Pursuit Minerals : Phils Hill Drilling Commenced

About this update from Pursuit Minerals Ltd

ASX Announcement 19 August 2021 Phil's Hill Drilling Commenced 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 Share Price 5.8 cent Shares 927,013,916 Market Cap A$54 million Cash $8.7 million Options 10c exp 31/10/2 1 76,166,073* 20c exp 28/8/21 15,000,000 25c exp 14/8/21 850,000 4.9c exp 6/11/21 2,000,000 0.7c exp 18/9/23 36,000,000 Perfor Rights** 7,500,000 Listed PUROA 3,000,000 subject to shareholder approval Pursuit Minerals Limited (ASX:PUR) ("Pursuit" or the "Company") is pleased to advise that the maiden diamond drilling program has commenced at Phil's Hill. The first hole is targeting MLEM plate 20a. This hole is expected to drill to a total depth of 200m and estimated to take 7 days to drill. The drilling program is anticipated to take around 8 weeks to complete. The Company has purchased a pXRF unit and will expediate the assaying in Perth of compelling mineralised core to the extent it is identified. Pursuit confirms it has engaged independent consultants, CSA Global Pty Ltd, to establish a consistent geochemical protocol for Pursuit field crews to follow whilst collecting pXRF data on drill core. Following completion of the holes, the Company will follow-up with downhole EM surveys. Figure 1 - Phil's Hill Proposed Diamond Drill holes and surface geochemistry Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA Suite 4, 246-250 Railway Parade | West Leederville | WA Australia 6007 PO Box 214 | West Perth | WA 6872 Australia T + 61 8 6500 3271 | [email protected] | www.pursuitminerals.com.au Warrior Project (100%) Pursuit Minerals Ltd (" Pursuit " or the " Company ") (ASX:PUR) is pleased to confirm that drilling has commenced at Phil's Hill 1,500m diamond drilling program. The first hole is targeting MLEM plate 20a. The hole is expected to drill to a total depth of 200m and estimated to take 7 days to drill. The drilling program is anticipated to take around 8 weeks to complete. The Company has purchased a pXRF unit and will expediate the assaying in Perth of compelling mineralised core to the extent it is identified. Pursuit confirms it has engaged independent consultants, CSA Global Pty Ltd, to establish a consistent geochemical protocol for Pursuit field crews to follow whilst collecting pXRF data. It is anticipated that a consistent approach will allow collection of semi-quantitative results as allowable under JORC code. Following completion of the holes, the Company will follow-up with downhole EM surveys. The use of downhole EM surveys is used extensively across the industry and in particular by other PGE-Ni-Cu explorers in the region. It allows the Company to more accurately model conductors in a 3D environment. In February 2021 1 , 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 (Figure 3). Several Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA Suite 4, 246-250 Railway Parade | West Leederville | WA Australia 6007 PO Box 214 | West Perth | WA 6872 Australia T + 61 8 6500 3271 | [email protected] | www.pursuitminerals.com.au conductive features identified at Phil's Hill were followed up with moving loop ground EM ("MLEM") confirming the airborne conductors were discrete basement conductors. In May 2021 1 , the Company announced that highly conductive features (up to 5,093 S/m) were 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. The June 2021 MLEM extension programme successfully closed off the Phil's Hill conductive package both north and south confirming the highly conductive anomalies are discrete. Refer to the JORC table 1 statements 1 referenced below. ID Easting Northing RL Depth Dip Dip Strike/ Conductivity Depth (grid north) (Centre Top of Plate Referenced) Azi (S/m) Extent 06a 464290 6545240 113 132 60° 052 130/77 3,500 10a 464171 6545652 153 99 43° 069 352/80 5,093 17a 463995 6546380 134 128 65° 093 180/120 2,000 20a 463855 6546720 175 88 60° 085 80/80 3,300 Table 1: MLEM Plates Identified Figure 2 - Phil's Hill Prospect, MLEM plates (red) over RTP magnetic image (left) and 3D magnetic susceptibility isosurfaces with 1,500m drill program (right). Magnetic Isosurfaces 10 and 20 x 10 -3 SI. Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA Suite 4, 246-250 Railway Parade | West Leederville | WA Australia 6007 PO Box 214 | West Perth | WA 6872 Australia T + 61 8 6500 3271 | [email protected] | www.pursuitminerals.com.au Subsequently on 20 May 2021 1 , Pursuit received results for the first 238 hand auger soil samples over the Phil's Hill PGE-Ni-Cu Prospect. The sampling confirmed the presence of anomalous PGE's, nickel, copper and gold associated with mafic-ultramafic rocks, which are also the host rocks for PGE-Ni-Cu mineralisation at Gonneville. A total of 15 samples showed elevated levels of Au-Pt-Pd combined anomalism with maximum values up to 1,164ppb (1.164g/t) (Au 52 ppb, Pt 777 ppb and Pd 335 ppb) over a strike length greater than 1,100m at Phil's Hill, which remain open to the north. Refer to Figure 1 and Table 2 for significant results, with gold anomalism to 81 ppb identified, over a 1,200m strike, which also remains open to the north. Additionally anomalous copper values over 100 ppm and broadly co-incident with elevated gold and PGE's were also encountered over a 950m strike. Figure 1 also shows anomalous nickel values > 100 ppm and up to 310 ppm over a strike length of 1,100m. 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. 1 See Pursuit Minerals ASX Announcements 25 February 2021, 14 & 20 May 2021, and 22 June 2021. The Company is not aware of any new information or data that materially affects the information included in the referenced ASX announcement and confirms that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. Sample ID Easting Northing RL Depth Au Cr Cu Ni Pd Pt Au+Pt+Pd ppb ppm ppm ppm ppb ppb ppb cm 21WS0025 464379 6545790 266 10 1 260 468 214 -1 -5 -5 21WS0029 464230 6545669 262 60 8 258 188 110.5 14 20 42 21WS0035 464029 6545699 261 50 10 149 140 99.4 2 5 17 21WS0038 464143 6545796 261 60 6 206 90.1 101.5 11 11 28 21WS0039 464182 6545829 270 60 5 146 69.7 78.1 12 10 27 21WS0053 464238 6546072 275 20 47 105 571 208 -1 -5 41 21WS0057 464088 6545946 270 60 9 166 187 110.5 6 7 22 21WS0061 463934 6545816 261 60 22 192 104 122 1 -5 18 21WS0066 464064 6546128 273 60 81 657 169.5 285 17 15 113 21WS0102 463857 6546395 263 40 1 800 99.9 244 1 -5 -3 21WS0103 463816 6546363 261 50 4 311 50.1 310 3 -5 2 21WS0104 463701 6546500 263 50 8 191 122.5 103 5 7 20 21WS0110 463929 6546692 273 50 52 346 46.8 52.7 335 777 1,164 21WS0112 464005 6546757 278 60 6 313 68.2 109 7 -5 8 21WS0125 463665 6548199 281 50 11 159 154.5 104 20 5 36 21WS0126 463626 6548168 280 50 11 115 90.1 62.9 16 6 33 21WS0127 463588 6548136 278 50 16 496 120.5 116 33 15 64 21WS0128 463550 6548104 277 50 8 168 102 93.9 18 13 39 21WS0131 463435 6548008 277 50 9 229 85.3 143 13 6 28 Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA Suite 4, 246-250 Railway Parade | West Leederville | WA Australia 6007 PO Box 214 | West Perth | WA 6872 Australia T + 61 8 6500 3271 | [email protected] | www.pursuitminerals.com.au Figure 3 - Warrior PGE-Ni-Cu Project Location Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR / PUROA Suite 4, 246-250 Railway Parade | West Leederville | WA Australia 6007 PO Box 214 | West Perth | WA 6872 Australia T + 61 8 6500 3271 | [email protected] | www.pursuitminerals.com.au

View stock analysis, news, and events for Pursuit Minerals Ltd