Pure Resources has expanded its Canadian lithium project by over

Thu 19 Jan 23, 1:26pm (AEST)
A Canadian flag flies high atop a flagpole carried by the wind in the foreground of an alpine horizon beneath a cloudy but pleasant sky
Source: Unsplash

Key Points

  • Pure Resources has been granted all remaining titles by local authorities in Quebec for its Laforge Lithium Project
  • Company is one of few that listed in 2022 to trade above its float price in early January
  • Large lithium pegmatite outcrops discovered in aerial survey earlier this month; northern winter snowfall hinders fieldwork at this time

ASX-listed and Canada-based lithium explorer Pure Resources (ASX:PR1) effectively boosted the size of its Laforge Lithium Project in Quebec after authorities granted the company all remaining titles underpinning its acreage on Thursday. 

Shares were up 10% heading into the third hour of Wednesday trade. 

Back in November last year, that project was smaller in size, at It covered 300 claims at that point.

The project is located in the Superior Province region of rural Quebec, which is a busy mining hub for the country. Pure is pivoting into the lithium space, perceiving strong ongoing interest in battery metal thematics. 

Recent rock chip collection fieldwork has also provided early-stage piecemeal evidence gold mineralisation could be present in commercial quantities. 

Once snow melts, on-the-ground fieldwork will truly begin. 

Nearology considerations 

“The early observations of the exploration program further enhances the Board’s view on the prospectivity of the Project,” company Executive Chairman Patric Glovac said. 

“Whilst greenfields in nature, the Laforge Project is situated in the same geological province…as the Corvette Lithium Trend,” Glovac added.

Earlier this month, Pure reported its discovery of large lithium pegmatite outcrops at-surface on-site the project.

At this time, due to the Northern winter, the company has explored only about 5% of its total acreage. Outcrops were identified in a helicopter survey over the snow blanketed acreage. 

Nearby is a project run by Canada’s Toronto Exchange-listed Patriot Battery Metals (TSX:PMET), a proven lithium play called Corvette only 65 km northeast. 

International footprint grown quickly

The company also holds a number of projects in Western Australia, including the Killarney copper project. Pure listed on the ASX in March 2022. 

As at Thursday 5 January 2023, it was one of few ASX-listed companies that listed last year trading above its float price. 

Want to know more? 

Free company data for Pure available on the Market Index website offers a range of initial considerations for investors looking at the company, including but not limited to: 

  • Share price of 31c* 

  • Share price is up 10.7%* 

  • Market cap of $7.7m* 

  • One year returns up 61.5% 

  • Year to date performance up 12.7% 

  • Average 4 week volume of 57,623 shares 

  • Ranked 758 of 943 materials sector companies 

  • Company held $4m in cash at end of September quarter 

  • It spent $197,000 over the same period 

  • Company has not raised any capital since listing March 2022

*As at 1255 AEST Thursday 19 January 2023

The shape of Pure's six month charts
The shape of Pure's six month charts


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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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