Pursuit Minerals (ASX: PUR) has settled on a binding agreement to acquire the Sascha Marcelina gold-silver project in Argentina’s Santa Cruz precious metals province.
The company completed the deal via the purchase of Andara Mining, which holds the exclusive rights under an agreement with Mirasol Resources to acquire the Sascha tenements, and to exercise Mirasol’s option to acquire the Marcelina tenements from local vendors.
Pursuit issued 30 million shares to Andara and paid US$1.5 million consideration to Mirasol, plus a first stage option payment to the local Marcelina (Piuquenes) vendors.
Sascha Marcelina is located in the Deseado Massif, one of the world’s most prolific epithermal provinces with a proven gold-silver endowment of more than 29 million ounces that hosts major operations such as Cerro Negro and Cerro Vanguardia.
The project represents a large, underexplored epithermal system with preserved silica caps, sinter terraces, and multiple mapped vein corridors across a 100 square kilometre district footprint.
Highest-Impact Targets
Pursuit’s exploration strategy is focused on defining and ranking the highest-impact drill targets across the Sascha Main trend and the Marcelina silica cap, which contain clear vectors towards the untested boiling zone horizon where gold and silver grades are typically strongest.
Reinterpretation of Sascha Main historical drilling data together with new structural and alteration modelling has highlighted a 2km corridor hosting three priority high-grade shoots only partially tested by previous shallow drilling.
The company plans to target the deeper, high-probability boiling zone horizon in first-pass drilling to maximise the potential for a discovery-grade intercept.
Historical exploration at Sascha Marcelina returned encouraging results across several target areas, with drilling at Sascha Main intersecting significant mineralisation and additional high-priority targets at Estancia, Igloo, and Valdivia Brechon showing geological and geochemical signatures consistent with fertile epithermal systems.
Recent geophysical modelling at Marcelina defined an anomaly beneath the cap, which Pursuit has interpreted as a potential feeder structure and plans to test.
Dual Growth Strategy
Pursuit continues to advance its duel project growth strategy, progressing the flagship Rio Grande Sur project alongside Sascha Marcelina towards a scalable, capital-efficient platform for long-term production of lithium in a Tier 1 jurisdiction.
The company is advancing the Mito tenement in parallel with a feasibility study that could materially increase the project’s resource scale and future development optionality.
With lithium prices strengthening and market fundamentals improving, the advancement of Mito represented a “timely opportunity to unlock additional resource growth” and enhance the value of Rio Grande Sur.
The project currently hosts a 1.1 million tonne lithium carbonate equivalent resource at an average grade of 505.8 milligrams per litre lithium, comprising 591,800t at 515.1mg/l (Indicated) and 512,500t at 495.4mg/l (Inferred).
Pursuit said targeted drilling at Mito had the potential to significantly expand this resource footprint, supporting the feasibility study and the project’s broader development strategy.
