en.Wedoany.com Reported - Pursuit Minerals (ASX:PUR) has expanded the total area of its Rio Grande Sur Lithium Project in Argentina to 10,595 hectares through the acquisition of two key mining concessions. The company obtained exploration and acquisition rights for the Rio Grande I and Demasía Rio Grande I concessions from Recursos Energéticos y Mineros Salta (REMSA). These newly added lands are considered a natural extension along the trend of the Mito concession prospect, with significant potential in terms of resource scale and project coverage.
The Rio Grande I and Demasía Rio Grande I concessions cover 1,345.21 hectares and 17.07 hectares, respectively, and are adjacent to the company's existing Mito concession. Recent CSAMT (Controlled Source Audio-frequency Magnetotellurics) modeling conducted within this concession has identified a priority brine target.
Managing Director and CEO Aaron Revelle stated that this land acquisition enhances the potential scale of the Rio Grande Sur Project, providing a clear pathway for future resource growth and project expansion. The concession directly expands the company's footprint around Mito and further covers the same structural trend identified through geophysical results from the recent CSAMT reinterpretation. The new concessions are expected to align with the existing mineral resources and the development pathway established by the Pre-Feasibility Study for a 5,000 tonnes per annum lithium carbonate operation at the Rio Grande Sur Project.
The development of electric vehicles, artificial intelligence infrastructure, and grid-scale energy storage demand has driven a rebound in lithium carbonate and lithium hydroxide prices over the past 12 months. Total lithium demand is expected to double by 2030, requiring new sources to fill the supply gap.
Under the terms of the agreement, Pursuit obtained exclusive rights to these two areas for US$125,000 and contributed US$25,000 to the Salta Province Social and Infrastructure Fund. Additionally, Pursuit has committed to at least US$150,000 in exploration investment during the initial 12-month program, at its own cost and risk. Pursuit will acquire 100% ownership and all mining rights within the concession areas, with REMSA retaining no royalties, residual interests, or future claims to the land. The geological framework controlling brine migration and accumulation within the salar is expected to extend into the new concession areas, and this acquisition aligns with the strategy of consolidating advantageous and contiguous land holdings in the Rio Grande Salar.
Environmental declarations for the new areas are expected to be submitted in the coming weeks to support future exploration within the expanded concession. Site preparation for the next phase of drilling is also complete, with the DDH-3 diamond drill hole at the Mito concession in the northern part of the salar ready to commence drilling. This drill hole is a resource upgrade target, following the success of DDH-1 and DDH-2, and aims to further test the priority brine target while enhancing understanding of the basin structure, brine distribution, and hydrogeological controls in the project area.
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