Highlights

  • Pursuit Minerals rose 17.5% in the market snapshot under its former ASX:PUR code.
  • ASX records show the company’s code has since changed to BUA.
  • July drilling at Rio Grande Sur included strong progress in DDH-3.
  • The project carries a JORC resource of 1.104Mt lithium carbonate equivalent.

Pursuit Minerals has risen 17.5% in the market snapshot under its former ASX:PUR code, while ASX records now identify the company as BUA. The underlying story remains centred on the Rio Grande Sur lithium brine project in Argentina, where July drilling pushed DDH-3 deeper into the target aquifer system. For a Penny Stock with a Market Capitalisation of about AUD 24.63mn, the drilling program is important because resource scale and aquifer continuity remain the main drivers of future project value.

DDH-3 Advances the Lithium Program

Pursuit commenced DDH-3 at Rio Grande Sur in early July and later reported exceptional drilling progress. The hole forms part of the company’s effort to test depth extensions and strengthen the geological model.

Rio Grande Sur Already Has a Defined Resource

The project hosts a JORC Indicated and Inferred resource of 1.104Mt lithium carbonate equivalent at an average grade of about 506mg/L lithium.

That gives Pursuit a defined resource base, while ongoing drilling is aimed at increasing confidence and testing expansion potential.

Pilot-Scale Development Adds Context

The company has also produced high-purity lithium carbonate and has outlined a staged development strategy around pilot-scale production and future expansion.

What to Watch

Further DDH-3 results, resource updates, pilot-plant progress and strategic funding or offtake discussions are the main areas to monitor.

Risks

Lithium brine development is technically and capital intensive. Commodity-price weakness, funding requirements and uncertain drilling outcomes remain material risks.