PUR published results for second drill hole over its lithium project.

Published 31-OCT-2024 09:48 A.M.

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Today our microcap lithium Investment Pursuit Minerals (ASX: PUR) published the results for the second drill hole over its lithium project.

What we wanted to see from these results is whether PUR’s lithium resource extends at depth.

More lithium at depth would mean a potential upgrade to PUR’s existing JORC resource of 251kt LCE at 351mg/l.

PUR is expecting to upgrade its resource before the end of the year.

Although PUR was able to show that lithium brine did go deeper, the grades of the lithium were worse than the first hole (and the thickness of the hits were small too)

Where the grades of the first hole were 600mg/L and above at depth, this second hole showed grades at 350-500mg

Instead of testing its other known targets for lithium at depth PUR will move to test the Mito target next.

The Mito target is an untested area for PUR, it is the highest risk target and the one with the biggest upside.

PUR’s existing JORC resource does not include data from the Mito Tenement, drilling will test a theory that there exists a piggy back basin underneath the mountain cover:

(Source)

This is a true “step out” hole for PUR and could be significant upside if it is able to confirm that the main basin continues under the mountain.

This is because PUR’s has a big tenement package over this particular region (which could be hiding this great big underground salt lake)... Or there could be nothing there.

Only drilling will be able to confirm either way.