December 2021 Quarterly ReportS

Warrior Project:

  • Maiden 8-hole diamond drilling program at Phil’s Hill Prospect completed highlighting an Ag-Au-Cu-As-Mo-Co-Bi mineralising system with silver up to 8.4 g/t
  • Active Exploration Program:
    • Calingiri East – Significant 40 km2 auger geochemistry program from Phil’s Hill to Ablett Prospects to commence shortly, follow-up Air Core (AC) drill program ~April 2022
    • Phil’s Hill Core Resampling – Sampling of near-surface and selective sampling adjacent to anomalous downhole zones
    • Calingiri West (Anzac Hill) – field reconnaissance and rockchip sampling identified ultramafic pyroxenite rock, adjacent to DevEx’s Sovereign Prospect. Surface EM and gravity surveys planned Feb 2022 with AC drill program planned for March/April 221
    • Bindi Bindi – Auger geochemical program commencing late January

Commando Gold Project

  • The Company entered into an option agreement to acquire the highly prospective Commando Gold Project near Kalgoorlie in December 2021
  • Commando under-explored with numerous follow-up opportunities and counter-seasonal exploration synergies with other WA Projects
  • Active Exploration Program:
    • Federal West – Heritage surveying – Q1 2022, auger geochemistry – Q1 2022, AC drilling Q2 2022
    • Paddington North – Follow-up drilling (AC/RC) historical intersections around old workings follow-up surface geochemical anomalies around Six Boys, Porphyry and Sunday Eve with AC traverses in H2 2022

Combatant PGE-Ni-Cu Project

  • 3 ultramafic intrusives identified following assay of 869 soil samples
  • Active Exploration Program:
    • Review existing geological and geophysical model of ultramafics January 2022, prior to heritage surveying Q2 and AC drill testing of targets in H2 2022

Gladiator Gold Project

  • Review existing geological and geophysical information followed by a heritage survey and AC drill testing of targets H2 2022

Corporate:

  • ~$3.2m Scandinavian sale to Kendrick extended to 31 January 2021 following increased option fee of £50,000
  • Strong cash balance of ~$7.4m at the end of the quarter

Pursuit Managing Director, Mark Freeman, said:

“The quarter has been a very busy one with the Diamond drill program delineation of a 1.6km long sulphide mineralising system at Phil’s Hill, anomalous for Ag, Au, Cu and As. Additional work is ongoing to understand this mineralisation and to pursue further anomalism at Calingiri East, Calingiri West and Bindi Bindi. The option to acquire the Commando Gold Project near Kalgoorlie is an exciting development, and we have also advanced the Combatant PGE-Ni-Cu Project by identifying 3 ultramafic intrusives. The divestment of Pursuit’s projects in Scandinavia is anticipated to close this month. Activities for 2022 have been well thought out with a well-funded and an exciting year planned ahead.”


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