What's happened?
Pursuit Minerals Limited (ASX:PUR) has entered into a binding option agreement with Golden Buck Ventures LLC (GBV) and Moreton Gold Pty Ltd (MOR) (together, the Vendors), granting Pursuit the right to purchase a 100% interest in the Buck Mountain Gold Project, in Arizona, USA.
What are the key highlights?
- The Buck Mountain Gold project is a high-grade alluvial gold project with significant complementary silver and Platinum Group Metals (PGM’s) mineralisation.
- The project is located 18 miles northeast of Lake Havasu City in Mojave County, Arizona.
- The mineral resource at the Buck Mountain Gold Project, compiled in compliance with Canadian National Instrument 43-101, has been estimated to be 1.248 Mt at 6.1 g/t gold for 244,000 Oz’s with the gold, silver, PGM mineralisation open at depth and laterally. NOTE: The mineral resource compiled in accordance with Canadian National Instrument 43-101, is a foreign mineral resource estimate and it was not compiled in accordance with the JORC code.
- Metallurgical processing of a 16.2 ton bulk sample resulted in average recovered grades of 4.8g/t Au, 119.66g/t Ag and 0.55g/t Pt.
- In conjunction with the transaction, Pursuit has executed a mandate with CPS Capital Group and has secured firm commitments to raise A$600,000 through the issue of 120,000,000 shares at 0.5 cent each.
For more information, please refer to the announcement linked below.
