Pursuit Minerals has bolstered its Rio Grande Sur lithium project with new tenements and started diamond drilling at Mito, while refining gold targets at Sascha Marcelina. The company is progressing feasibility studies and pilot plant relocation amid a supportive Argentine mining climate.
- Acquisition adds 1,362 hectares to Rio Grande Sur lithium project
- Diamond drilling commenced at Mito targeting deep lithium brines
- Stage 2 Pre-Feasibility Study addendums evaluating larger-scale lithium production
- Geological mapping and IP surveys advance Sascha Marcelina gold targets
- Cash balance stands at AUD 3.07 million with disciplined cost management
Strategic Expansion at Rio Grande Sur Lithium Project
Pursuit Minerals (ASX:PUR) has significantly expanded its flagship Rio Grande Sur lithium project in Argentina by acquiring the Rio Grande I and Demasía Rio Grande I tenements from REMSA, adding approximately 1,362 hectares adjacent to its existing Mito prospect. This move consolidates the company’s landholding to over 10,595 hectares, strengthening its position within the lithium-rich Rio Grande Salar basin. The acquisition grants Pursuit 100% ownership of mining rights with no royalties, providing a clear pathway for resource growth and larger-scale development opportunities.
Diamond Drilling Targets Deep Lithium Brines at Mito
Following successful mobilisation, Pursuit commenced diamond drilling at the high-priority Mito target immediately after the quarter’s end. The first hole, DDH-3, aims to test a large, basin-scale conductive anomaly identified through advanced CSAMT geophysical surveys, extending from roughly 250 metres to over one kilometre in depth. This conductive zone is interpreted as a lithium-bearing brine system, and drilling results are expected to provide critical geological and hydrogeological data to refine the basin model and support resource expansion beyond the current 1.264 million tonnes lithium carbonate equivalent (LCE) JORC resource. The program also includes planned drill holes at adjacent tenements, underpinning the project’s long-term growth potential.
Advancing Larger-Scale Lithium Development Scenarios
Pursuit is progressing Stage 2 Pre-Feasibility Study (PFS) addendums that evaluate expanded production scenarios for both lithium carbonate and lithium chloride pathways. These studies focus on optimising processing flowsheets, scaling evaporation ponds, increasing wellfield capacity, and refining capital and operating cost estimates. The dual-pathway approach enhances commercial flexibility, allowing the company to respond to evolving market demands and position Rio Grande Sur to supply multiple battery and chemical markets. Parallel to these efforts, relocation of the company’s 250 tonnes per annum lithium carbonate pilot plant to the project site is underway, marking a shift from off-site testing to integrated on-site operations that will provide valuable data for process optimisation and customer qualification.
Sascha Marcelina Gold Project Sees Target Refinement
At the Sascha Marcelina gold project in Santa Cruz, Pursuit completed comprehensive geological mapping and Induced Polarisation (IP) geophysical surveys across its 24,311-hectare landholding. These efforts have refined the understanding of a district-scale low-sulphidation epithermal system, highlighting multiple mineralised vein corridors and a well-preserved silica cap indicating significant discovery potential. The highest-priority targets include the Sascha Main structural corridor and the Marcelina prospect, where coincident chargeability and resistivity anomalies suggest sulphide-rich feeder structures beneath cover. These integrated datasets are guiding the prioritisation of maiden drilling programs expected to test high-impact gold-silver mineralisation at depth.
Financial Position and Argentine Mining Environment
Pursuit ended the quarter with a cash balance of approximately AUD 3.07 million, maintaining disciplined cost control while investing heavily in exploration and development activities. The company also holds a significant equity stake in Kendrick Resources PLC valued at around AUD 4.82 million. Argentina’s mining sector continues to attract substantial foreign investment supported by recent regulatory reforms, including Glacier Law amendments and the RIGI incentive framework, which are unlocking billions in copper and lithium projects. Major developments by industry giants such as BHP, Rio Tinto, and Ganfeng Lithium underscore the country’s rising profile as a Tier 1 mining jurisdiction, bolstering financing availability and sector growth prospects.
Upcoming Catalysts and Exploration Focus
Looking ahead to the September 2026 quarter, Pursuit plans to complete drilling at Mito, commence drilling at the Demasía tenement, and conduct further CSAMT surveys to refine basin-scale lithium brine targets. The company also aims to finalise Stage 2 PFS addendums to support strategic partnerships and financing. At Sascha Marcelina, field activities will resume post-winter, including completion of IP surveys and initiation of maiden drilling on high-priority gold targets. These steps will be critical in advancing both projects toward resource definition and development readiness.
Bottom Line?
Pursuit Minerals is advancing on multiple fronts in Argentina, with tenement expansion, drilling, and feasibility studies setting the stage for potential resource growth amid a strengthening mining environment.
Questions in the middle?
- How will upcoming drill results at Mito influence the scale and economics of the Rio Grande Sur lithium project?
- What impact could the dual lithium carbonate and lithium chloride production pathways have on Pursuit’s market positioning and financing options?
- To what extent can Sascha Marcelina’s maiden drilling confirm the presence of high-grade gold-silver mineralisation beneath cover?