Special Report: Pursuit Minerals has delivered some impressive results from its first round of drilling at its Airijoki project in Northern Sweden.

Christmas is coming early for Pursuit Minerals.

The company shared news today that the first five holes of an 18-hole drill program at its Airijoki project have confirmed that the vanadium is both high-grade and of substantial thickness.

In one hole, the vanadium mineralisation extended for 213m.

Drilling returned a number of high-grade hits with grades of 0.7 per cent and 0.8 per cent vanadium pentoxide (V2O5) in the whole rock.

Managing director Jeremy Read said the initial results from the Airijoki project were “stunning” due to the incredible thickness of vanadium mineralisation intersected and the high-grade intervals recorded in the whole rock samples.

“The vanadium mineralisation is directly associated with an aeromagnetic anomaly which is 3.5km along, running north-east across the Airijoki project and today’s results are only from 600m of that anomaly, so we have a lot more to go,” he said.

“The whole rock vanadium values are excellent and now we await the results to come in for the vanadium magnetite concentrates, produced from the whole rock intersections, as it is the grade of the magnetite concentrates which will ultimately determine the economics of the project. We expect these will also be high-grade.”

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Pursuit Minerals, Airijoki project

The 2018 drilling campaign of 18 holes for 2876mis now completed, and 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.

>> Here is our explainer guide to common mining jargon.

Geochemical data for the remaining 13 drill holes, including the results for vanadium magnetite concentrates, are expected in January 2019.

Earlier in December, Pursuit (ASX:PUR) 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.

>> ASX vanadium stocks: here’s everything you need to know


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