Entrepreneurial explorer Pursuit Minerals has successfully listed on the Australian Securities Exchange and immediately moved to mobilise drilling at its Bluebush project in the Mt Isa Super Basin.
Pursuit Minerals listed on the ASX following a reverse takeover of the suspended Burrabulla Corporation Ltd.
Pursuit Minerals Managing Director Jeremy Read said the Bluebush project had the makings of a globally-significant zinc resource.
“The Mt Isa Super Basin is a truly world class metals province, and we have targeted projects with significant potential in this region,” Mr Read said.
“Both Bluebush and Paperbark — our other Mt Isa project — have proven zinc mineralisation and a mineral resource at Paperbark, in proximity to existing infrastructure associated with the recently closed Century Zinc Mine.
“We have mobilised our drilling contractors on the Bluebush site with the objective of locating the focal point of this huge zinc system, where economic widths and grades of zinc mineralisation have a greater probability of occurring.
“Pursuit Minerals is led by the same management team as Meridian Minerals — our last zinc venture — where we experienced great success developing projects very similar to Bluebush and Paperbark.
“Just as we did with Meridian we are aiming to discover and advance world class zinc assets through Pursuit Minerals.”
The Bluebush project — just 72km north-east of the Century Mine — hosts zinc mineralisation over an area in excess of 120km2, making it one of the largest areas of zinc mineralisation in Australia.
The Paperbark project — located 20km to the south-east of the Century zinc mine — not only hosts an established zinc resource at the JB prospect, but also has confirmed copper oxide and copper sulphide mineralisation, which is yet to be fully investigated.
Pursuit Minerals acquired the projects in its portfolio from Canadian mining giant Teck’s Australian arm. Teck Australia now holds a 19.9% stake in the company.
“The initial area we’ve selected for follow up exploration drilling is along strike from the best intersection ever drilled on the Bluebush Project in an area close to where the Elizabeth Creek Fault and the Boga Fault intersect,” Mr Read said.
“Four to six drill holes — for 2000m — will be completed within the area selected for follow-up drilling. Project personnel are on site and drilling of the first hole has commenced.
“Heritage and land access agreements for the majority of the Bluebush Project are in place facilitating the exploration program.
“I’d like to acknowledge the significant assistance we’ve received from the Traditional Owners of the Bluebush region, and the Lawn Hill and Riversleigh Pastoral Company for working with Pursuit to expedite the commencement of the drilling program.”
Mr Read said Pursuit expected to have the results of the drilling at Bluebush within 4-6 weeks.