Pursuit Minerals : Combatant Update - Intrusive Ultramafics Confirmed

ASX Announcement

10 January 2022

Combatant Update - Intrusive Ultramafics Confirmed

For personal use only

The Company's principal business objectives are the acquisition, exploration, development and operation of PGE, copper, nickel silver, gold, vanadium and othermineral deposits.

Directors

Peter Wall (Chairman)

Mark Freeman (MD)

Bob Affleck (Technical Director)

Company Secretary

Mark Freeman

Capital Structure

		ASX Code		PUR
		Shares		937,013,916
		Options
		0.7c exp 18/9/23		36,000,000
		Perform. Rights*	*	63,500,000

• 60,000,000 subject to shareholder approval

Pursuit Minerals Limited (ASX:PUR) ("Pursuit" or the "Company") is pleased to advice that soil sampling program at Combatant Project has been completed and assay results received.

Combatant Project (100%)

Sampling and reconnaissance has identified three ultramafic units at Garden Well (E09/2497), Currie Currie Bore (E 09/5496) and Murrum Creek (E 09/5496) (Figure 2).

The Garden Well ultramafic has a strike length of approximately 1800m and field mapping has confirmed it consists of multiple units over 450m wide, intercalated with host gneiss.

The Currie Currie Bore ultramafic has a strike length of approximately 2900m and a field traverse confirms it lies within a package of mafic and BIF units and is between 700 and 350m wide.

The Murrum Creek ultramafic is an 800 x 700 metre body in flat country with no surface expression. Nickel, copper, gold, platinum and palladium assays are typical of background ultramafic levels with no significant elevated results noted.

The results confirm that the tenement package hosts intrusive ultramafic units, and aeromagnetic interpretation indicates that these ultramafics are intrusive in nature. Pursuit will plan additional field programs to effectively test each of these for potential Ni-Cu-PGEmineralisation.

Figure 1 : Pursuit team investigating Currie Currie Bore Ultramafic

Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR

PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 | [e-mail] | www.pursuitminerals.com

For personal use only

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M2021 Quarterly Activities Report

Next Steps:

• Design air core drilling program over mag features under cover within Murchison River drainage
• Investigate EM program for ultramafics to detect potential massive sulphides not exposed at surface

Figure 2: Identified ultramafics and conceptual air core drill targets

Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR

PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 | [e-mail] | www.pursuitminerals.com

For personal use only

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M2021 Quarterly Activities Report

For more information about Pursuit Minerals and its projects, contact:

Mark Freeman	Mathew Perrot
CEO	Exploration Manager
E:[e-mail]	E: [e-mail]
T:+ 61 412 692 146	T:+ 61 411 406 810

Competent Person's Statement

Statements contained in this announcement relating to exploration results, are based on, and fairly represents, information and supporting documentation prepared by Mr. Mathew Perrot, who is a Registered Practicing Geologist Member No 10167 and a member of the Australian Institute of Geoscientists, Member No 2804. Mr. Perrot is a full-time employee the Company, as the Company's Exploration Manager and has sufficient relevant experience in relation to the mineralisation style being reported on to qualify as a Competent Person for reporting exploration results, as defined in the Australian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC) Code 2012. Mr Perrot consents to the use of this information in this announcement in the form and context in which it appears and holds shares in the company.

Forward Looking Statements

Disclaimer: Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company's prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR

PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 | [e-mail] | www.pursuitminerals.com

APPENDIX ONE

JORC TABLE

1. JORC Code, 2012 Edition - Table 1 report template

1.1 Section 1 Sampling Techniques and Data

only
	Criteria			JORC Code explanation			Commentary
	Sampling		• Nature and quality of sampling (e.g. cut channels,		• Soil samples were collected utilising a hand auger to the top of the B horizon, typically ~20 cm.
	techniques		random chips, or specific specialised industry		• Samples were sieved in the field to -60 micron
					standard measurement tools appropriate to the		• Soil sample weights were typically greater than 1 kg post sieving
					minerals under investigation, such as down hole		• All sieved material was collected into numbered calico bags
					gamma sondes, or handheld XRF instruments, etc).		• The sampling techniques are considered appropriate for the landform and usage encountered
					These examples should not be taken as limiting the
use					broad meaning of sampling.
				• Include reference to measures taken to ensure
					sample representivity and the appropriate calibration
					of any measurement tools or systems used.
					• Aspects of the determination of mineralisation that are
					Material to the Public Report.
					• In cases where 'industry standard' work has been
					done this would be relatively simple (e.g. 'reverse
					circulation drilling was used to obtain 1 m samples
					from which 3 kg was pulverised to produce a 30 g
					charge for fire assay'). In other cases more
					explanation may be required, such as where there is
					coarse gold that has inherent sampling problems.
					Unusual commodities or mineralisation types (e.g.
personalr					submarine nodules) may warrant disclosure of
				detailed information.
Drilling		• Drill type (e.g. core, reverse circulation, open-hole		• Drilling was not undertaken
	techniques		hammer, rotary air blast, auger, Bangka, sonic, etc)
					and details (e.g. core diameter, triple or standard tube,
					depth of diamond tails, face-sampling bit or other type,

Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR

PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007

T + 61 8 6500 3271 | [e-mail] | www.pursuitminerals.com

X Announcement

M2021 Quarterly Activities Report

		Criteria			JORC Code explanation			Commentary
only
				whether core is oriented and if so, by what method,
				etc).
Drill sample		• Method of recording and assessing core and chip		• Drilling was not undertaken
recovery		sample recoveries and results assessed.
				• Measures taken to maximise sample recovery and
				ensure representative nature of the samples.
				• Whether a relationship exists between sample
				recovery and grade and whether sample bias may
use					have occurred due to preferential loss/gain of
				fine/coarse material.
Logging		• Whether core and chip samples have been		• Drilling was not undertaken
				geologically and geotechnically logged to a level of
				detail to support appropriate Mineral Resource
				estimation, mining studies and metallurgical studies.
				• Whether logging is qualitative or quantitative in nature.
				Core (or costean, channel, etc) photography.
personal					• The total length and percentage of the relevant
				intersections logged.
	Sub-		• If core, whether cut or sawn and whether quarter, half		• Sample preparation by Pursuit follows industry best practice at accredited laboratories.
	sampling		or all core taken.		• Samples were collected on a 200 x 200 m offset grid
	techniques		• If non-core, whether riffled, tube sampled, rotary split,		• Sample sizes > 200 g are considered appropriate for the technique
	and sample
		etc and whether sampled wet or dry.
	preparation
					• For all sample types, the nature, quality and
					appropriateness of the sample preparation technique.
					• Quality control procedures adopted for all sub-
					sampling stages to maximise representivity of
					samples.
Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR
PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007
T + 61 8 6500 3271 | [e-mail] | www.pursuitminerals.com
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