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PUR granted exploration licences for Warrior Project
2 minute read
Yesterday, Finfeed alerted readers to Pursuit Mineral’s (ASX:PUR) acquisition of four highly prospective land positions totalling 593 square kilometres in an emerging nickel-copper-platinum group elements (PGE) region of Western Australia.
The tenements are collectively known as the Warrior Project.
Today, the company has announced that Exploration Licences for Calingiri East (E70/5379) and Bindi Bindi (E70/5392) have been granted effective 2 December 2020.
The tenements are located between 20 kilometres and 170 kilometres to the north of Chalice Gold Mines Ltd’s (ASX:CHN | OTCQB:CGMLF) Gonneville Julimar discovery.
This discovery was a groundbreaking one for Chalice, which is up over 1,600% since January, and is currently capped at $1.2BN - one of the top performing companies on the ASX this year.
Following, the Chalice discovery a raft of companies entered the region:
PUR is now the latest company to join the Julimar ranks.
Since the announcement yesterday, PUR’s shares have risen 30% and its market cap has moved from $11M to $15.58.
Given its proximity to Chalice and pending newsflow, we could see further upside.
You can see its location below:
The Company is now working to finalise Heritage Agreements, securing Ministerial consent and moving ahead with the transfer of the tenements for Calingiri East (E70/5379), Bindi Bindi (E70/5392) and Wubin (E70/5493).
PUR will also commence fieldwork on the Warrior Project during the January-March quarter 2021.
Work at Warrior will consist of prospect scale geological mapping, rock chip and soil geochemistry, along with planning for electromagnetic surveys, to be followed by an initial drill program.
Preparatory work on the project has commenced and it has focused on the interpretation of aeromagnetic data covering the four tenements in order to identify magnetic anomalies which are potentially due to mafic and ultramafic intrusions.
PUR plans to expediate the granting of the one remaining tenement application and is progressing discussions with various landowners, native title groups and government agencies.