Pursuit Minerals : to Acquire Commando Gold Project Kalgoorlie

About this update from Pursuit Minerals Ltd

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 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 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-million ounce gold deposits, 38 km north from Kalgoorlie Project under-explored with numerous significant gold drilling intersections for follow-up Approximately 30km 2 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-seasonal exploration 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 | [email protected] | 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 | [email protected] | 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 | [email protected] | 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 | [email protected] | 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 | [email protected] | www.pursuitminerals.com This is an excerpt of the original content. To continue reading it, access the original document here .

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