Pursuit Minerals Ltd - Option Acquired over 244,000 Ounce High-Grade Gold Project

What happened?

What's happened?

Pursuit Minerals Limited (ASX:PUR) has entered into a binding option agreement with Golden Buck Ventures LLC (GBV) and Moreton Gold Pty Ltd (MOR) (together, the Vendors), granting Pursuit the right to purchase a 100% interest in the Buck Mountain Gold Project, in Arizona, USA.

What are the key highlights?

The Buck Mountain Gold project is a high-grade alluvial gold project with significant complementary silver and Platinum Group Metals (PGM’s) mineralisation.
The project is located 18 miles northeast of Lake Havasu City in Mojave County, Arizona.
The mineral resource at the Buck Mountain Gold Project, compiled in compliance with Canadian National Instrument 43-101, has been estimated to be 1.248 Mt at 6.1 g/t gold for 244,000 Oz’s with the gold, silver, PGM mineralisation open at depth and laterally. NOTE: The mineral resource compiled in accordance with Canadian National Instrument 43-101, is a foreign mineral resource estimate and it was not compiled in accordance with the JORC code.
Metallurgical processing of a 16.2 ton bulk sample resulted in average recovered grades of 4.8g/t Au, 119.66g/t Ag and 0.55g/t Pt.
In conjunction with the transaction, Pursuit has executed a mandate with CPS Capital Group and has secured firm commitments to raise A$600,000 through the issue of 120,000,000 shares at 0.5 cent each.

For more information, please refer to the announcement linked below.

CEO's summary

Mark Freeman CEO of Pursuit Minerals Ltd has provided a statement.

Mark Freeman

CEO, Pursuit Minerals Ltd

“The Buck Mountain Gold Project is an advanced gold-silver-PGM project and our expectation is that the NI-43-101 foreign mineral resource can be reclassified as a JORC (2012) compliant Mineral Resource with minimal additional infill drilling. The Company is very excited about the potential to significantly increase the high-grade gold-silver-PGM mineralisation on the basis that the existing Resource was measured within the alluvial gravels down to a depth of 15 feet and during the 2008 drilling it was determined that the gold, silver and PGM bearing alluvial gravels extend to at least 30 feet. ... In addition we believe that the potential to develop the project can be quickly assessed in a very cost effective manner due to the simplified nature of feasibility studies applicable to alluvial gold deposits along with the extensive metallurgical test work which has already been completed.”