Isa Super Basin in hot Pursuit

The location of Pursuit Minerals interests in the North West.
The location of Pursuit Minerals interests in the North West.

Entrepreneurial explorer Pursuit Minerals has lodged its official prospectus with ASIC with North West Queensland interests featuring prominently.

Pursuit Managing Director Jeremy Read said they had good feedback from investors in its recent roadshow.

“There was a lot of positivity from the people we spoke to which has given us a lot of confidence in the strategy we’re running with for Pursuit,” Mr Read said.

“Investors really saw the value of the zinc and copper projects we are acquiring near Mount Isa and our vision for creating value at those sites over the next 12 to 24 months.”

Mr Read said the Mount Isa Super Basin was a truly world-class metals province and they were looking at a market where tightening supply and declining production are seeing global zinc prices hit 10 year highs.

“The projects we have targeted have enormous potential, with proven resources and proximity to existing infrastructure associated with the recently closed Century Zinc Mine,” he said.

Pursuit Minerals have an agreement to acquire two projects — Bluebush and Paperbark — in the Mount Isa Super Basin and a third project near Coober Pedy in South Australia.

Mr Read said the time was right for Australian zinc projects.

“Our Bluebush project — just 72km north-east of the Century Mine — hosts zinc mineralisation over an area in excess of 100km2, making it one of the largest areas of zinc mineralisation in Australia,” he said.

“The Paperbark project not only hosts an established zinc resource at the JB prospect, but also has confirmed copper oxide and copper sulphide mineralisation, which we will be investigating further.”

Pursuit Minerals has an agreement to acquire the projects from Teck Australia — the Australian arm of Canadian mining giant Teck — which will then hold a 19.9 per cent stake in the company.

“We have a lot of experience with these sorts of transactions and we’re confident we can deliver superior returns to investors — just as we did with our last zinc venture, Meridian Minerals,” said Mr Read.

“We’ve identified a value capture window for our zinc projects in the next 12 to 24 months, where prices should continue to be at high levels and zinc projects like Bluebush and Paperbark will be attractive to companies looking to expand their resource base.”

“The Paperbark project also presents us with an opportunity to define a copper oxide resource early on, which if defined could lead to early to medium term cash flows for the company.

“As well as our projects in the Mount Isa Super Basin, we have secured a promising land holding in South Australia, with the potential to define a substantial IOCG deposit in a minerals province which has produced a number of highly successful IOCG projects, including the Olympic Dam mine.”