Pursuit Minerals Ltd (ASX: PUR) shares are shooting the lights out today, up by more than 50% after the minerals company announced a new find.
The ASX mining share revealed multiple gold and copper targets had been identified at its Warrior PGE-Ni-Cu Project in Calingiri East in Western Australia.
At the time of writing, the Pursuit Minerals share price is trading at 2.9 cents, up 52.63%.
What did Pursuit Minerals discover?
The nano-cap miner told the market today an analysis of auger soil sample assay results showed three high priority gold and copper targets.
This includes a 700m x 250m gold anomaly that is 50 times higher than the surrounding background values identified at the project’s Ablett prospect.
Pursuit managing director Bob Affleck said a consultant geochemist had confirmed the Au-Bi-As-Sb-Pb Orogenic Gold signature was “potentially related to basement mineralisation and not just enhancement in the regolith”.
The assay results also identified three high priority Pd anomalies at or near the Ablett prospect.
In addition, there are two large and untested copper anomalies at the new Smogo’s and Phil’s Hill West prospects. Pursuit said the results “compare very favourably with early soil results over Chalice Mining’s Gonneville discovery1 where 30ppm Cu, 150ppm Ni and 6ppm Pd were considered significant.”
What happens next?
Pursuit collected 2,017 samples taken at depths between 1.5m and 1.8m. The assays from 1,533 samples are now available, and the other results are pending.
Pursuit will start air core drilling of the targets this month. The miner intends to drill about 2,500m. The company expects the results of the drilling program in late June.
In its statement, the company said the results would “form the basis of ongoing campaigns at Calingiri East”.
Here’s what management said …
Commenting on the discovery, Affleck said:
Pursuit is excited to confirm multiple drill targets have been outlined by first pass auger sampling at Calingiri East. Analysis of the assays by consultant geochemist Dr Carl Brauhart of CSA Global confirms a Au-Bi-As-Sb-Pb signature at the Ablett Prospect is potentially related to basement mineralisation and not just enhancement in the regolith.
Additional fieldwork in March confirmed our Warrior ground has the right host rocks for Ni-Cu-PGE mineralisation, and we look forward to receiving infill sampling results and completing our forthcoming Air Core program in April.
What else is news with this ASX mining share?
Pursuit Minerals announced some changes to its executive team yesterday.
Pursuit appointed Affleck managing director, effective today, after almost a year as technical director. Affleck has more than 25 years of experience in minerals exploration. According to the statement, Affleck had been “critical to the advancement of the company’s exploration focus at its WA projects”.
Finance director Mark Freeman said: “With the company’s focus on the Warrior and Commando Projects in WA, it becomes clear that having a full time dedicated explorationist would have strong benefits for the company.”
Pursuit Minerals has a market capitalisation of $17.96 million.
The post Guess which ASX mining share just exploded 50% on a new strike appeared first on The Motley Fool Australia.
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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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