Australia

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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