The Pursuit share price is rising today after completing an $8 million placement and expediting work in its Warrior Exploration nickel mine.
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The Pursuit Minerals Ltd (ASX: PUR) share price rose by as much as 5% in intraday trade before closing up 2.5% at 8.1 cents per share. Over the past month, the Pursuit share price is up more than 15%.
We take a look at recent news from the miner, including the completion of an $8 million placement and the expedition of work in its Warrior Exploration nickel mine, to see what might be impacting its share price performance.
Pursuit is a mineral exploration and project development company with a strong focus in Europe. It explores projects including the Koitelainen project and Karhujupukka project located in Finland, Central Sweden projects and the Airijoki project located in Sweden.
Pursuit’s $8 million placement
Pursuit confirmed on 9 April that it had completed the placement of 119,565,217 shares to CPS Capital. The placement shares were issued with an issue price of $0.069 per share, raising $8,250,000 (before costs).
Pursuit says the placement will enable the Company to advance its projects in Warrior, Combatant and Gladiator Projects, together with providing working capital and funding for potential new opportunities.
Pursuit CEO, Mark Freeman, said “the company is delighted with the strong support for the placement. This raising will provide critical
funding to conduct our inaugural drilling.”
Pursuit’s expedited MLEM and sampling
Pursuit also announced on 6 April that the company is commencing Moving-loop ground EM (“MLEM”) surveys to track anomalys (potential mineral deposits) that have been found in its Wubin and Wubin South Project Areas.
Pursuit also announced that its soil sampling program was completed over what it calls the “highly conductive” Phil’s Hill Prospect, on the Calingiri East tenement. This has been undertaken along with follow-up soil sampling over all lines, with MLEM line results expected within 4 weeks.
The company is drilling for high-grade, platinum rich nickel and copper in the region.
Freeman noted the progress Pursuit have made in progressing from aerial surveys this month.
The company is extremely pleased with the progress of the Phil’s Hill Prospect, with the company continuing to aggressively fast track its activity. Soil sampling results are in progress over the interpreted EM targets and we expect results back from the laboratory within the next 3-4 weeks.
The MLEM Surveys at Wubin and Wubin South should provide additional drilling targets for our upcoming inaugural drilling program. We are currently liaising with drilling contractors and expect to be able to announce commencement of drilling within the next 2-3 months once all government and Aboriginal Cultural Heritage approvals are in place.
Pursuit share price snapshot
The Pursuit share price has returned 2,076% over the past 12 months. It’s down 3% this week and started April badly, but has risen by 15.71% in the past month. It has a market capitalisation of $73 million.
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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.