Pursuit Minerals Ltd (ASX: PUR) shares are off to the races today, up more than 35% to 5 cents in afternoon trading. Earlier during intraday trade, the Pursuit Minerals share price rallied by as much as 70% to 6.4 cents before retreating.
The soaring share price comes following the company's announcement of promising airborne electromagnet (AEM) data from its Calingiri East exploration licence on the Warrior PGE-Ni-Cu project in Western Australia.
(For the uninitiated, Ni stands for nickel, Cu is copper, while PGE stands for platinum group elements. Those are comprised of palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh) and ruthenium (Ru).)
What did the company report?
The Pursuite Minerals share price is surging today after the company reported its preliminary AEM survey had detected five strong electromagnetic (EM) conductors. The company believes these have the potential to be due to PGE-Ni-Cu sulphide mineralisation.
These stronger EM conductors, Pursuit Minerals states, are associated with "magnetic anomalies interpreted to be due to mafic or ultramafic intrusive rocks". These same anomalies are known to host the PGE-Ni-Cu mineralisation at the Chalice Mining Ltd (ASX: CHN) Julimar Project.
Due to the highly prospective nature of the five identified anomalies, the company has significantly extended the survey block. It expects to complete its overall Warrior AEM survey before the end of March. The final data is expected by the middle of April.
Commenting on the results, Pursuit CEO Mark Freeman said:
The PGE-Ni-Cu targets which have been recognised from the preliminary data from the Calingiri East AEM survey block, demonstrate how the application of AEM surveys to PGE-Ni-Cu exploration can rapidly advance a project and generate highly prospective targets for drill testing. To have defined focussed quality targets from the preliminary data is very encouraging and we look forward to identifying further targets from the remainder of the Warrior AEM survey and then drill testing the highest priority targets as soon as practicable.
Once the company has all the data in hand, it intends to start drill testing the high priority in either the second or third quarter of this year.
Pursuit Minerals share price snapshot
Patient shareholders in the junior miner have enjoyed a highly profitable 12 months and a great start to 2021.
Over the past year, the Pursuit Minerals share price is up 400%. That compares to a 3% loss on the All Ordinaries Index (ASX: XAO). With today's intraday moves taken into account, Pursuit Minerals shares are up 150% year to date.
