Pursuit Minerals : Final Assays Extend Silver Mineralising System at Phils Hill

About this update from Pursuit Minerals Ltd

ASX RELEASE 3 December 2021 Final Assays Extend Silver Mineralising System at Phil's Hill The Company's principal business objectives are the acquisition, exploration, development and operation of PGE, copper, nickel silver, gold, vanadium and other mineral deposits. Directors Peter Wall (Chairman) Mark Freeman (MD) Bob Affleck (Technical Director) Company Secretary Mark Freeman Capital Structure ASX Code PUR Shares 937,013,916 Options 0.7c exp 18/9/23 36,000,000 Perfor Rights* 7,500,000 3,000,000 subject to shareholder approval Highlights: Silver sulphide mineralising system confirmed over 1.6km strike , open north and south with massive, stringer or disseminated sulphides in all holes Final assay results include silver (Ag) mineralisation up to 8.4 g/t Strong surface Ag mineralisation noted, possible supergene Same Ag-Au-Cu-As-Mo-Co-Bi element association as identified in holes 1, 2, 4, & 5 indicative of an orogenic gold signature DHEM modelling located high intensity conductors adjacent to holes 3 and 8 highlighting potential new drill targets Thorough review of all diamond drilling results underway, particularly DHEM to rank new drill targets Follow-up auger geochemistry over Phil's Hill to Ablett trend planned, POW's lodged and contractor secured Next Steps: Review all diamond drilling data and plan new drill targets Complete follow-up auger geochemistry at Phil's Hill to expand coverage along strike N and S including the Ablett Prospect Resample shallow core in all holes to clarify the surface Ag anomalism found in hole 8 (4m @ 5.0 g/t Ag) Pursuit Managing Director, Mark Freeman, said: "These assay results confirm that that the Company has located a significant mineralising system at Phil's Hill, which suggests an orogenic gold signature. Our technical team are now focussed on finding the core of the system and will be working to extend our geochemical coverage of the Project area." Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR Suite 4, 246-250 Railway Parade, West Leederville, WA 6007 |PO Box 214, West Perth, WA 6872 T + 61 8 6500 3271 | [email protected] | www.pursuitminerals.com.au Warrior Project (100%) Pursuit Minerals Limited (ASX:PUR) ("Pursuit" or the "Company") is pleased to provide assay results for the last four drill holes (21WDD0003, 21WDD0006, 21WD0007 & 21WDD0008) from the Phil's Hill prospect diamond drilling program (Table 1, Figure 1). A review of the results has highlighted a similar Ag-Au-Cu-As-Mo-Co-Bi anomalous mineral association as noted for the first four diamond drill holes (1, 2, 4 and 5, see ASX release 26 Oct 2021). Silver mineralisation up to 8.4 g/t is reported in the assay results (Table 2 & Appendix and the Company notes strong surface enrichment at a number of locations. Additional sampling of near-surface drill core across the prospect will be completed shortly along with additional sampling adjacent to the anomalous downhole zones located. Figure 1 - Phil's Hill Diamond Drill holes and surface geochemistry Hole ID Target Easting Northing RL Azimuth Dip Hole Comment Plate MGAzone50 MGAzone50 Depth 21WDD0001 20a 463950 6546740 266.5 270 -60 201.8 21WDD0002 10a 464268 6545699 251.6 230 -60 267.4 21WDD0003 10a 464316 6545719 251.6 230 -60 198.8 21WDD0004 20a 463970 6546840 266.5 230 -60 198.4 21WDD0005 17a 464115 6546409 258 230 -60 68.6 Hole abandoned 21WDD0006 17a 464115 6546409 258 230 -60 197.6 Redrill of hole 5 21WDD0007 6a 464379 6545281 242.6 230 -60 59.5 Hole abandoned 21WDD0008 6a 464384 6545284 242.6 230 -60 200 Redrill of hole 7 Table 1: Collar details for Phil's Hill diamond drill holes Hole 3 (Figure 3) located a number of mineralised intervals including: 1.35m @ 1.35 g/t Ag , 0.07% Cu from 106.6m, including 0.4m @ 3.66 g/t Ag from 106.6m 1.84m @ 2.95 g/t Ag from 129.1m, including 0.53m @ 7.39 g/t Ag and 0.07% Cu from 129.1m As noted previously, this anomalism is associated with sulphide mineralisation although not all sulphide intervals are anomalous. A sub-vertical EM plate identified by DHEM to the West of hole 3 (Figure 3) is very strong at 8,000 mS and considered a high priority future drill target and potentially a higher grade "feeder" zone to mineralisation. Assays from hole 6 at plate 17a (Figure 4) confirmed the sulphide silver anomalism association noted in hole 5 as previously reported. DHEM notes an off-hole plate to the south which may warrant additional drilling in the future. Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR Suite 4, 246-250 Railway Parade, West Leederville, WA 6007 |PO Box 214, West Perth, WA 6872 T + 61 8 6500 3271 | [email protected] | www.pursuitminerals.com.au ASX RELEASE Figure 3: Plate 10a Cross section showing sulphide mineralisation and assay Figure 4: Plate 17a Cross section showing sulphide mineralisation and assay anomalism Holes 2 and 3 anomalism, Holes 5 and 6 Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR Suite 4, 246-250 Railway Parade, West Leederville, WA 6007 |PO Box 214, West Perth, WA 6872 T + 61 8 6500 3271 | [email protected] | www.pursuitminerals.com.au ASX RELEASE HOLE ID FROM TO (M) Interval Ag_ppm Au_ppb As_ppm Co_ppm Bi_ppm Cu_ppm Mo_ppm Ni_ppm Pd_ppm Pt_ppm Zn_ppm (M) (m) 21WDD0003 82 82.85 2.85 1.35 10 3.7 63 0.6 707 5.50 153 0.004 <0.001 175 21WDD0003 106.2 108.24 2.2 1.35 8 5.8 49 0.4 155 4.80 283 0.004 0.003 198 including 106.6 107 0.4 3.66 30 1.5 54.9 1.01 621 16.70 169 0.002 <0.001 112 21WDD0003 112.4 113.8 1.4 2.5 13 4.1 31 0.78 304 11.50 143 0.002 <0.001 258 21WDD0003 129.1 130.94 1.84 2.95 12 1.1 15.2 0.7 281 2.60 103 0.003 <0.001 148 including 129.1 129.63 0.53 7.39 30 1.1 22.8 1.71 683 3.16 103 0.003 <0.001 130 21WDD0003 132 132.4 0.4 1.15 7 1 20 0.45 115 2.19 65 0.002 <0.001 235 21WDD0006 0.5 2.0 1.5 4 2 3.6 13.3 0.14 61 1.40 28 0.002 <0.001 17.6 21WDD0006 59.7 60.25 0.55 1.2 24 1.3 59.5 1.1 2.54 8.20 183 0.01 <0.001 183 21WDD0006 64.5 64.4 0.9 1.65 22 0.4 52.3 0.8 368 9.62 257 0.003 0.007 88 21WDD0006 68 70.4 2.4 1.7 19 1.7 41 0.8 285 4.00 238 0.003 <0.001 116 21WDD0006 80.8 81.6 0.8 1.57 18 2.1 73 0.72 357 4.17 264 0.005 0.005 69 21WDD0007 46 46.96 0.96 1.3 3 1.1 46 0.25 225 3.38 136 0.001 <0.001 62.4 21WDD0008 0 4 4 5 2 2.5 5.2 0.12 10.3 2.40 20 0.001 <0.001 8.75 including 2 3 1 8.4 2 3.8 5.5 0.13 12.7 2.50 22 0.002 <0.001 204 21WDD0008 81.9 82.35 0.45 1.91 17 0.9 15 0.77 185 4.20 67.2 0.003 <0.001 215 21WDD0008 90.4 91.6 1.2 1.2 7 1.4 20 0.5 247 2.90 43 0.002 <0.001 156 21WDD0008 140 141 1 1.05 6 0.7 22 0.37 445 9.37 72.7 0.002 <0.001 116 21WDD0008 160.9 161.6 0.7 4.43 16 8.9 175 2.17 763 25.20 206 0.003 <0.001 111 Table 2: Anomalous Ag intervals holes 3,6,7 and 8, Phil's Hill - note all intervals are down-hole intervals, not true thicknesses ( note: weighted averages with up to 1m of internal dilution ) Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR Suite 4, 246-250 Railway Parade, West Leederville, WA 6007 |PO Box 214, West Perth, WA 6872 T + 61 8 6500 3271 | [email protected] | www.pursuitminerals.com.au ASX RELEASE Holes 7 and 8 were drilled at the southern plate 6a (Figure 5) and as previously reported lithologies in hole 8 are significantly more silicified and tectonised than holes to the north. A number of anomalous silver and copper intervals are noted (Table 2) in association with sulphide mineralisation and additional sampling adjacent to these zones is warranted. The DHEM surveying notes a number of high intensity conductor plates, in particular beneath the bottom of hole 8 and this may be a "feeder" zone for the mineralisation detected. Figure 5: Plate 6a Cross section showing sulphide mineralisation and assay anomalism, Holes 7 and 8 Downhole EM Surveying (DHEM) Vortex Geophysics conducted downhole EM at the end of the program and subsequent modelling by Terra Resources located 17 high conductance plates (Table 3). Figure 6 shows the loops deployed around each drillhole against aeromagnetic anomalies and Figure 7 shows the large number of plates generated from the surveying at quite different orientations. The large number of plates closely spaced explains the difficulty in directly targeting mineralisation during drilling. The various different orientations, especially the subvertical, sub-parallel to drilling plates modelled in holes 3 and 8 suggest these features might represent "feeder" zones to the mineralisation observed. Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR Suite 4, 246-250 Railway Parade, West Leederville, WA 6007 |PO Box 214, West Perth, WA 6872 T + 61 8 6500 3271 | [email protected] | www.pursuitminerals.com.au This is an excerpt of the original content. To continue reading it, access the original document here .

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