A large, high grade exploration target could put Pursuit into globally significant territory
Special Report: Pursuit Minerals has identified a major exploration target at its Koitelainen vanadium project in Finland, and announced plans to complete a mineral resource estimate at the project and undertake a Scoping Study early in 2019.
Pursuit (ASX:PUR) has identified an Exploration Target of 80 – 105Mt of ore, containing up to 10.5Mt of magnetite with a grade of 2.0 – 2.3% V2O5 (in magnetite concentrate) for potentially 241,000 tonnes of V2O5.
The Exploration Target was estimated in accordance with JORC (2012), utilising data from 3742m of drilling from 25 historical drill holes.
Vanadium grades above 2 percent in magnetite concentrate are considered world-class.
These grades at Koitelainen Vosa are comparable to the Rhovan mine in South Africa, which produces at an average grade of 2.3 per cent – the second highest grade vanadium in magnetite concentrate of any operational mine. The deposit is potentially bigger than the Maracas mine in Brazil, owned by Largo Resources, which has a market capitalisation of US$1.5 billion.
Pursuit Managing Director Jeremy Read said the Company was fortune ate to have access to this historical drill core from Koitelainen Vosa..
“Our goal is to continue to utilise the historical drilling and geochemical data to quickly progress the project,” he said.
“We plan to do this by re-sampling the historical core with the aim of estimating a JORC compliant Inferred mineral resource, which may then be used in a Scoping Study.”
Pursuit is rapidly compiling a portfolio of world-class vanadium projects in Scandinavia. In addition to today’s results, the company has recently confirmed high-grade assays at its Airijoki project in northern Sweden.
Pursuit anticipates that the scoping study will be completed by the end of the first quarter of 2019.
“Once the scoping study is complete, the next step will be to commence a full-scale pre-feasibility study to more accurately determine the economic parameters of a mining operation.” Mr Read said.