Pursuit Minerals Nears Key Milestone, Targets High-Grade Gold Drilling in Argentina

Acquisition Milestone Achieved

Pursuit Minerals Limited (ASX – PUR) has reached a pivotal milestone in its growth strategy by satisfying all conditions precedent for the acquisition of the Sascha Marcelina Gold Project in Argentina. This follows shareholder approval at an Extraordinary General Meeting held on 24 November 2025. The completion phase now involves administrative formalities, including final payments and legal documentation, to secure 100% ownership of the project through Andara Mining Pty Ltd.

Focused Exploration Strategy

The company is actively advancing its geological workstreams, integrating historical data with new structural and geophysical interpretations. The exploration program is centered on the Sascha Main trend, a 2-kilometer corridor known for structurally controlled, high-grade gold and silver shoots, and the Marcelina silica cap, a rare geological feature indicative of large epithermal systems. Pursuit has delineated three priority shoots within Sascha Main, with Shoot B emerging as the highest-probability target due to surface samples showing assays as high as 160 g/t gold and 780 g/t silver.

Historical drilling has been relatively shallow, generally less than 160 meters, leaving the deeper 'boiling zone'; where precious metal grades typically increase; largely untested. The upcoming maiden drilling program aims to penetrate depths of 260 to 400 meters to test this critical zone, maximizing the potential for discovery-grade intercepts early in the campaign.

Marcelina Silica Cap – A Rare Discovery Opportunity

The Marcelina area hosts one of only three known preserved silica caps in the Santa Cruz province, a geological hallmark shared with world-class deposits such as Newmont’s Cerro Negro. This cap overlays a potential boiling zone and feeder structures that have been identified through new geophysical modeling. Historical drilling intersected mineralization but did not reach these deeper, more prospective levels. Pursuit’s planned deep drilling will target these feeder structures, representing a genuine discovery-scale opportunity.

Dual-Commodity Growth Platform

Alongside the gold-silver exploration, Pursuit is progressing its Rio Grande Sur Lithium Project. The feasibility study for a 5,000 tonnes per annum lithium operation is nearing completion, with key technical workstreams such as 3D geological modeling and plant design largely finalized. Encouraged by recent lithium price increases, the company is considering resuming drilling to expand resources, particularly at the highly prospective Mito tenement.

This dual-commodity approach; advancing both gold-silver and lithium assets in a Tier 1 jurisdiction; positions Pursuit Minerals to build a scalable, capital-efficient platform for long-term production and growth in Argentina.

Looking Ahead

With contractor selection for the maiden drilling program underway and high-priority targets defined, Pursuit is poised to commence drilling early next year. The integration of historical and new data continues to refine the exploration focus, enhancing the potential for significant discoveries. Meanwhile, the lithium project’s feasibility study completion will inform next steps toward construction and production scaling.