What Pursuit Minerals' (ASX:PUR) Record 995mg/L Lithium Hit at Rio Grande Sur Means for the Project's Resource Outlook

Sonal Goyal

03 November 2026 10:24 PM AEDT

What Pursuit Minerals' (ASX:PUR) Record 995mg/L Lithium Hit at Rio Grande Sur Means for the Project's Resource Outlook

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Key Highlights

DDH-3 at the Mito tenement returned a peak lithium concentration of 995mg/L Li, a new record high-grade brine assay for the project
Four individual brine samples exceeded 900mg/L Li and eight exceeded 800mg/L Li, with high-grade intervals spanning approximately 400m to 510m depth
The 995mg/L result represents a 23% increase over the previously announced 809mg/L peak, with the drill hole ending in mineralisation at approximately 560m
Results are expected to contribute to a significant increase in the Rio Grande Sur Mineral Resource, with potential for growth in both size and grade

A New High-Water Mark for Rio Grande Sur

Pursuit Minerals Limited (ASX:PUR) has delivered final assay results from Drillhole 3 (DDH-3) at its Mito tenement within the Rio Grande Sur Lithium Project in Salta Province, Argentina, and the numbers have exceeded the company's own expectations. The peak lithium concentration of 995mg/L Li represents the highest brine assay ever recorded at the project, while the overall pattern of results through the deeper sections of the drill hole has reinforced the case for a meaningful resource upgrade.

DDH-3 returned four individual brine samples exceeding 900mg/L Li and eight samples exceeding 800mg/L Li. The key high-grade intervals included 995mg/L Li from 444.2m to 445.0m, 964mg/L from 461.2m to 462.0m, 943mg/L from 480.2m to 481.0m, and 922mg/L from 454.2m to 455.0m. Additional significant intervals of 867mg/L, 866mg/L, and 827mg/L were recorded at shallower points within the high-grade window. The drill hole ended in mineralisation at approximately 560 metres, leaving the system open at depth.

Putting the Numbers in Context

The 995mg/L Li peak concentration is not simply a record within the Rio Grande Sur project — it places these results among the highest-grade brine assays reported anywhere in Argentina, according to the company. Pursuit's Managing Director and CEO Aaron Revelle noted that lithium concentrations approaching 1,000mg/L Li significantly exceed the average resource grades of many of the country's largest and most advanced lithium projects. To encounter multiple samples of this calibre at depths exceeding 400 metres, he said, is particularly significant and reinforces confidence in the scale and long-term development potential of the project.

The 995mg/L result also represents a 23% step-up over the previously announced 809mg/L Li peak from earlier drilling, confirming that the grade profile deepens with depth rather than diminishing — an important characteristic for a brine system targeting resource expansion.

Resource Upgrade Implications

The company has flagged that DDH-3's results are expected to make a significant contribution to the next Mineral Resource update for Rio Grande Sur, with the potential for substantial growth in both the size and grade of the resource. Multiple high-grade brine intervals across a span from approximately 400 metres to 510 metres, combined with the open-at-depth nature of the system, provide the technical foundation for that expectation.

For an early-stage lithium explorer, high-grade brine results at depth are particularly material because they can disproportionately improve the weighted-average grade of the overall resource, which in turn affects the Economics of any eventual extraction process.

Sector Context

Argentina's Puna region — which includes Salta Province — sits within the so-called Lithium Triangle alongside Chile and Bolivia, an area that contains an estimated 50% to 60% of the world's known lithium brine resources. Unlike hard-rock lithium, brine deposits are typically extracted through evaporation ponds, making grade and brine chemistry critical determinants of project economics.

The global lithium market has experienced a significant price correction from 2022 highs, but structural Demand from the electric vehicle battery sector continues to underpin long-term consumption forecasts. For explorers with genuinely high-grade results, the ability to demonstrate world-class brine quality maintains investor interest even in a softer near-term price environment.

Risks

Resource exploration results do not automatically translate into mineable reserves. Converting DDH-3's high-grade assays into an increased Mineral Resource estimate will require further drilling and hydrogeological work to confirm the continuity and Volume of the brine system at depth. Project development in Argentina also carries country risk, including regulatory, currency, and permitting considerations that are material for foreign-owned operations in the Puna region.

What to Watch Next

The next Mineral Resource update for Rio Grande Sur will be the most closely watched near-term deliverable, with DDH-3's results expected to be incorporated into that estimate. Further drilling at the Mito tenement — particularly at depths below 560 metres — could add additional upside to the resource estimate. Any update on the overall exploration programme and timeline for additional drillhole results would also be material to the Investment case.

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