- Pursuit Minerals raises $2.5m via an oversubscribed placement to develop Rio Grande Sur lithium project
- Company recently reported high-grade results from stage 1 drilling
- Placement funds to advance drilling and first production from pilot plant
Special Report: Pursuit Minerals has received strong support from existing shareholders, as well as overseas and domestic institutional investors, for a $2.5 million capital raise to continue the development of its Rio Grande Sur lithium brine project in Argentina.
The placement funds will be used for further development of the project in addition to advancing its 250tpa pilot plant towards the first production of lithium carbonate.
it’s the same project where Pursuit Minerals (ASX:PUR) recently reported “significant high-grade lithium” from its maiden Stage 1 drilling program at the Maria Magdelena tenement.
Intercepts have occurred at shallow depths of about 131 metres, with highlights including:
- 620mg/L from an interval of 115.50 to 117.50m
- 607mg/L from an interval of 129m to 131m
Notably, grades of over 600mg/Li are the highest achieved at this shallow depth.
Funding near-term production
“This raising will provide critical funding to continue near term high value creating work programs at our Rio Grande Sur lithium project in Argentina with our maiden drilling program nearing completion of its first hole, with the second hole to commence immediately after,” Pursuit managing director and CEO Aaron Revelle said.
“It is expected that the drilling program will result in a JORC resource upgrade before the end of the calendar year.
“Additionally, our Pilot Plant continues operations towards the production of our first lithium carbonate.
“We look forward to delivering for shareholders and stakeholders through execution of our upcoming significant work programs.”
Additionally, Pursuit directors will be subscribing for 22,857,143 shares and 11,428,571 new options on the same terms that will be subject to shareholder approval at a forthcoming general meeting.
This article was developed in collaboration with Pursuit Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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