Pursuit Minerals to Acquire High-Grade Gold-Silver Project in Argentina; A$4.04m Placement Fully Committed
- Noel Ong
- Oct 3
- 9 min read
Announcement
Pursuit Minerals Ltd (ASX: PUR) has signed a binding agreement to acquire 100% of Andara Mining Pty Ltd, securing rights over the Sascha–Marcelina Gold-Silver Project in the Deseado Massif, Santa Cruz, Argentina—one of the world’s premier epithermal belts (Figure 1). In parallel, the Company has received firm commitments of A$4.04 million to accelerate high-impact drilling across multiple walk-up targets.
Figure 1 –Sascha Marcelina Gold-Silver Project Location (Source: PUR)
Pursuit Managing Director & CEO, Aaron Revelle, commented:
“The Sascha Marcelina acquisition is truly transformational for Pursuit. It delivers a highly prospective gold-silver project in the heart of the world-class Deseado Massif and position the Company as a diversified developer and pure play on Argentina across lithium and gold. With gold at record highs, we intend to advance exploration aggressively and quickly, targeting untested depth extensions and multiple walk-up drill corridors. This program provides a clear pathway to near-term discoveries capable of re-rating the Company and unlocking substantial long-term value for shareholders.”
Additionally, Pursuit Chairman Tom Eadie commented:
I am very excited about Pursuit acquiring the Sascha-Marcelina Project for several simple reasons. First, the property sits within a world-class gold district, highlighted by the Cerro Negro epithermal deposit with which I had some involvement during the Andean Gold days. Second, despite only limited exploration to date, the project area has already demonstrated strong mineralisation. Importantly, drilling at both shallow levels and at depth has been insufficient to properly test the potential of these vertically zoned epithermal systems, leaving significant upside unassessed. Finally, the presence of under-utilised processing facilities in the region provides a clear advantage for future development, helping to fast-track any new mining operation. For these reasons, I believe the upcoming drilling results will be particularly compelling and interesting!”
Key Highlights - Creating a Gold and Silver Hub
Acquisition: PUR to acquire 100% of Andara, which holds exclusive rights to acquire Mirasol’s Sascha tenements and the option to acquire the Marcelina tenements from local vendors, consolidating the Sascha–Marcelina district.
Tier-1 Address: Project sits inside the Deseado Massif, a globally recognised epithermal province hosting >50 deposits, 8 operating mines, and an endowment >30 Moz AuEq; analogues include Cerro Negro and Cerro Vanguardia.
High-grade hits already recorded: At Sascha Main, best intercepts include 9.23 g/t AuEq over 1.55 m (DDS02) and 10.85 g/t AuEq over 0.27 m (DDS13, incl. 320 g/t Ag). At Marcelina, deep hole PEL-DDH-005 returned 5.48 g/t AuEq over 0.9 m and 4.17 g/t AuEq over 0.9 m.
Untested depth window: No drilling below ~160–170 m at Sascha Main; geophysics at Marcelina flags a chargeability + resistivity anomaly consistent with a feeder structure—both offering immediate step-out targets into the boiling-zone window.
Funding secured: A$4.04m placement at $0.075 per share to institutions and sophisticated investors; settlement expected 8 Oct 2025 and quotation 9 Oct 2025. PAC Partners appointed lead manager.
The Project: District-Scale Epithermal System
Sascha–Marcelina covers ~100 km² with multiple sub-parallel vein corridors (Valdivia, Sascha, Estancia, Pellegrini, Marcelina Silica Cap, Igloo) (Figure 2). Historic work (>7,500 m drilling plus trenching/rock chips/geophysics) confirmed widespread alteration and gold-silver mineralisation open along strike and at depth.
Figure 2: Deseado Massi, A Tier-1 Epithermal Gold-Silver District with World-Class (Source: PUR)
Preservation of silica caps and sinter terraces indicates a high-level system analogous to Newmont’s Cerro Negro ~100 km north (Figure 3).
Figure 3: 100 km² District-Scale Extensive Epithermal System with Walk-Up Drill Targets (Source: PUR)
Belt context: The Deseado Massif has >30 Moz AuEq endowment and >50 deposits, including Cerro Negro (4.9 Moz @ 7.7 g/t Au) and Cerro Vanguardia (3.2 Moz @ 7.7 g/t Au)—supporting PUR’s thesis of Tier-1 analogue potential (Figure 4).
The Cerro Negro district, northwestern Deseado Massif (Patagonia, Argentina), is one of two world-class Au–Ag epithermal mines in the Patagonian region, with combined reserves, resources, and production of about 8 Moz of Au equivalent. The epithermal deposits are hosted by volcanic and intrusive rocks and are related to the evolution of distinct Jurassic magmatic events. Major WNW trending depocenters were filled by a thick sequence of andesitic-dacitic flows and ignimbrites. In the western part of the district, the sequence is intruded by subvolcanic bodies of the same composition and is grouped into the 159-156 Ma Eureka Volcanic Subvolcanic Complex (EVSC). Hydrothermal activity took place during the last stages of the EVSC, producing epithermal Au- and Ag-rich veins of low to intermediate sulfidation style in the Eureka West (156 Ma) and the Marianas-San Marcos veins (155-154 Ma) that were emplaced in NW striking extensional faults and in WNW to E-W trending strike-slip faults.
(source: C. Permuy Vida, D.M. Guido, D. Shatwell, R. Lopez, S.M. Jovic, G.N. Páez and P. Moreira, The Cerro Negro epithermal district, northwestern Deseado Massif (Patagonia, Argentina): New insights from telescoped volcanic-hydrothermal systems, Journal of South American Earth Sciences, Volume 105, January 2021, 103017)
Figure 4: Deseado Massi, A Tier-1 Epithermal Gold-Silver District with World-Class (Source: PUR)
Priority Targets & Notable Results
(Figure 5)
According to PUR, there are 2 main targets that the company will prioritise when the exploration begins. A large system that has not been fully explored is going to be interesting when work begins.
1.0 Sascha Main — shallow drilling with high-grade shoots, depth untested.
Best intercepts: 9.23 g/t AuEq over 1.55 m (DDS02); 10.85 g/t AuEq over 0.27 m (DDS13 with 320 g/t Ag).
Mineralised corridor ~2 km long, ~200 m wide structural zone; values up to 20.5 g/t Au and 320 g/t Ag from trenching/drilling.
Boiling-zone window (150–400 m) remains untested; vectoring deeper is the immediate program lever.
Figure 5: Sascha Main: Trench and Drillhole Results (Source: PUR)
The 3D model at Sascha Main shows clusters of ≥1 g/t AuEq pierce points, outlining shallow high-grade shoots and an untested 150–400 m boiling-zone window (Figure 6).
Figure 6: 3D Drill Intercepts at Sascha Main - 1 g/t AuEQ (Source: PUR)
2.0 Marcelina Silica Cap — large, preserved high-level system with blind-discovery potential.
(Figure 7)
11.1 km² silica “blanket” with strong As–Sb anomalies; initial holes intersected hydrothermal breccias and ended in mineralisation, suggesting only upper, steam-heated levels have been tested.
Geophysics defines a chargeability + resistivity high interpreted as a feeder structure at depth.
Deep drillhole PEL-DDH-005 returned peaks of 5.48 g/t and 4.17 g/t AuEq over 0.9 m—evidence for high-grade shoots at depth.
Figure 7: Marcelina Silica Cap shown against Cerro Negro Silica Cap (Source: PUR)
3) Estancia, Igloo & Valdivia Brechón — pipeline of walk-up targets (Figure 8)
Multiple intercepts confirm mineralised footprint expansion; district remains open at depth/along strike.
Figure 8: Sascha Marcelina Drillhole Locations Map (Source: PUR)
Deal Terms (Summary)
(Figure 9)
Structure: PUR to acquire 100% of Andara. Consideration includes 30,000,000 PUR shares (deemed $0.06) to the vendor (Ascension), with 5,000,000 to a nominee (director Stephen Layton), subject to shareholder approval.
Cash & Options: US$1.5m to Mirasol for Sascha; US$3.7m staged option payments for Marcelina (US$106,250 by 31 Dec 2025; US$156,250 by 31 Dec 2026; US$3.45m by 31 Dec 2027).
Royalty: 1.5% NSR to Mirasol with PUR buy-back rights (0.75% for US$1.5m within 2 years of commercial production; remaining 0.75% for US$4.0m within 3 years). ROFR applies to any third-party sale.
Conditions & Completion: Standard CPs (due diligence, approvals, Royalty Deed, encumbrances, no MAC). Completion 5 business days post-CPs; issuance of consideration shares and first staged payment at completion.
Figure 9: Property map showing the separated Sascha and Marcelina claims (Source: PUR)
Capital Raising
A$4.04m via placement of 53,891,824 shares at $0.075. Partial use of Listing Rule 7.1/7.1A capacity; balance under prior shareholder special resolution. Settlement 8 Oct 2025, quotation 9 Oct 2025. PAC Partners engaged as lead manager (fee up to 6% and 10,773,333 options @ $0.12, 2-yr).
Work Program & Near-Term Catalysts
Deeper drilling at Sascha Main to test 150–400 m boiling-zone window and extend known shoots.
Feeder-structure test at Marcelina targeting the chargeability/resistivity anomaly; step-outs under post-mineral cover (blind discovery potential).
Pipeline targets (Estancia, Igloo, Valdivia): Mapping, geophysics, and step-out holes to expand the mineralised footprint (Figure 10).
Figure 10: Sascha Marcelina Exploration Targets (Source: PUR)
Samso Concluding Comments
The Pursuit story is now about positioning for a district-scale gold-silver discovery in a proven Tier-1 epithermal province. The combination of existing high-grade intercepts, a clearly defined untested depth window, and analogue cues from Cerro Negro sharpens the exploration focus.
This appears to be a new direction for the company and how they separate the lithium story, and this new direction will be interesting. For shareholders, this is probably a good injection as they meander through the lithium space for value creation.
The Sascha–Marcelina story is a good epithermal discovery story. The grade is already indicating board multiple sub-parallel corridors, and a conspicuously untested boiling-zone window (~150–400 m) at Sascha Main. There is good reason to believe that the limited work has proven the system; the unanswered question, as always in these potentially large systems, is whether continuity and scale at depth exist. That is where value will be created—or not.
One would assume that the next exploration journey is to link those ≥1 g/t AuEq pierce points into coherent, mine-style shoots, and verify the Marcelina feeder that has been defined by the chargeability/resistivity anomaly. If the plumbing is where the geophysics says it is, we should start to see thicker, more consistent intercepts beneath the silica caps rather than isolated spikes.
On the corporate side, the A$4.04m placement gives PUR enough runway to execute the first pass of this thesis without starving the pipeline targets (Estancia, Igloo, Valdivia). There will definitely be another raise as these large systems are notorious for spending large amounts of funds in the pursuit of glory. For investors who are worried about dilution, this will be a put-up or stay-away.
For those who understand the landscape that is coming and are believers, they may be looking at a transformational change in value as shareholders. For those who don't like the longer-term scenario that is presented, I think there are other shorter-term propositions in the market as we write now.
In Tier-1 belts like the Deseado Massif, the market typically rewards credible vectors toward resource definition, not just headline assays. For me, as a shareholder, proving this is a large system will create value, but I am not sure if it will be an instant 10-bagger. Sadly, I have a feeling that this will be a slow grind until the first drill holes. Positive test of the concepts we have discussed will make life as shareholders interesting.
Bottom line for investors: set your expectations to depth tests and continuity, not one-off grades. This will be time-consuming, and patience is highly required; otherwise, you will miss any potential upsides. I think the main feature will be to see if there is truth to the Marcelina feeder. If those pieces start to fall into place, the narrative pivots from “promising intercepts” to a district-scale resource conversation—exactly the kind of inflection we look for at Samso. #SamsoDYOR
The Samso Way – Seek the Research
Read the source docs, map geology to drill plans and cash runway, track CPs and timelines, focus on continuity over single assays, and update your thesis as facts change. #SamsoDYOR
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