MELBOURNE: Australian miner Pursuit Minerals Ltd said on Tuesday it has agreed to acquire the Sascha Marcelina gold-silver project in Argentina’s prolific Deseado Massif region and has secured commitments to raise A$4.04 million ($2.7 million) to fund the deal and exploration.
The company will buy 100% of Andara Mining Pty Ltd, which holds exclusive rights to acquire the project in Santa Cruz province, an area known for major operations including Newmont’s Cerro Negro and AngloGold Ashanti’s Cerro Vanguardia mines.
Pursuit will pay for the acquisition through the issue of 30 million shares to vendor Ascension Capital Partners Pty Ltd and staged cash payments, including $1.5 million to Mirasol Resources for the Sascha tenements and up to $3.7 million to local vendors for the Marcelina tenements by 2027.
The Sascha Marcelina project spans 100 square kilometres and hosts multiple high-grade drill intercepts, including 9.23 grams per tonne gold equivalent over 1.55 metres and 10.85 g/t gold equivalent over 0.27 metres.
“The acquisition is truly transformational for Pursuit,” said Managing Director Aaron Revelle. “It delivers a highly prospective gold-silver project in the heart of a world-class district.”
The company said no drilling has tested below 170 metres at the Sascha Main target, leaving “significant upside” untapped. Planned exploration will target deeper high-grade zones, with drilling expected to begin in the coming months.
The A$4.04 million placement will be used to fund the acquisition and an initial drilling programme. Settlement is expected on Oct. 8, 2025.
Pursuit, which is also developing lithium assets in Argentina, said the deal positions it as a diversified developer in the South American country.
($1 = 1.4963 Australian dollars)