Pursuit Minerals Secures Sascha Marcelina Gold-Silver Project in Argentina, Backed by A$4.04 Million Capital Raise

Strategic Acquisition in Deseado Massif

Pursuit Minerals Ltd (ASX: PUR), an ASX-listed company, has announced a significant expansion of its precious metals portfolio by entering into a binding agreement to acquire the Sascha Marcelina Gold-Silver Project. Located in the highly prospective Deseado Massif region of Santa Cruz Province, Argentina, this acquisition marks a strategic move for Pursuit Minerals, broadening its focus beyond its existing lithium interests in the country. The project is situated in a world-class epithermal province, known for its rich gold and silver deposits.

The Deseado Massif is recognized as a premier precious metals district, hosting over 50 known gold-silver deposits and eight operating mines, with a proven endowment exceeding 30 million ounces of gold equivalent. The Sascha Marcelina Project itself covers a district-scale system of approximately 100 square kilometers (30,600 hectares) and is considered analogous to Newmont's Cerro Negro mine, sharing similar geological characteristics.

Project Potential and Historical Data

The Sascha Marcelina Gold-Silver Project boasts multiple subparallel vein corridors, including the Valdivia, Sascha, Estancia, Pellegrini, Marcelina Silica Cap, and Igloo trends. Historical exploration work, including drilling, trenching, and rock chip sampling, has confirmed widespread alteration and high-grade gold-silver mineralization. Notable drill intercepts at Sascha Main include 9.23 g/t AuEq over 1.55 metres and 10.85 g/t AuEq over 0.27 metres, which also contained 320 g/t Ag.

Crucially, the mineralization at Sascha Main remains open at depth, with no drilling conducted below approximately 170 metres. Similarly, all drill holes at Marcelina have concluded within mineralization, indicating significant untested depth potential. The presence of under-utilized processing facilities in the region is also seen as an advantage, potentially expediting future mining operations.

Acquisition Terms and Capital Raise Details

To facilitate this acquisition, Pursuit Minerals has entered into a binding agreement to acquire 100% of Andara Mining Pty Ltd., which holds the exclusive rights to acquire the Sascha Marcelina Gold-Silver Project from Mirasol Resources Ltd. The consideration for this transaction involves Pursuit Minerals issuing 30,000,000 shares to the vendor and making a payment of US$1.5 million to Mirasol Resources. Additionally, Mirasol will retain a 1.5% Net Smelter Return (NSR) royalty over the tenements, with Pursuit holding buy-back rights for portions of this royalty.

Concurrently with the acquisition announcement, Pursuit Minerals successfully completed an A$4.04 million capital raise. This capital was secured through an oversubscribed placement to institutional and sophisticated investors, involving the issuance of 53,891,824 fully paid ordinary shares at an issue price of A$0.075 per share. The funds raised are earmarked to cover the acquisition costs and to finance an aggressive drilling program aimed at rapidly advancing exploration at the newly acquired project.

Future Outlook and Strategic Positioning

The acquisition of the Sascha Marcelina Gold-Silver Project is considered 'transformational' for Pursuit Minerals, positioning the company as a diversified developer with a significant presence in both lithium and gold exploration in Argentina. With gold prices at record highs, the company intends to aggressively advance exploration, focusing on untested depth extensions and multiple drill corridors to identify near-term discoveries. This strategic move is expected to enhance Pursuit's industry standing and unlock substantial long-term value for its stakeholders.