ASX Announcement
16 December 2021
Pursuit to Acquire Commando Gold Project, Kalgoorlie
For personal use only
The Company's principal business objectives are the acquisition, exploration, development andoperation 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 | |||
937,013,916 | ||||
Shares | ||||
Options | ||||
0.7c exp 18/9/23 | * | 36,000,000 | ||
Perform. Rights* | 7,500,000 |
- 3,000,000 subject to shareholder approval
-
Portfolio of advanced & highly prospective exploration tenements adjacent to multi-millionounce gold deposits, 38 km north from
Kalgoorlie - Project under-explored with numerous significant gold drilling intersections for follow-up
- Approximately 30km2 of prospective geology proximal to intersection of major crustal gold-bearing faults, along strike of the Golden Cities gold deposits (Federal, Havana & Suva, 1.5m Oz Au) and immediately north of the Paddington gold mill
- Project ground previously held in small parcels by undercapitalised groups with little exploration since the 1990's
- Commando Gold project creates counter-seasonalexploration synergies with Pursuit's Warrior and other WA Projects
- Exploration will focus immediately on following up:
-
10m @ 4.15 g/t Au from 41m, incl. 2m @ 14.6 g/t Au from 41m o 8m @ 4.78 g/t Au from 3m, incl. 3m @ 11.4 g/t Au from 3m
o 24m @ 1.46 g/t Au from 10m
o 4m @ 8.11 g/t Au from 18m, incl. 2m @ 15.1 g/t from 18m o 4m @ 4.22 g/t Au from 12m
Next Steps:
- Federal West - auger geochemistry, Air Core drilling, possible gravity surveying
- Paddington North - Follow up on historical intersections around the old workings - AC or RC drilling
- Paddington North - Follow up surface geochemical anomalies around Six Boys, Porphyry and Sunday Eve with AC traverses
Pursuit Managing Director, Mark Freeman, said:
"Pursuit is excited to acquire such a highly prospective package of gold assets so close to Kalgoorlie, a world class gold province. The project is under-explored but has a number of exciting gold intervals from past drilling to be followed-up. We plan to explore the Commando Project when we are unable to undertake exploration activities at our Warrior project due to farming activities. We feel the project is compelling because:
- It will generate a pipeline of strong historical drill results for follow up;
- Federal West is along strike of Golden Cities and almost unexplored;
- Only 8 holes drilled on the project since the 1990's due to poor gold price performance ( sub ~US$275/oz);
- Tenements were previously held by in by different underfunded groups; and
- Close proximity to gold processing facilities."
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR
PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 | info@pursuitminerals.com.au | www.pursuitminerals.com
For personal use only
Figure 1 - Commando Gold Project Location with Gold Processing Facilities
Pursuit Minerals Ltd (ASX: PUR) ("PUR" or the "Company") is pleased to announce it has entered into an agreement to acquire 1 Exploration Licence, 6 Prospecting Licences and 4 Mining Licences, comprising the Commando Gold Project, located 38 km North of Kalgoorlie.
The Company has secured a 12-month option to acquire 100% of granted tenements, E 24/199, M 24/282, M 24/485, M24/503, M 24/641, P 24/4958, P 24/4960, P 24/4961, P 24/4967, P 24/5192, all of which are in good standing.
In consideration for grant of the 12-month, Pursuit will pay $160,000 in cash, $240,000 in Pursuit shares issued at a price of $0.0281 each (the "Issue Price") being ~8.5m shares and 2.5m unlisted Pursuit options (exercisable at the Issue Price on or before 3 years from issue). 50% of the shares issued will be escrowed for 3 months.
The Project is divided into the Federal West and Paddington North tenements blocks (Figure 1).
Previous Exploration
Several phases of exploration have taken place at Commando, from 1984 until 2008 which has generated a number of significant drill intersections which require follow-up (Table 1). The work has been of high quality but drilling across the area is very shallow (Figure 2) with an average depth of 41m, and no holes drilled over 100m. Only 8 holes have been drilled at the project since the 1990's.
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR
PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 | info@pursuitminerals.com.au | www.pursuitminerals.com
For personal use only
Much of the past work was focussed on narrow greenstones in the Paddington North block with the Federal West tenement block almost completely unexplored. This area of granite along strike from Golden Cities is highly prospective for shear hosted gold mineralisation. A number of phases of surface geochemistry have been completed which has generated coherent gold anomalies requiring follow-up work.
The Commando Gold Project ground has been under explored as it was previously held in small parcels by undercapitalised groups during a very low gold price environment (Figure 2).
Additionally, the project creates counter-seasonal exploration synergies with Pursuit's Warrior other WA Projects, including the Warrior Project.
DRILLING
Federal West
Most of the drilling on this block was wide spaced 160m by 640m RAB drill traverses in the mid 1990's which encountered 4m @ 4.2g/t Au from 12m. There has been no follow-up programs to this intersect (Figure 3). Eight RC holes were drilled in the south-east part of the block with no reported anomalism. Widespread drainage sheet wash masks basement rocks over much of the area, which requires drill testing of structures in the granite beneath. Surface geochemistry over this area will probably not locate mineralisation but recent reports indicate sub-cropping basalt is present in places.
Paddington North
Drilling around historical working on the Paddington North Block has highlighted a number of intersections requiring follow-up drilling (Figure 3, Table 1). Paddington North includes the Six Boys, Porphyry and Sunday Eve Prospects.
Six Boys Prospect
Seventeen of the best historical drill results (Table 1, Figure 5) come from this prospect which has seen small scale selective mining in the past. Pursuit has granted the vendor rights to mine the first 3,000 ounces of gold at the prospect. Exploration has been limited to the first 80m vertical with minimal activity below 40m. Results to date include mineralisation is open at depth and along strike. Best intercepts include 8m
- 4.78 g/t Au from 3m including 3m @ 11.4 g/t Au from 3m and 24m @ 1.46 g/t Au from 10m including 2m @ 4.4 g/t Au from 24m.
Porphyry
Explored by BHP in the 1980s with shallow RAB drilling at 40m intervals this prospect includes a number of shallow (<15m) historic workings. The current strike length of at least 800m and significant intercepts over 4m (see BAR017 4m @ 8.11 g/t Au including 2m @ 15.1 g/t Au). This prospect has had limited RAB drilling. The geology reflects a sheared porphyry / basalt contact hosted bedrock target with thick alluvial cover within mineralised NNW structural corridor.
The coming work program will include integration of historical datasets to design a follow up program of RAB / RC to determine strike and depth extent. Further work will concentrate on the orientation of suspected high-grade shoots typical of narrow high grade lode gold systems.
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR
PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 | info@pursuitminerals.com.au | www.pursuitminerals.com
For personal use only
Sunday Eve
Limited drilling around the mine workings (since rehabilitated) returned significant results (10m @
4.15 g/t Au from 41m including 2m @ 14.6 g/t Au from 41m) from resampling and relogging exercise by Kalgoorlie Boulder Resources. The coming work program will include integration of historical datasets to design a follow up program of RAB / RC to determine strike and depth extent. Further work will concentrate on the orientation of suspected high-grade shoots typical of narrow high grade lode gold systems.
Hole_ID | Year | Company | Interval | including | Prospect | ||||
H006 | 2006 | William & | 10m | @ 4.15 g/t Au from 41m | 2m | @ 14.6 g/t Au from 41m | Sunday Eve | ||
Miles | |||||||||
(Prospectors) | |||||||||
ALOH024 | 1984 | Samantha | 8m | @ 4.78 g/t Au from 3m | 3m | @ 11.4 g/t Au from 3m | 6 Boys | ||
Expl. NL | 4m | @ 0.7 g/t Au from 15m | |||||||
17m | @ 1.16 g/t au from 27m | 1m | @ 3.77 g/t Au from 28m | ||||||
1m | @ 3.52 g/t Au from 32m | ||||||||
RAF020 | 1987 | BHP Gold Ltd | 24m | @ 1.46 g/t Au from 10m | 2m | @ 4.4 g/t Au from 24m | 6 Boys | ||
BAR017 | 1988 | BHP Gold Ltd | 4m | @ 8.11 g/t Au from 18m | 2m | @ 15.1 g/t from 18m | Porphyry | ||
RAF021 | 1987 | BHP Gold Ltd | 22m | @ 1.19 g/t Au from 68m | 2m | @ 3.3 g/t Au from 70m | 6 Boys | ||
7BSRC006 | 2008 | Kalgoorlie- | 11m | @2.1 g/t from 7m | 1m | @ 3.21 g/t Au from 12 | 6 Boys | ||
Boulder Res. | 1m | @ 4.29 g/t from 25m | 1m | @ 7.25 g/t Au from 15 | |||||
RAF062 | 1987 | BHP Gold Ltd | 22m | @ 1.03 g/t Au from 30m to | 1m | @ 2.4 g/t Au from 51m | 6 Boys | ||
EOH | EOH | ||||||||
96SBAR21 | BHP Gold Ltd | 18m | @ 1.24 g/t from 60m to EOH | 3m | @ 3.8 g/t from 75 to | 6 Boys | |||
EOH | |||||||||
RAF017 | 1987 | BHP Gold Ltd | 20m | @ 1.02 g/t Au from 38m | 1m | @ 5.1 g/t au from 50m | 6 Boys | ||
1m | @ 3.4 g/t Au from 56m | ||||||||
RAF014 | 1987 | BHP Gold Ltd | 20m | @ 0.9 g/t Au from 27m | 1m | @ 2.45 g/t Au from 40m | 6 Boys | ||
1m | @ 2.24 g/t from 45m | ||||||||
RAF060 | 1987 | BHP Gold Ltd | 10m | @ 1.77 g/t Au from 19m | 1m | @ 4.9 g/t au from 20m | 6 Boys | ||
WCUB911 | 1997 | Centaur | 4m | @ 4.22 g/t Au from 12m | Federal | ||||
Mining | West | ||||||||
RAF027 | 1987 | BHP Gold Ltd | 3m | @ 3.9 g/t au from 49m | 1m | @ 5.1 g/t Au from 51m | 6 Boys | ||
12m | @ 1.23 g/t Au from 66m | 1m | @ 5.8 g/t au from 72m | ||||||
RAF016 | 1987 | BHP Gold Ltd | 17m | @ 0.85 g/t Au from 36m | 1m | @ 3.82 g/t au from 47m | 6 Boys | ||
RAF012 | 1987 | BHP Gold Ltd | 3m | @ 2.05 g/t Au from 7m | 1m | @ 4.56 g/t from 7m | 6 Boys | ||
21m | @ 0.55 g/t Au from 29m | ||||||||
RAF010 | 1987 | BHP Gold Ltd | 10m | @ 1.06 g/t Au from 11m | 1m | @ 2.47 g/t Au from 19m | 6 Boys | ||
1m | @ 3.39 g/t au from 32m | ||||||||
BAR038 | 1988 | BHP Gold Ltd | 12m | @ 0.88 g/t Au from 24m | Porphyry | ||||
RAF023 | 1987 | BHP Gold Ltd | 14m | @ 0.72 g/t Au from 36m | 2m | @ 2.6 g/t au from 20m | 6 Boys | ||
ALOH023 | 1984 | Samantha | 11m | @ 0.55 g/t au from 23m | 6 Boys | ||||
Expl. NL | 18m | @ 0.56 g/t Au from 39m | |||||||
RAF063 | 1987 | BHP Gold Ltd | 6m | @ 1.67 g/t Au from 49m | 1m | @ 5.8 g/t Au from 50m | 6 Boys | ||
BAR007 | 1988 | BHP Gold Ltd | 2m | @ 4.4 g/t Au from 12m | Porphyry | ||||
ALOH026 | 1984 | Samantha | 15m | @ 0.52 g/t au from 33m | 6 Boys | ||||
Expl. NL |
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR
PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 | info@pursuitminerals.com.au | www.pursuitminerals.com
Table 1: Significant Historical Drilling Intercepts (Appendix for full table)
For personal use only
Figure 2 - Commando Gold Project Tenements Showing Limited Shallow Historical
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR
PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 | info@pursuitminerals.com.au | www.pursuitminerals.com
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