Pursuit Minerals has expanded its Rio Grande Sur Lithium Project in Argentina by acquiring exclusive rights over 1,362 hectares adjacent to its Mito tenement, increasing the project area to over 10,595 hectares and enhancing its lithium brine resource potential.
- Acquisition adds 1,362 hectares next to Mito tenement
- Secures 100% mining rights with no royalties
- Expands Rio Grande Sur project to 10,595 hectares
- New ground targets priority lithium brine conductive system
- Drilling and environmental approvals underway to advance exploration
Strategic Tenement Acquisition Expands Rio Grande Sur Project
Pursuit Minerals Ltd (ASX:PUR) has significantly bolstered its presence in Argentina's lithium brine sector by securing exclusive exploration and acquisition rights over the Rio Grande I and Demasía Rio Grande I tenements from provincial mining company REMSA. This deal adds approximately 1,362 hectares directly adjacent to Pursuit's Mito tenement, a key area where recent geophysical work identified a large, coherent conductive system interpreted as a high-priority brine target.
The acquisition lifts the Rio Grande Sur project footprint to roughly 10,595 hectares, consolidating Pursuit’s position over a highly prospective and underexplored section of the Rio Grande Salar. Crucially, Pursuit gains 100% ownership of all mining rights within the new areas, with REMSA retaining no royalties or residual interests, a structure that Managing Director Aaron Revelle described as "increasingly rare" in established lithium basins.
Geological Upside Supported by Advanced Geophysics
The newly acquired tenements extend along the same geological trend as Mito, where advanced Controlled Source Audio-frequency Magnetotellurics (CSAMT) reprocessing recently revealed a deep conductive zone spanning from about 250 metres to beyond 1,000 metres depth. This geophysical anomaly is interpreted as a significant lithium-bearing brine target, and Pursuit believes the basin architecture and structural controls that govern brine accumulation continue into the new ground, enhancing its prospectivity.
This expansion aligns with Pursuit’s strategy to consolidate a dominant, contiguous landholding across the salar, supporting long-term resource growth and project scalability. The company is actively integrating reprocessed geophysical data, historical drilling, and hydrogeological studies to refine its understanding of brine distribution and basin controls across the expanded tenure.
Advancing Exploration and Development in Parallel
Pursuit is moving quickly to advance exploration activities, with preparations complete for drilling the third diamond drill hole (DDH-3) aimed at testing priority brine targets and improving geological models. The exploration camp is established, and environmental submissions for the newly acquired areas are expected imminently, paving the way for drill-ready status.
Simultaneously, Pursuit continues to progress development work streams following its Rio Grande Sur 5,000 tpa lithium carbonate Pre-Feasibility Study (PFS). This includes relocating the pilot plant, constructing evaporation test ponds, and evaluating alternative lithium chloride production pathways. These efforts aim to optimise project economics and support future production growth.
Commercial Terms and Next Steps
The acquisition agreement, executed under Argentina’s National Mining Code and Salta Provincial Law, involved a US$125,000 payment to REMSA plus a US$25,000 contribution to local social and infrastructure funds. Pursuit has committed to a minimum US$150,000 exploration investment over the next 12 months, at its own cost and risk.
With no competing bids in REMSA’s public tender, Pursuit secured exclusive rights to study, explore, and apply for mining concessions over the new tenements. The rights are freely assignable, offering flexibility for future joint ventures or financing arrangements.
While the acquisition materially enhances the project’s footprint and resource potential, the actual impact on resource size and economics will depend on forthcoming drilling results and regulatory approvals. The company’s ongoing integration of geophysical and drilling data will be critical to unlocking the full value of this expanded lithium brine basin.
Bottom Line?
Pursuit’s acquisition strategically extends its lithium brine footprint in a proven basin, setting the stage for resource growth pending upcoming drilling and environmental clearances.
Questions in the middle?
- How will upcoming drilling at Rio Grande I influence the existing resource model?
- What impact might environmental approvals have on exploration timelines?
- Could this consolidation position Pursuit for future partnerships or financing opportunities?