PUR Furnishes Optimistic Results For Airijoki And Koitelainen Vanadium Projects

Pursuit Minerals (ASX: PUR) is headquartered in Brisbane, Australia and is focused on the emerging energy metal, vanadium. Teck Australia Pty Ltd is PUR’s largest shareholder. The company aims to generate and capture the full value of minerals resource projects.

The company announced on 8th May 2019 that the scoping studies that were conducted to assess the technical and economics of producing vanadium had generated positive results. The study was based on the Inferred Mineral Resources for the Airijoki and Koitelainen Projects, in Sweden and Finland, respectively. The group is aiming to understand the potential viability of these projects.

Commenting on the result of the scoping study, Pursuit’s Managing Director, Jeremy Read stated that the positive results based on various commodity prices and processing scenarios had boosted the company’s confidence. He added that the project has great potential to generate strong returns and conservative capital costs.

According to the study, the projects are of significant value to shareholders. Phase 1 of the study assessed the potential for both Airijoki and Koitelainen to be developed as mining operations producing high-grade vanadium magnetite concentrates for global sales. Phase 2 involved construction of a centralised vanadium magnetite concentrate processing facility for the production of V2O5 flake.

The company aims to focus on swift enhancement of the Airijoki project by completing the metallurgical test work in May. This would provide the company with sufficient inputs to begin discussions with potential offtake partners for the magnetite concentrate.

Later this year in September, the company plans to start an infill drilling program to upgrade the mineral resource to JORC Indicated and Measured status, with the intention to encourage a Definitive Feasibility Study. Another drilling program is set to take place in December for the Koitelainen Project. This will provide more samples for metallurgical test work and aid in exploring possibilities of the Koitelainen Inferred Mineral Resource.

As the developments advances, the company is considering potential strategic partners to deliver technical and financial resources to aid the next stages of development.

The company presented its Quarterly Activities Report for three months till (31 March 2019) on 30th April 2019. The highlights of the report were the Koitelainen Vosa Prospect in Finland, the Airijoki Project in Sweden, and the advanced scoping studies related to these projects.

On the corporate side, the company completed $1.68 million capital raising (before costs) in February. As on 31 March 2019, PUR had cash reserves worth $1.38 million.

Other projects of the company include Karhujupukka Project in north-western Finland, Ala Postojoki Project in northern Finland, Kullberget-Storasen Project and the Simesvallen Project. Some of the explorations projects include Paperbark Project, Bluebush Project, South Australia Lithium Brine Projects and Coober Pedy Project.

From its cash flow statement, it was noted that net cash used in operating activities were $1,772k. Net cash from financing activities amounted to $1,533k. Cash and cash equivalents stood at A$1,382k. The group reported total estimated cash outflows for the next quarter of $596k.

Share Price Information:

On the technical front, the stock traded down by 21.739% and closed at $0.018 as of 8th May 2019 compared to the previous closing price.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK