PUR to complete acquisition of Argentine gold-silver project

Our Argentine gold Investment Pursuit Minerals (ASX: PUR) has just provided an update on the acquisition of its Sascha Marcelina gold and silver Project in Argentina.

PUR confirmed that due diligence had been completed and the company would move forward with the acquisition.

PUR first announced the acquisition on the 1st of October which we covered here: PUR: Acquires Gold Project in Argentina - Gold price smashing records

(gold is up ~10% since then… plus silver is up near 25%)

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PUR’s project sits in the Santa Cruz province of Argentina which hosts ~30 million ounces of gold equivalent in discoveries.

Including the 8 million ounce Cerro Negro project and mine that is 100km up the road to PUR’s project.

We are Invested in PUR to see it try and make a discovery similar to $151BN capped Newmont’s Cerro Negro.

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We are backing in PUR chairman Tom Eadie who is also the chairman at Southern Cross Gold, which under him has gone from $3.80 to as high as over $9, currently near $8.

As part of the project acquisition, PUR will be paying US$1.5M (minus the US$50k deposit), a first payment of US$106,250 and a royalty on the project (1.5%, with PUR having rights to purchase this back).

With PUR having completed due diligence on the Sascha Marcelina Gold Project acquisition, it’s advancing its exploration planning, which includes the selection of drilling contractors for its maiden program.

Here are the target areas on the project already identified:

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PUR’s theory is that if it drills down to 150-400m it could make a giant gold discovery that was previously missed because of the shallower silica cap that sits on top of the gold mineralisation.

This is exactly how the 8 million ounce, $151BN capped Newmont owned, Cerro Negro was discovered… PUR has again referenced this working theory today:

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There have been multiple high grade shoots already located from historical drilling, so PUR will be aiming to confirm this and drill deeper below the silica cap aiming to locate gold under this zone.

Here is a cross section of the Sascha zone where PUR is aiming to drill much deeper than prior drilling, this contains high grade samples at surface and narrow high grades in prior drilling.

The theory being that there could be thicker mineralisation under the silica cap like Newmont’s Cerro Negro.

One of the priority targets is “Shoot B” where there are high grade samples from surface:

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What’s next for PUR?

🔄Official completion of Sascha Marcelina Gold Project

Today PUR confirmed that all conditions have been met to complete the acquisition, with only administrative work required so we want to get confirmation that this has become official.

🔲Drilling commencement at Sascha Marcelina Gold Project

PUR confirmed that it was moving close to a drilling program with works being finalised and the process to select a drilling contractor well underway with quotes having been received.

So we await for an update on this for more detail on the upcoming details of the drilling program including a start date.