey was underway to define targets - with maiden drilling to follow "in the near term". (source)
Recently PUR confirmed that this mapping and field work had been completed with drilling expected in September (source)
See why we like that project from the acquisition in a Deep Dive here: PUR: Acquires Gold Project in Argentina - Gold price smashing records
