The directors at this ASX-listed vanadium explorer are digging in for more
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Special Report: Directors at vanadium explorer Pursuit Minerals feeling confident in its projects and the battery metal’s outlook.
So much so, that they have invested a further $270,000 in the company.
The market liked the news, sending Pursuit’s (ASX:PUR) share price up almost 15 per cent to 3.1c at the close yesterday.
Pursuit directors were issued 7.3 million shares and 2.4 million options (exercise price of 10c and an expiry date of 30 October 2021), at a price of 3.7c per share, representing a total investment of $270,000.
This was in addition to a $2 million capital raising, completed in November, which involved the placement of 54.1 million shares with institutional and sophisticated investors at 3.7c cents per share.
Pursuit chairman Peter Wall – who invested $200,000 — said the outlay by directors was a strong endorsement of the company and its exciting vanadium projects in Scandinavia.
“The fact that each of our directors has invested in the company should give existing shareholders and potential new investors strong confidence in the outlook for Pursuit,” he said.
“I have made a substantial investment in the company because I am confident about the outlook for vanadium as battery technologies evolve and as renewable energy utilisation increases.
“Against that backdrop, Pursuit has established a strong platform for the future through its excellent vanadium projects in Finland and Sweden and 2019 promises to be a year of great progress for the development of these projects.”
In December, Pursuit managing director Jeremy Read said initial results from the Airijoki project in Northern Sweden 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 2018 drilling campaign of 18 holes for 2876m was 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.
In December, Pursuit grabbed three more exploration licences at the Airijoki project and has increased its footprint to 32 sq km.