Pursuit set to commence Airborne AEM Survey on Warrior PGE-Nickel Project

By Hannah Goldman. Published at Feb 11, 2021, in Mining

Pursuit Minerals Limited (ASX:PUR) has announced the commencement of Stage 1 of a new Airborne Electromagnetic (AEM) survey on its Warrior PGE-Nickel Project, covering 1,715kms over the Calingiri East, Calingiri West, Wubin and Wubin South exploration licences.

The AEM survey will commence flying next week and should be completed in early March.

Proximity to Chalice's Julimar Project is significant

The Warrior PGE-Nickel-Copper Project consists of four highly prospective exploration licences in the Julimar Complex, Western Australia.

It is located 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 and is shaping up to be a major deposit of critical metals for a clean energy future and includes palladium, nickel and copper.

Since CHN’s discovery, PUR has 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.

The aim of PUR's AEM survey is to find conductors due to massive sulphide PGE-Ni-Cu mineralisation associated with mafic and ultramafic intrusions.

These rock types host the PGE-Ni-Cu mineralisation at Chalice Mining’s Gonneville PGE-Ni-Cu deposit on their Julimar Project. Conductors associated with interpreted mafic and ultramafic intrusions will be prioritised for ground follow up and then drill testing.

Subject to concluding land access agreements, Pursuit is planning to undertake drill testing of priority targets during the second/third quarter 2021.

Utilising AEM surveys in this area has been done successfully by Chalice Mining, Caspin Resources Ltd (“Caspin”) and Devex Resources Ltd (“Devex”), and has assisted in identifying new targets for follow-up drilling.

Comments from Management

Pursuit Managing Director, Mark Freeman, commented on the AEM survey development for the Warrior Project.

“The commencement of flying the AEM survey over the prospective areas we have already identified on the Calingiri East, Calingiri West, Wubin and Wubin South exploration licences, will be a significant milestone for the Warrior Project and it demonstrates the rapid rate of progress we are making on the project.

"Being able to undertake such a critical part of the exploration process such as flying the AEM survey, two months after acquisition of the Warrior Project, shows how swiftly we are progressing the project towards our maiden drilling program.

"Once we obtain the data from the AEM survey, we will prioritise targets and our objective is to drill the best targets within the second or third quarter of this year. It is definitely full steam ahead on the Warrior Project.”

Warrior PGE-Ni-Cu Project – Airborne EM Survey

The western margin of the Archean Yilgarn Craton is highly prospective for Platinum Group Elements (“PGE”) and Nickel (Ni) – Copper (Cu) sulphide mineralisation associated with intrusive mafic to ultramafic rocks.

As we reported last year, the discovery of PGE-Ni-Cu mineralisation on the Julimar Project held by Chalice Mining Limited, is the first significant PGE-Ni-Cu discovery in the region.

It is becoming apparent that the prospective mafic-ultramafic intrusions which host Chalice Mining’s PGE-Ni-Cu mineralisation are far more widespread than previously thought throughout the western margin of the Yilgarn Craton.

The area of the Warrior Project remains poorly explored for PGE-Ni-Cu mineralisation due to the lack of outcrop, predominance of farmland and the prior focus of exploration companies on bauxite and iron.

Pursuit will fly detailed airborne EM survey blocks over the Calingiri East, Calingiri West, Wubin and Wubin South exploration licences on the Warrior PGE-Nickel-Copper Project, as detailed in the table below.

Details of Airborne EM Survey Blocks

The airborne EM survey will commence next week and will be completed in early March. The survey blocks to be flown are shown in the below Figures.

Calingiri East (E70/5379) EM Survey Blocks and Calingiri West (E70/5378) EM Survey Blocks

Wubin (E70/5493) EM Survey Block

The objective of the airborne EM survey is to locate conductors which could be due to massive sulphide PGE-Ni-Cu mineralisation associated with mafic and ultramafic intrusions. Conductors associated with magnetic anomalies interpreted to be due to mafic and ultramafic intrusions will be prioritised for ground follow up.

Ground follow up will involve a mix of soil geochemistry and potentially ground EM surveys to provide greater definition of interpreted conductors, although it may also be possible to target conductors directly from the airborne EM data. Whether Pursuit undertakes ground EM follow up of targets identified from the airborne EM survey will be made on a case-by-case basis.

Subsequent to the ground follow up of the conductors identified from the airborne EM survey, targets will be selected and prioritised for drill testing. It is anticipated that drill testing of priority targets will occur during the second or third quarter 2021.

Pursuit assures it will keep the market updated during the flying and subsequent follow up of the Warrior Project airborne EM survey.

About PUR

Pursuit Minerals (ASX:PUR) is a mineral exploration and project development company that has acquired two highly prospective and complementary projects in Tier I jurisdictions in Western Australia.

First is the Warrior PGE-Nickel-Copper Project, consisting of four highly prospective exploration licences in the Julimar Complex, Western Australia.

The Warrior PGE-Nickel-Copper Project covers a series of prominent magnetic anomalies whose magnetic response is similar to the mafic and ultramafic Gonneville intrusion, which has the potential to be the most important deposit of palladium in Australia.

Exploration is underway at Warrior PGE-Ni-Cu Project, and new results suggest there is the potential for mafic-ultramafic intrusions equivalent to the Julimar Complex.

Additionally, a prominent belt of aeromagnetic anomalies over a 14-kilometre strike length on the Calingiri East tenement has the potential to host PGE-Ni-Cu mineralisation.

The company has also acquired the Gladiator Gold Project in Laverton, WA, which is currently undergoing geochemical surveys to define targets for drilling in early 2021.

PUR is well funded, with active exploration programmes planned in the first half of 2021, including EM surveys and drilling across its projects, potentially providing near term catalysts.

View Our Investment Portfolios

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!