Pursuit Minerals (ASX:PUR) is progressing exploration work at the Rio Grande Sur Project in Salta, Argentina, with the first drilling being drilled on the Maria Magdelena tenement.
The $13.24 million market capitalisation company expects the first hole (DDH-1) to reach between 500 and 600m in depth, with results anticipated to be returned over the coming months.
Pursuit is targeting a material resource upgrade for 2024 which will build on the recent maiden resource defined at the Rio Grande Sur project.
Managing Director and Chief Executive Officer (CEO) Aaron Revelle says: “With the significant advancements made in our understanding of the Rio Grande Sur project mineralisation, we are highly enthusiastic about the potential results to come especially with regard to the potential scale of the project.
We continue to progress with permitting for our stage two drilling program in the north of the Rio Grande Sur project, which we hope to commence later in 2024, in addition to works at our lithium carbonate pilot plant which remains on track to commence operations in the first half of 2024.”
The Rio Grande Sur Project covers a 9,260 hectare area in the province of Salta, Argentina.
Pursuit Minerals is focused on advancing a pre-production lithium brine operation in Argentina.
As of 31 December 2023, the company had $2.703 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Pursuit Minerals
