Pursuit keeps the high-grade vanadium hits coming in Sweden; shares take off
Special Report: Pursuit Minerals’ Swedish vanadium project continues to deliver thick, high-grade hits.
The results from a further four drill holes at its Airijoki project in Sweden confirm that the vanadium mineralisation within the southwest magnetic zone is both high-grade and of substantial thickness.
The news sent Pursuit’s (ASX:PUR) shares up nearly 31 per cent Tuesday to a peak of 6.8c.
One drill hole intersected 178m of vanadium mineralisation that returned a grade of 0.5 per cent vanadium pentoxide (V2O5) (whole rock) from a depth of just 12m.
That intercept included hits of 19m at 0.7 per cent V2O5 from 64m and 26m at 0.7 per cent V2O5 from 150m.
Other holes showed vanadium mineralisation over intervals of 178m and 112m.
Managing director Jeremy Read said the results from the southwest magnetic zone on the Airijoki Project were “stunning” due to the incredible thickness of vanadium mineralisation intersected and the high-grade intervals recorded.
“Drill holes AIR18-007 and AIR18-008 delivered exceptional results with vanadium mineralisation recorded over 178m and 112m downhole intervals respectively and within these huge intersections there are a number of high-grade intervals at 0.7 per cent V2O5 in the whole rock,” he said.
“Following such a positive start to the results from the recently completed drilling program, we are now eagerly awaiting the geochemical results from the vanadium magnetite concentrates produced from the whole rock vanadium mineralisation.”
Mr Read said the southwest magnetic zone at Airijoki is firming up as a major accumulation of very thick, high-grade vanadium mineralisation.
The final results for vanadium magnetite concentrates are expected later in January.
Pursuit said previously it is expecting the grade of the vanadium magnetite concentrates, which will ultimately determine the economics of the project, to also be high-grade.
The 2018 drilling campaign of 18 holes for 2876m was aimed at defining a JORC-compliant resource, which will then be used for a scoping study economic assessment of the Airijoki project.
JORC refers to the mining industry’s official code for reporting exploration results, mineral resources and ore reserves, managed by the Australasian Joint Ore Reserves Committee.
In December last year Pursuit grabbed three more exploration licences at the Airijoki project, increasing its footprint to 32 sq km.
Historical drilling of the new tenements previously intersected thick sequences of vanadium mineralisation, which produced high-grade vanadium magnetite concentrates greater than 2 per cent V2O5.
Grades of two per cent V2O5 in magnetite concentrate compete with the very best projects around the world.