Sascha Marcelina – A High-Impact Gold–Silver System Moving Toward First-Pass Drilling
- Noel Ong
- Dec 24
- 6 min read
Announcement
Sascha Marcelina Project Update 3 December 2025 (click here to view the announcement)
Pursuit Minerals Limited (ASX: PUR) has advanced another significant step in its South American growth strategy, finalising all Conditions Precedent for the acquisition of the Sascha Marcelina Gold Project in Santa Cruz, Argentina (Figure 1). Following shareholder approval on 24 November 2025, the Company continues to refine its geological interpretation and preparations toward a targeted maiden drilling program across one of the most prospective low-sulphidation epithermal corridors in the province.
Figure 1: Sascha Marcelina District: Priority Target Zones Across the 100 km² Gold–Silver System (source: PUR)
The Business of the Company: Focus – Gold and Silver
Pursuit Minerals is building a dual-commodity platform in Argentina through the advancement of two cornerstone assets:
Sascha Marcelina Gold–Silver Project – A structurally controlled epithermal system with multiple high-grade shoots along a 2 km corridor and one of the province’s rare preserved silica caps.
Rio Grande Sur Lithium Project – A brine project progressing toward a 5,000 tpa feasibility study, with a broader staged development pathway targeting up to 17,500 tpa.
Both projects complement each other within a Tier-1 jurisdiction, enabling Pursuit to pursue scale, optionality, and long-term production potential.
Highlights – Due Diligence Complete & High-Impact Targets Prioritised
Key Operational and Strategic Milestones
Due Diligence Completed following shareholder approval at the 24 November EGM; all legal, technical, and financial matters finalised with no material issues identified.
Exploration Strategy Advancing, integrating historical datasets with structural and alteration modelling to define three priority shoots along a 2 km Sascha Main trend (Shoots A, B, and C) (Figure 2).
Figure 2: Priority Discovery Targets Across the 2 km High-Grade Corridor (source: PUR)
Maiden Drilling Contractor Selection Underway, with quotes received from multiple Santa Cruz–based drillers now under evaluation.
Dual-Project Growth Strategy Strengthening, with Sascha Marcelina and Rio Grande Sur advancing in parallel.
High-Impact Discovery Potential Identified, including the preserved Marcelina Silica Cap, a geological analogue to Newmont’s Cerro Negro system (Figure 3).
Figure 3: Marcelina Silica Cap: High-Impact Discovery Target (source: PUR)
These highlights underscore a technically driven and capital-efficient growth platform, backed by strong geological rationale and a clear initial drilling strategy.
Leadership Commentary
Pursuit Managing Director & CEO, Aaron Revelle, commented:
“The finalisation of Due Diligence and satisfaction of all Conditions Precedent marks an important milestone for Pursuit, with completion now largely administrative. In parallel, our technical team has been advancing the exploration strategy, integrating historical datasets with new geological interpretation to refine a series of high-impact drill targets for our maiden program. We look forward to completing the acquisition of Sascha Marcelina in the coming weeks and rapidly advancing this exceptional gold–silver opportunity alongside the continued development of our Rio Grande Sur Lithium Project. Together, these assets position Pursuit with a compelling dual-commodity growth platform in Argentina.”
About the Project
Sascha Main – High-Grade Shoots Along a 2 km Corridor
The Sascha Main trend comprises a structurally controlled, high-grade epithermal system where multiple vein-hosted shoots remain open at depth. Re-interpretation of historical drilling indicates a largely untested boiling-zone horizon between ~260–400 m, where grade and continuity are expected to increase.
Shoot B is supported by significant high-grade surface results (up to 160 g/t Au and 780 g/t Ag), strong structural controls, and coherent geophysical vectors.
Historical drilling includes intercepts such as 9.2 g/t AuEq over 1.6 m (DDS02) and 10.9 g/t AuEq over 0.3 m, including 320 g/t Ag (DDS13).
Marcelina (Pellegrini Trend) – Rare Silica Cap with Deep Discovery Potential
Marcelina hosts one of only three preserved silica caps in the Santa Cruz province. These caps are known to mask the upper “steam-heated” zone above high-grade boiling-zone mineralisation – the same geological architecture that underpins the Cerro Negro deposit.
Historical drilling intersected hydrothermal breccias and anomalous Au-Ag-Pb-Zn values but never penetrated the boiling zone. New geophysical modelling reveals:
A strong, coherent chargeability + resistivity anomaly directly beneath the historical holes
A well-defined feeder structure, consistent with major epithermal systems (Figure 4)
Figure 4: Plan View and Cross Section with feeder structure (source: PUR)
Near-term Milestones to Watch
Final completion and settlement of the Sascha Marcelina acquisition.
Appointment of drilling contractor following evaluation of submitted quotes.
Commencement of first-pass drilling early in the new year, targeting:
Deep tests beneath high-grade positions at Sascha Main
Scissor hole and deep extension beneath Marcelina’s silica cap
Advancement of the Rio Grande Sur feasibility study through Q4 2025.
Potential reassessment of drilling at the Mito tenement given improved lithium market sentiment.
Samso Concluding Comments
From an investment perspective, the value proposition at Sascha Marcelina lies in the combination of preserved epithermal architecture, untested boiling-zone depths, and coherent structural and geophysical targeting.
The comparison to systems such as Cerro Negro is valid, but I think this is very typical of companies to try to drag something like that to "legitimised" their project. Don't get me wrong, the points are grounded in the presence of a silica cap, a structurally controlled vein corridor, and a feeder-style geophysical signature. When the geological architecture mirrors known world-class systems, the exploration pathway becomes more defined and less speculative. This does theoretically reduce uncertainty and strengthens the justification for deep drilling, but it is just theory.
What I do like about the PUR story now is the Rio Grande Sur Lithium Project, which, in my opinion, does maintain continuity in the Company’s long-term development pathway. The feasibility study nearing completion, combined with renewed sector optimism, provides Pursuit with a measured, staged approach to future production. This creates a natural balance between high-impact exploration and advancing a second asset toward development readiness.
In essence, Pursuit is navigating a dual strategy that blends opportunistic discovery with pragmatic development positioning. The upcoming drilling program will be pivotal in determining the scale of the opportunity at Sascha Marcelina. If the geological indicators perform as modelled, the project may rapidly evolve into one of the more significant epithermal systems emerging in the province.
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