Australia

WARRIOR PROJECT

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.   The discovery of PGE-Ni-Cu mineralisation on the Julimar Project held by Chalice Mining Limited (see Chalice Mining ASX Announcement 23 March 2020), 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 secured the Warrior Project in December 2020.

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 secured the Warrior Project in December 2020.

In February 2021, Pursuit flew a detailed airborne EM survey over the Calingiri East, Calingiri West, Wubin and Wubin South exploration licences on the Warrior PGE-Nickel-Copper Project.  Several conductive features identified at Phil’s Hill were followed up with moving loop ground EM (“MLEM”) during March and April and confirmed that the airborne conductors are discrete basement conductors.

In May 2021, the Company announced that highly conductive features (up to 5,093 S/m) are now evident on 9 lines of MLEM data over a strike length of ~1,600 m.  The modelled depth to top of the conductors is ~100 m and coincident with the edge of an interpreted ultramafic sequence.  The conductance of the Phil’s Hill Prospect is significant and well within the known range of conductance for the Gonneville PGE-Ni-Cu discovery.  Based on the EM response, Phil’s Hill represents a high-priority drill target.  Further MLEM surveys have now refined the interpreted EM plates and have identified 4 discrete EM responses and increased both the conductivity and strike length.  These EM responses have not been closed off to either the south or north by MLEM surveys.

ID (grid north)EastingNorthingRLDepthDipDip AziStrike/ Depth ExtentConductivity (S/m)
(Centre Top of Plate Referenced)
06a464290654524011313260°052130/773,500
10a46417165456521539943°069352/805,093
17a463995654638013412865°093180/1202,000
20a46385565467201758860°08580/803,300

Subsequently on 20 May 2021, Pursuit received results for the first 238 hand auger soil samples over the Phil’s Hill PGE-Ni-Cu Prospect.  The sampling has confirmed the presence of anomalous PGE’s, Nickel, Copper and Gold associated with mafic-ultramafic rocks which are the host for the PGE-Ni-Cu mineralisation at Julimar.

A total of 15 samples assayed demonstrate elevated levels of Au-Pt-Pd combined anomalism with maximum values of 1,164ppb (1.1g/t) (Au 52 ppb, Pt 777 ppb and Pd 335 ppb) with a strike length greater than 1,100m at Phil’s Hill and remain open to the north. Refer to Figure 4 and Table 3 for significant results with significant gold anomalism up to 81 ppb was identified at Phil’s Hill over a 1,200m strike which remains open to the north.  Additionally anomalous copper values greater than 100 ppm and broadly co-incident with gold and PGE’s were also encountered over 950m strike at Phil’s Hill. Anomalous Nickel values > 100 ppm and up to 310 ppm over a strike length of 1,100m was identified at Phil’s Hill and remains open to the north.   Similar levels of extensive PGE anomalism in soils are commonly associated with mineralised nickel sulphide systems elsewhere in WA and support the presence of magmatic nickel sulphides at the Warrior Project.

Table 3: Significant Soil Anomalies at Phil’s Hill

Sample IDEastingNorthingRLSample Depth cmAu ppbCr ppmCu ppmNi ppmPd ppbPt ppbAu+Pt+Pd ppb
21WS00254643796545790266101260468214-1-5-5
21WS00294642306545669262608258188110.5142042
21WS00354640296545699261501014914099.42517
21WS0038464143654579626160620690.1101.5111128
21WS0039464182654582927060514669.778.1121027
21WS005346423865460722752047105571208-1-541
21WS00574640886545946270609166187110.56722
21WS0061463934654581626160221921041221-518
21WS006646406465461282736081657169.52851715113
21WS0102463857654639526340180099.92441-5-3
21WS0103463816654636326150431150.13103-52
21WS01044637016546500263508191122.51035720
21WS01104639296546692273505234646.852.73357771,164
21WS0112464005654675727860631368.21097-58
21WS012546366565481992815011159154.510420536
21WS01264636266548168280501111590.162.916633
21WS012746358865481362785016496120.5116331564
21WS0128463550654810427750816810293.9181339
21WS0131463435654800827750922985.314313628

About Platinum Group Elements

The Platinum Group Elements (PGEs) are a group of six precious metals clustered together on the periodic table: platinum (Pt), palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh) and ruthenium (Ru).

PGEs have many desirable properties and as such have a wide variety of applications. Most notably, they are used as auto-catalysts (pollution control devices for vehicles), but are also used in jewellery, electronics as well as in hydrogen production, purification and fuel cells.

Palladium is the most expensive of the four major precious metals – gold, silver and platinum being the others.  With an acute supply shortage driving prices to a recent record high of US$2,856/oz in February 2020. The current spot price is approximately US$2,600/oz. Strong demand growth (~11.5Moz in 2019) is being driven by regulations requiring increased use of the metal, particularly as an auto-catalyst in gasoline and gasoline-hybrid vehicles. The total palladium market supply from all sources in 2019 was ~10.8Moz, and >75% is sourced from mines in Russia and South Africa[1].


[1] Source: S&P Global Market Intelligence

Bluebush

In August of 2017, Pursuit Minerals Limited acquired EPM’s 8937 and 8454, comprising the Bluebush Project, from Teck Australia Pty Ltd.

Prior to Pursuit acquiring the Bluebush Project, Teck had been exploring the Bluebush Project for sediment-hosted, Zn-Pb-Ag massive sulphide mineralisation hosted within the Riversleigh Super sequence of the Upper McNamara Group.  Pursuit is continuing the search for world-class sedimentary hosted Zn-Pb-Ag, of the ‘Century’ Style, within the Bluebush Second Order Sub-Basin.

Following acquisition of the Project from Teck in August 2017, Pursuit immediately commenced a drilling program.  Five mud rotary/diamond drill holes, for 1482.2m, were completed between 22 August 2017 and 8 October 2017.  This drilling identified that the north-western quadrant of the Project Area, particularly along the Boga Fault Zone, contained higher grade zinc and lead mineralisation than the approximately 1% zinc mineralisation which occurs widely across the Bluebush Sub-Basin.   Follow up drilling in the north-west quadrant of the Bluebush Prospect was undertaken by Pursuit in 2018.  Between May and June 2018 four holes were drilled for a total of 1669.5m, following up the encouraging results from the 2017 drilling program completed by Pursuit.  These four holes were predominantly targeted on a combination of fault structural settings associated with gravity anomalies.  The exploration rationale being that the gravity anomalies could represent accumulations of zinc sulphides in favourable structural settings for SEDEX style deposits.

The drilling completed in 2018 intersected very thick (49-89m) sequences of sulphide mineralisation in drill holes BB06-18, BB07-18 and BB09-18. These holes are in close proximity to the Boga Fault Zone and confirm this fault was important in the concentration and focussing of mineralisation within the Bluebush second order sub-basin. Furthermore, the best grade zinc+lead mineralisation is either contained within the Boga Fault Zone or in very close proximity to the fault.

As further drilling is technically justified for the north-west quadrant of the Bluebush second order sub-basin.


Paperbark

The Paperbark Project was previously the joint venture project “Kamarga” between RMG Limited (RMG) and Teck Australia Pty Ltd (Teck).  The RMG-Teck Joint Venture commenced in April 2011 and was terminated on of 1st January 2016.  Pursuit Minerals Limited acquired the Paperbark Project from Teck in August 2017.

Following completion of the purchase of the Paperbark Project from Teck, Pursuit Minerals immediately commenced a mapping and sampling program in order to define targets for drill testing during October and November 2017.  A rock chip sampling completed at Grunter North defined a continuous zone of copper mineralisation, over a 900m strike length at surface, in excess of +1% copper in oxides.  At the Stonemouse Prospect a highly anomalous zone of zinc and lead mineralisation, and alteration at surface, was defined over a 500m strike length.  Two samples taken of outcropping fresh sulphide mineralisation, situated 41m apart, assayed 37.8% Pb, 5.66% Zn and 23.1% Pb, 13.05% Zn. 

In November and December 2017, a four-hole drill program for 1,250m was completed.  The targets identified at the Stonemouse and Grunter North Prospects were tested with single drill holes.  A single drill hole was drilled into the southern section of the JB Zone Mineral Resource.  The JB Zone Mineral Resource is currently 10.4Mt @ 2.7% Zn, 0.2% Pb, 1g/t Ag at 1.5% Zn cut-off grade and is classified as Inferred in accordance with the JORC Code (2012).  The samples from drill hole PB01-17 were submitted for Heavy Liquid Separation (HLS) testing, to further investigate the potential to upgrade the JB Zone mineralisation and determine if a stand-alone project could be economically viable. The HLS results indicated that pre-concentration of the JB Zone Mineral Resource, prior to milling and flotation, has the potential to significantly decrease both the operating and capital development costs for processing the JB Zone Mineral Resource.

A single drill hole test of surface lead and zinc anomalism resulted in the discovery of a new zinc mineral system at the JE Zone in early November 2017. 

In April 2018 further follow up drilling was completed on the Paperbark Project.  Five holes were drilled for 1,435m.  Three drill holes for 935m were completed at the JE Zone Prospect to follow up on the discovery of zinc mineralisation made in November 2017.  The zinc mineralisation at the JE Zone was determined to be deeply weathered and of moderate to low grade. 

A single drill hole (PB07-18) was completed in May 2018 at the JB Zone Prospect testing for shallow extensions to the east of the JB Zone Inferred Mineral Resource and to determine if the mineralisation at the JB Zone Prospect is linked at depth to the JE Zone.  Drill hole PB07-18 intersected a 91m down hole interval of zinc and lead mineralisation, 90m south-east of the current eastern limit of the JB Mineral Resource.  Geological and geochemical data from PB07-18 suggests it is highly probable that the zinc-lead mineralisation intersected at the JE Zone is an extension of the mineralisation that is included in the JB Zone Mineral Resource. 

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