- Pursuit Minerals (PUR) has snapped up a project prospective for platinum group element (PGE), nickel and copper mineralisation near Chalice Gold Mine’s (CHN) Julimar discovery
- The Warrior Project, located northeast of Perth, spans 593 square kilometres and covers several known mafic-ultramafic rock units
- Previous geochemical sampling on one of the tenements also defined a gold and copper anomaly over 14 kilometres and identified elevated levels of platinum and palladium
- Following the news, shares have been trading 43.3 per cent higher at 2.2 cents
Pursuit Minerals (PUR) has snapped up a project prospective for platinum group element (PGE), nickel and copper mineralisation near Chalice Gold Mine’s (CHN) Julimar discovery.
The Warrior Project
The Warrior Project is located northeast of Perth in an area well known for its mafic and ultramafic rocks that contain PGE-nickel-copper-gold mineralisation, such as that at Julimar.
Pursuit’s new tenement package spans 593 square kilometres, comprising four exploration licences and applications which cover several known mafic-ultramafic rock units.
Previous geochemical sampling on the Calingiri East tenement application area defined a gold and copper anomaly over 14 kilometres and identified elevated levels of platinum and palladium.
Follow-up aircore drilling also intersected mafic rocks and demonstrated the presence of anomalous gold, copper and tungsten mineralisation. However, samples were not assayed for PGE mineralisation.
The Calingiri West tenement application area covers a portion of the Sovereign Magnetic Complex, identified by Devex Resources which has an adjacent project.
The Bindi Bindi tenement application sits next to Liontown Resource’s project and contains ultramafic outcrops which are anomalous in nickel.
Finally, at the granted Wubin tenement, previous drilling of mafic-ultramafic rocks identified elevated levels of platinum and copper but samples were not assayed for palladium.
What it costs
Pursuit will initially pay $300,000 in cash and issue 40 million shares to the vendor.
The agreement also outlines further consideration down the track of 10 million shares, a one per cent net smelter royalty and a $200,000 milestone payment.
Additionally, Pursuit has also issued $200,000 worth of shares, at 0.9 cents each, to nominees of the vendor.
Shares have been trading 43.3 per cent higher at 2.2 cents at 12:55 pm AEDT.