- Pursuit Minerals (PUR) has entered an agreement to acquire the Gladiator Gold Project near Laverton in Western Australia
- The company will pay $100,000 in shares in two tranches to Mining Equities and Peter Gianni to acquire the four-tenement project
- Pursuit will undertake field exploration at the project, including geological mapping, rock chip sampling and soil geochemistry, in the December Quarter ahead of an initial drilling program
- Shares have opened 15.4 per cent in the green, trading for 1.5 cents
Pursuit Minerals (PUR) has entered an agreement to acquire the Gladiator Gold Project near Laverton in Western Australia.
The mineral exploration and development company will pay $100,000 in shares in two tranches to Mining Equities and Peter Gianni to acquire the four-tenement project.
The first tranche of $50,000 in shares will be issued immediately, while the second will be issued upon renewal of two of the projects exploration licences.
Pursuit CEO Mark Freeman described the deal as strategic given the increased development of projects in the region.
“The strategic acquisition of these Exploration Licences has come following our regional review and identification of priority area in this rapidly developing and highly prospective area northwest of Laverton,” Mark stated.
“We look forward to commencing geological mapping, rock chip and soil geochemistry, along with planning for an initial drill program,” he added.
The four tenements cover approximately 10 square kilometres and has been subject to exploration activities by various mineral explorers.
Between 1988 and 1994, Western Mining Corporation carried out drilling at their Windarra Nickel Project which covered the Gladiator project area.
This exploration was initially focused on nickel mineralisation but shifted to investigating the project’s gold prospects.
At the Solar prospect, significant intercepts included 11 metres at 4.64 grams per tonne of gold from 61 metres.
Later in 1999, Metex carried out drilling at the North Gladiator prospect which included a one-metre intercept at 0.504 grams per tonne of gold from 66 metres.
Then in 2008, Barrick Gold of Australia conducted reverse circulation drilling at the Solar Prospect, with notable results including 5 metres at 1.05 grams per tonne of gold from 97 metres.
Pursuit also has several vanadium and nickel projects in Finland, Sweden and Norway, as well as the Buck Mountain Gold Project in the U.S. In Australia, Pursuit holds the Bluebush and Paperbark project in Queensland.
Shares have opened 15.4 per cent in the green, trading for 1.5 cents at 10:34 am AEST.