PUR identifies 5 highly prospective targets
Pursuit Minerals Limited (ASX:PUR) has today announced the discovery of five prospective targets at its Warrior PGE-Ni-Cu project in Western Australia.
The announcement follows the start stage 1 of PUR’s Airborne Electromagnetic (AEM) survey, covering 1,715kms over the Calingiri East, Calingiri West, Wubin and Wubin South exploration licences.
The AEM survey is expected to be completed in early March.
Interpretation of preliminary AEM data from the Calingiri East exploration licence has identified the new targets.
Five “late-time” (stronger) EM conductors, for a combined strike length ~5,000m, have been recognised in preliminary AEM data.
The AEM conductors are associated with magnetic anomalies which are interpreted to be due to mafic or ultramafic intrusive rocks, which are known to host the PGE-Ni-Cu sulphide mineralisation at the Gonneville intrusion on Chalice Mining Limited’s Julimar PGE-Ni-Cu Project.
Pursuit considers the 5 AEM / magnetic anomalies to be high priority PGE-Ni-Cu targets.
“The PGE-Ni-Cu targets which have been recognised from the preliminary data from the Calingiri East AEM survey block, demonstrate how the application of AEM surveys to PGE-Ni-Cu exploration can rapidly advance a project and generate highly prospective targets for drill testing,” PUR MD Mark Freeman, said.
“To have defined focused quality targets from the preliminary data is very encouraging and we look forward to identifying further targets from the remainder of the Warrior AEM survey and then drill testing the highest priority targets as soon as practicable.”
Stage 1 of the Warrior Project AEM survey has now been increased to 1922 line/kms’ with 406 line/km’s having been flown to 18 February 2021.
Is PUR holding a golden Chalice?
As Finfeed reported earlier this month, the Warrior PGE-Nickel-Copper Project consists of four highly prospective exploration licences in the Julimar Complex, Western Australia, approximately 20-170km north and northeast of Chalice Mining’s Gonneville PGE-Nickel-Copper discovery on the Julimar Project.
Chalice’s discovery was Australia’s first major palladium discovery, in an entirely new minerals province. However, PUR has now taken up most of the ground in the province, leaving limited options for other companies to take a position and giving it the most leverage.
With the prospective mafic-ultramafic intrusions, which host Chalice Mining’s PGE-Ni-Cu mineralisation, more widespread than previously thought, PUR’s position could prove to be strong one long-term.
Intrusions are spread throughout the western margin of the Yilgarn Craton and appear to be present at Calingiri East.
Chalice Mining’s success demonstrates that the exploration approach of identifying prospective mafic-ultramafic intrusions from aeromagnetic data and then generating drill targets from EM surveys, is an effective method for targeting PGE-Ni-Cu sulphide mineralisation within the West Yilgarn province.
The Warrior project airborne EM survey is designed to locate conductors related to massive sulphide PGE-Ni-Cu mineralisation associated with mafic and ultramafic intrusions.
The company will prioritise conductors associated with magnetic anomalies, interpreted to be due to mafic and ultramafic intrusions for ground follow up.
The Warrior AEM survey is currently ongoing and is expected to be completed before the end February 2021.
Fully processed AEM data will be delivered by mid-April.
A full interpretation of the AEM data will follow as PUR looks to generate targets for ground EM follow up.
PUR intends to test its highest priority PGE-Ni-Cu targets during the second or third quarter 2021.