Pursuit Minerals (ASX:PUR) has begun its maiden drilling campaign at the Rio Grande Sur Lithium Project in Argentina, after receiving approval of environmental permits by the Salta Mining Secretary.
The drilling contractor, rigs, and geological team will begin mobilising over the next week with drilling operations set to begin towards the end of this month / early next month.
Pursuit, which has a market capitalisation of $23.55 million, aims to increase the project’s mineral resource, along with a view to support increased production levels following the initial 250 tonnes per annum (tpa) plant operation to be constructed.
Managing Director and Chief Executive Officer (CEO) Aaron Revelle says the company is confident in potentially materially increasing the lithium resource during this year, as well as highlighting the tier-one nature of the project.
“We expect the first 2 holes to be completed prior to the end of Q1 2024, supporting the pilot plant commissioning works which are also progressing towards first production.”
The drilling program will comprise an initial 4 diamond drillholes on the southern tenements, with a pumping well to also be drilled with its location to be determined, following initial results from the first 2 holes to be drilled at the Maria Magdelena and Sal Rio II tenements.
Further, Pursuit Minerals’ share price had increased 6.25% to $0.008 as of 11.30 AEDT today (8 January).
Pursuit Minerals is a lithium-focused explorer that is also focused on its flagship Rio Grande Sur Lithium Project that covers a 9,260 hectare area in the Rio Grande Salar at the province of Salta, Argentina.
As of 30 September 2023, the company had $3.674 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Pursuit Minerals