Pursuit Minerals expanding its PGE-Ni-Cu exposure in Yilgarn Craton

By Trevor Hoey. Published at Mar 29, 2021, in Mining

Pursuit Minerals Ltd (ASX:PUR) announced on Friday that it had applied for two exploration licences covering 404 square kilometres which comprise the Combatant PGE-Ni-Cu (platinum group elements-nickel-copper) Project.

This represents a continuation of the group’s strategy to target this type of mineralisation in a relatively low-cost way, particularly focusing on the Yilgarn Craton region which offers further potential for exploration success due to its gold endowment.

The north-western margin of the Archean Yilgarn Craton is a new frontier for PGE-Ni-Cu mineralisation associated with intrusive mafic to ultramafic rocks.

The discovery of PGE-Ni-Cu mineralisation on the Julimar Project held by Chalice Gold Mines Limited in 2020, and Sirius Resources’ Nova project demonstrated that the margins of the Yilgarn Craton hold the potential for significant new world-class discoveries.

The Combatant Project shown below occurs on the north-west margin of the Yilgarn Craton, and Desert Metals with its Nayyer project is progressing exploration following an airborne electromagnetic (AEM) survey.

Pursuit to use a Julimar/Nova type strategy at Combatant

Pursuit has already made strong progress in establishing a portfolio of projects with this underlying focus.

In December, the company entered into a binding acquisition agreement to acquire a 593 square kilometre tenement package (one granted exploration licence and three exploration licence applications known as Calingiri East, Calingiri West, Bindi Bindi and Wubin).

This comprised the Warrior Project, located 20 kilometres north and 170 kilometres north-north-east of Chalice Gold Mine’s (ASX: CHN) major PGE-Nickel-Copper discovery on the Julimar Project.

Commenting on Pursuit’s decision to apply for the Combatant tenements, as well as highlighting the group’s progress with the Warrior Project, managing director Mark Freeman said, “Following success at our Warrior project, the Combatant tenement applications represent a low-cost way to add more PGE-Ni-Cu prospective ground to Pursuit’s portfolio focused around the margins of the Yilgarn Craton, with the bonus of possible gold mineralisation.

‘’Recent success by explorers such as Chalice, Sirius and Desert Metals has demonstrated that these significantly under-explored terrains are highly prospective for significant PGE-Ni-Cu mineralisation.”

Consequently, Pursuit intends to employ a similar exploration approach on the Combatant Project to that which led to the discovery of Julimar and Nova-Bollinger.

Pursuit intends to undertake its initial fieldwork on the Combatant Project during the April-June and July-September quarters 2021.

This work 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 two tenements in order to identify magnetic anomalies which are potentially due to mafic and ultramafic intrusions.

MLEM surveys focusing on six targets at Calingiri East

The Warrior Project covers a number of known mafic-ultramafic rock units and unexplored magnetic and gravity anomalies suspected to be mafic and ultramafic intrusive rocks.

Just a fortnight ago, moving-loop ground EM (MLEM) surveys were commenced with a view to following up six highly prospective targets on the Calingiri East Project which were identified from the airborne EM survey completed in February.

The MLEM program is designed to further refine the orientation and position of the six EM anomalies and provide targets for drill testing.

Calingiri East now has an estimated 7,000 metres of combined strike length of Airborne EM anomalies with PGE-Ni-Cu sulphide mineralisation potential.

The prospectivity of the Warrior Project for PGE-Ni-Cu mineralisation has been confirmed by previous aircore drilling at Calingiri East intersecting up to 1420ppm nickel in mafic rocks and anomalous platinum and palladium previously intersected at Wubin.

The Calingiri West tenement covers part of the Sovereign Magnetic Complex and is immediately adjacent to late-time AEM anomalies recently defined by Devex Resources (ASX: DEV) which it is planning on commencing drilling in the near term.


Where to invest $1,000 right now


S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!

X