PUR hits record grades at lithium project in Argentina

Our Investment Pursuit Minerals (ASX: PUR) just hit the highest lithium grades ever recorded at its project in Argentina.

Assays results from the first hole hit a peak grade of 995mg/L lithium.

(more than double the average grade of the current resource which is ~424mg/L Li)

(source)

And here is where those hits came from:

(source)

Sitting just to the north of PUR’s existing 1.26Mt Lithium Carbonate Equivalent (LCE) JORC resource - all of which sits inside PUR’s blocks INSIDE the Rio Grande Salar (salt lake).

That portion of PUR’s project has a current Pre-Feasibility Study (PFS) showing a US$364M NPV off just US$135M in upfront capital.

Being outside of the current resource - there is a chance PUR’s project grows in size if we keep seeing results like today’s on the edges of the salt lake.

All up, six samples came back above 900mg/L lithium and eleven over 800mg/L.

And PUR’s hole ended in mineralisation at ~560m, so the system remains open at depth.

Drilling is continuing with the 4th hole at the project, sitting in between today's results and the current resource area.

IF this hole hits lithium too, it could rapidly expand the area that gets added into the next resource estimate.

(of course no guarantees - exploration is risky and those assays are still pending)

Here is a look at the current resource area and the ground PUR is aiming to add into the resource calculation:

(source)(source)

What we want to see next from PUR

🔄 Lithium asset (Drilling started early July)

Today PUR released the final assays form the first hole at this drill program, with 11 hits over 800mg/L Li. (source)

~6 weeks ago PUR confirmed drilling has started at hole number 4 (the second from this program), in between the recently completed hole and the existing resource:

(source)(source)(source)

🔲 Drilling at PUR’s gold-silver project in Argentina

PUR just recently completed mapping work and an IP survey to define drill targets for the project.

PUR now expects to be drilling "in the near term". (source)

Drilling here is expected after rig mobilisation and site access is sorted (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