PUR recovers brine samples from lithium project in Argentina - assays pending
PUR recovers brine samples from lithium project in Argentina - assays pending
Our Investment Pursuit Minerals (ASX: PUR) just recovered brine samples from the deepest hole its drilled at its lithium 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.
You can see the size difference in the ground PUR holds inside and outside the salt lake here:
The big blue sky exploration upside is IF the brine reservoirs inside the salt lake extend below the ground into the margins (where PUR is drilling right now).
PUR's geophysical surveys have targets identified on the margins down to ~1km and today, from its first hole testing this theory, PUR’s recovered brines from ~156m to 180m depth:
(source)
So the brines are there… we just dont know if there is lithium in them (YET) - assays from the brines are pending right now.
We also noticed the hole is planned to a target depth of 700m, so will be testing through most of the 1km deep conductive system revealed from the geophysics.
Here some details from that in the prior drilling commencement announcement:
(source)
We think this hole could transform the size/scale of PUR’s project IF the results come in…
We covered why in our most recent note here: PUR: Lithium back. Market back? Drilling just started on the "blue sky" target
What else is PUR up to?
PUR also has the Sascha Marcelina gold-silver project in Santa Cruz, Argentina, where it is hunting a "Cerro Negro lookalike" discovery.
Cerro Negro is the 8 million ounce gold mine owned by $144BN capped Newmont, ~100km north of PUR's ground.
There is a similar theory running as to how Cerro Negro was discovered and what PUR has, so will be aiming to drill under the “silica cap” to see what is underneath.
PUR has been running field mapping and an IP survey there, with maiden drilling flagged "in the near term". (source)
So we could have a second PUR drill program underway soon.
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).
🔲 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$105BN 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)
Today 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
