Pursuit Minerals Limited (ASX: PUR) announced its initial mineral resource at the Airijoki Vanadium Project in Northern Sweden. As per the release, the company reported Inferred Mineral Resource totalling 44.3 Mn tonnes, which contains 5.9 Mn tonnes of magnetite at 1.7% V2O5 (in magnetite concentrate), for 100,800 tonnes of V2O5 based on 13.3% mass recovery of magnetite concentrate and a cutoff of 0.7% V.
The Inferred Mineral Resource was estimated in accordance with JORC (Joint Ore Reserves Committee Code 2012), utilizing data from 3,226 meters of drilling from 18 drill holes (AIR18-001 to AIR18-018) which were completed by the company in November and December 2018, along with two historical drill holes (K-AIR1, K-AIR5). The drilling program's objective was to test the vanadium mineralization in the Southwest and Northeast Magnetic Zones and then to define an initial JORC Inferred Mineral Resource to be followed by a Scoping Study. The Airijoki Project Inferred Mineral Resource is due for completion in April 2019 which is the key input into a Scoping Study which the company is currently conducting on the Airijoki Project.
The Company’s Managing Director Mr. Jeremy Read said that development at the Inferred Mineral Resource at Airijoki, along with the Inferred Mineral Resource at the Koitelainen Vosa Prospect indicates that an impressive inventory of vanadium resources had been quickly built by Pursuit, allowing itself to accelerate Scoping Studies for both Airijoki and Koitelainen.
Pursuit Minerals started work on the Airijoki Project last August, flying a heli-magnetic survey, undertook a drill program in November – December 2018 and now it has defined a substantial initial Inferred Mineral Resource, so the Airijoki Project is moving along very quickly and on the verge to become extremely successful. Mr. Read further stated that the Southwest Magnetic Zone at Airijoki has mineralization over 200 meters thick, generating high-grade vanadium magnetite concentrates and both these qualities should allow early cash flows to be maximized. The maximum grade of the vanadium magnetite concentrate was 2.5% V2O5, in hole AIR18-005, while the average vanadium magnetite concentrate grade was 1.9% V2O5. The ongoing Scoping Study will be examining ways to optimize the project’s value.
Pursuit Minerals is an ASX listed exploration, mining and project development company with projects such as Vanadium exploration in Sweden and Finland along with Zn and Cu projects in North West Queensland. Its Airijoki project is located in northern Sweden, around 9 kilometers north-west of the village of Vittangi and around 55 kilometers east of the mining town of Kiruna. It has four granted exploration licenses (Airijoki 100, 101, 102, 103) covering a total area of 32 square km.
On stock information, Pursuit Mineral’s share last traded at $0.030 with the market capitalization of ~$5.36 Mn as on March 07, 2019. As per ASX, its loss per share was reported at 0.059 AUD. Its 52 weeks high has been noted at $0.185 and 52 weeks low at $0.026. Its absolute return for 3 months, 1 year, and 5 years are -9.09%, -72.73%, and -97.22% respectively.
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