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Recently listed Pure Resources jumps 6% on high-grade rockchips

Wed 22 Jun 22, 2:43pm (AEST)
Prospector exploring at an Askari project
Source: Askari Resources

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Key Points

  • Rock chip samples from Pure’s Killarney project include one at 19% copper and 78 g/t of silver
  • Results validate historical data from 1970s unexamined for 50 years
  • Company listed on the ASX in mid-March

Validating historical data from the 1970s left unexamined for half a century, Pure Resources (ASX:PR1) has seen its price jump 6% on the back of high-grade rock chip results. 

The results come from recent sampling activities carried out at the company’s Killarney Project in northern WA. 

Pure Resources said mapping of the acreage was conducted at the same time, where company geos identified surface copper mineralisation and numerous targets of interest.

A geological map locating the Turkey Creek project relative to Killarney
A geological map locating the Turkey Creek project relative to Killarney

Pure Resources wasting no time 

Samples were collected earlier this year in March, the same month the company listed on the Australian bourse. 

Rock chips were taken from two prospects; Killarney and Turkey Creek. Results for the latter are pending. 

The area was last explored by Australian Anglo American and CRA Exploration in the early 1970s. Since that time, “little” follow-up work has been conducted on the acreage.

So far, historical surveys of the area’s prospectivity have been proven right. 

In 1972, Anglo estimated the Turkey Creek deposit with a strike length of 90m. 

The Killarney copper prospect is believed to host a mineralised body of some 250x100m, 12km southeast of the town of Warmun. 

2022 H2 exploration plan in-situ 

Company management noted optimism on the promising results some two months after listing. 

“It is exciting to validate the presence of high-grade copper at Killarney” Pure executive chairman Patrick Glovac said. 

“Following listing, we have been in the field visiting all the key target areas we identified during desktop studies.” 

“[This will] refine our exploration strategy for the year ahead.”

Pure Resources' three month charts compared to the materials index
Pure Resources' three month charts compared to the materials index

 

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Written By

Jonathon Davidson

Journalist

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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