- Pursuit Minerals (PUR) acquires the Oriental gold prospect in Western Australia
- The purchase comes as part of an asset swap deal for the Gladiator Tenements and is hoped to enhance Pursuit’s recently acquired Commando project
- The net cost of the asset swap was the issue of $70,000 in Pursuit shares along with a one per cent net smelter royalty
- Pursuit plans to undertake field validation, structural data collection and mapping in the area, and begin planning future drill programs to extend the prospect’s mineralisation
- Pursuit Minerals drop 1.72 per cent, trading at three cents
Pursuit Minerals (PUR) has acquired the Oriental gold prospect in Western Australia.
The purchase comes as part of an asset swap deal for the Gladiator Tenements and is hoped to enhance Pursuit’s recently acquired Commando project.
The net cost of the asset swap was the issue of $70,000 in Pursuit shares – equating to roughly 2.2 million shares – along with a one per cent net smelter royalty. All shares issued to the vendor will be escrowed for three months.
“The purchase terms are very favourable and the divestment of the Gladiator Project will allow us to focus on areas we believe are more likely to build shareholder value,” Managing Director Bob Affleck said.
The Commando project is fast becoming a focus for Pursuit and securing the Oriental tenement is said to capitalise on the company’s growing footprint in the state.
The Oriental purchase comes with 114 historical drill holes and has previously delivered numerous intercepts including two metres at 17.3 grams of gold per tonne (g/t) from 83 metres, including one metres at 33.5 g/t gold from 83 metres.
Meanwhile, Pursuits’ own rock chip sampling around the prospect returned 108 g/t gold and 10.5 g/t gold from two samples taken.
Pursuit now plans to undertake field validation, structural data collection and mapping in the area, and begin planning future drill programs to extend the mineralisation.
Pursuit Minerals dropped 1.72 per cent, trading at three cents at 3:38 pm AEST.