Pursuit Minerals Ltd (ASX: PUR), a diversified developer focused on lithium and gold exploration, has entered into a binding agreement to acquire 100% interest in the Sascha Marcelina Gold-Silver Project in the Deseado Massif, Santa Cruz, Argentina. The project, located in a world-class epithermal province, boasts promising drill results across multiple targets, including high-grade gold and silver intersections at Sascha Main, Estancia, and Marcelina. The company highlighted the untapped depth potential, with no drilling below approximately 170 metres at Sascha Main and mineralisation open at depth in Marcelina.
The Sascha Marcelina Project is considered analogous to Newmont’s Cerro Negro mine, sharing similar host lithology, alteration, and structural settings. The Deseado Massif, where the project is situated, hosts over 50 known gold-silver deposits and eight operating mines. Historical drilling at Sascha Main has returned intercepts such as 9.23 g/t AuEq over 1.55 metres and 10.85 g/t AuEq over 0.27 metres, indicating significant potential for high-grade shoots.
To fund the acquisition and an aggressive drilling program, Pursuit Minerals has secured firm commitments to raise A$4.04 million through a placement to institutional and sophisticated investors. The placement involves the issue of 53,891,824 fully paid ordinary shares at $0.075 per share. The company intends to advance exploration rapidly, targeting untested depth extensions and multiple drill corridors, with the aim of near-term discoveries.
Managing Director & CEO Aaron Revelle commented that the acquisition is transformational for Pursuit, positioning the company as a diversified developer with a pure play on Argentina across lithium and gold. Pursuit Chairman Tom Eadie noted the project’s location within a world-class gold district and highlighted the significant upside potential from further drilling, as well as the advantage of under-utilised processing facilities in the region.
