Special Report: Vanadium explorer Pursuit Minerals is on a certified hot streak.

The explorer’s share price jumped 11.5 per cent in morning trade following news it returned some of the highest-grade vanadium in magnetite concentrates in the world from its Koitelainen Vosa prospect in northern Finland.

Pursuit Minerals (ASX:PUR) wants to dive straight into development options.

Testing on 11 historical drill holes confirmed exceptionally high-grade vanadium magnetite concentrates, with the majority ranging between 2 and 2.6 per cent V2O5 – placing the Koitelainen concentrate amongst the world’s very best.

Incredibly, intervals in three of the holes recorded magnetite concentrate values of 3.6, 3.3 and 3.1 per cent V2O5.

The results for five additional holes are pending.

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Pursuit Minerals Managing Director Jeremy Read called it “exceptional”.

“Most of the magnetite concentrates produced are grading in excess of 2 per cent V2O5, with some values in excess of 3 per cent V2O5, which is super high grade for a vanadium magnetite concentrate and differentiates the Koitelainen Project from most other pre-production vanadium projects,” Mr Read said.

Next steps

Pursuit wants to upgrade its exploration target at Koitelainen Vosa to a JORC inferred mineral resource as the next major step towards project development.

Mineral resources are categorised in order of increasing geological confidence from inferred to indicated to measured.

These high grades could allow Pursuit to deliver an Inferred Resource – hopefully in February — towards the upper end of the Exploration Target Range.

Following this, Pursuit will complete an internal Scoping Study on developing Koitelainen Vosa before the end of April 2019.

Miners usually undertake up to four different types of studies to see whether or not a resource can be mined economically. These are – in order of importance — scoping, preliminary feasibility (PFS), definitive feasibility (DFS) and bankable feasibility (BFS).

The outcomes from the Scoping Study will then be used to determine if a more serious Feasibility Study on developing the Koitelainen project is justified.

Pursuit Minerals' Finland vanadium projects
Pursuit Minerals’ Finland vanadium projects

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Pursuit is spoiled for choice

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.

 

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