Nearology News Next to $1.4 Billion Behemoth Big Brother
A few months ago our portfolio company Pursuit Minerals (ASX:PUR) acquired exploration licenses right near Chalice’s billion dollar discovery in the emerging Julimar mineral province in WA.
Chalice is up over 1,600% since January 2020, and is currently capped at $1.4BN - one of the top performing companies on the ASX.
We invested in PUR hoping that their exploration program can repeat Chalice’s billion dollar success in this exciting new precious metals province - searching for PGE-Ni-Cu (Platinum Group Elements - Nickel - Copper).
PUR is in the very early stages of its journey, and is currently capped at $29M.
We are pleased to share that PUR have just announced some fantastic news....
The first step for PUR after acquiring exploration permits next to Chalice back in December was to run Airborne Electromagnetic Surveys (EM) on the ground to identify drilling targets.
And today the results are in....
PUR’s EM survey has delivered:
FIVE highly prospective PGE-Ni-Cu targets
This is excellent news - so good in fact that PUR also informed the market they have decided to extend EM surveys to the land around these new identified PGE-Ni-Cu targets.
Most of us know Ni (Nickel) and Copper (Cu) - Prices of both metals are surging with increased use in electric vehicles and electrical equipment.
“PGE” refers to the Platinum Group Elements that includes ruthenium, rhodium, palladium, osmium, iridium, and platinum.
This group has many uses and prices are all soaring - here is just the Platinum price:
And why are EM targets important?
When a company first acquires exploration land and wants to drill for precious metals, they run an EM survey to find if there are any high potential locations to drill.
Basically, a helicopter flies over the exploration land and shoots electromagnetic waves into the ground and records any “anomalies” that could indicate metals. Here is what PUR found:
The above image has been modified for clarity
We have been investing in early stage explorers for many years, and the EM survey results are always a nervy time for investors - especially if they don’t deliver any drilling targets...
PUR’s EM surveys have already delivered FIVE - and this is just the start of the surveying which is scheduled to finish in March.
Where to Next for PUR?
Given these excellent early results PUR is going to do some more EM surveys around where they found the targets to see if they can find any more glorious colourful blobs.
They still need to finish the rest of the surveys too - so plenty of news to come.
Drill testing is expected to commence next quarter.