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Highlights
- Pursuit Minerals' (PUR) flagship project sees a resource upgrade exceeding 300%.
- The Rio Grande Sur Project is now positioned for long-term growth in the lithium sector
- Feasibility studies underway for scaling production to meet market demands.
Pursuit Minerals (ASX:PUR) has announced a remarkable milestone for its flagship Rio Grande Sur Project located in Salta Province, Argentina. The lithium resource at the project has surged by over 300%, reaching an impressive 1.1 million tonnes at a grade exceeding 500 mg/L lithium. This substantial upgrade enhances the project’s viability, placing it as a significant competitor in the rapidly growing lithium market.
The company's managing director and CEO, Aaron Revelle, highlighted the strategic importance of this upgrade, which increases not only the resource volume but also its quality. Revelle pointed out that the enhanced resource has technically de-risked the operation, creating a robust foundation for long-term success.
A major highlight of the project is the company's 250-tonne lithium carbonate pilot plant situated in Salta City. The upgraded resource allows for strategic planning aimed at achieving a mine life extending up to five decades. With first production of battery-grade lithium carbonate anticipated by early 2025, the project is set to contribute significantly to the lithium supply chain.
To support future expansion, Pursuit Minerals (PUR) is advancing feasibility and scoping studies to scale production capabilities. Plans are underway to ramp up annual production to as much as 20,000 tonnes. These studies are expected to optimize operational efficiencies and align the project with global demand trends.
In 2025, the company will prioritize transitioning the pilot plant into continuous operation at the project site. Additionally, there are ongoing efforts to explore further resource expansions, which could bolster the project’s long-term value and enhance its strategic positioning in the market.
Revelle emphasized that the Rio Grande Sur Project is designed to maintain a competitive edge, even under current lithium market conditions. With operating costs estimated between $4,000 and $5,000 per tonne, the project is well-positioned for sustained profitability.
This significant milestone reflects Pursuit Minerals’ (PUR) commitment to strengthening its footprint in the lithium market, aligning its operations with the growing global demand for battery-grade lithium. By focusing on scalability, cost efficiency, and resource expansion, the company is poised to deliver substantial value in the coming years.
The Rio Grande Sur Project’s resource upgrade and advanced planning underscore its potential to play a key role in the energy transition landscape, meeting the increasing demand for lithium in the electric vehicle and renewable energy sectors.
