On 15 January 2019, Pursuit Minerals Limited (ASX: PUR) has announced that they have received additional geochemical results for a further four drill holes for which the drilling was conducted in southwest magnetic zones. Southwest magnetic zones are part of Airijoki Project in Northern Sweden. The results continuously show that the vanadium mineralization contains both high-grade and substantial thickness in it. Till date, the company has only whole rock samples assay results, and these results are from the AIR18-007 and AIR18-008 holes. The final results for vanadium magnetite concentrates, are anticipated to be released later in January 2019.
Pursuit Minerals Limited is an Australian based mineral exploration company which focuses on advancing copper, zinc, and vanadium projects across Australia, Sweden and Finland
The result also recorded a substantial thickness of vanadium mineralization in hole AIR18-005. These assays results are supported by the continuation of the substantial thickness of vanadium mineralization in the holes of AIR18-006, AIR18-003, Air18-002, and AIR18-001, as also mentioned in the previous reports of the company.
As stated by Pursuit’s Managing Director Mr. Jeremy Read, the assay results are stupendous mainly due to the incredible thickness of vanadium mineralization intersected in it with company recording high-grade intervals in it.
AIR18-007 and AIR18-008 drill holes have delivered exceptional results with vanadium mineralization. After the positive results from the recently completed drilling program, PUR is eagerly waiting for the further geochemical results from the vanadium magnetite concentrates, produced from the whole rock vanadium mineralization.
In April 2018, the company was initially granted an Exploration Licence for Airijoki Project, and this Licence is valid for three years only. In December 2018, the company got three additional Exploration Licenses for the same project which are valid for only three years.
Till date, geochemical results have been received for nine holes drilled (AIR18-001 to AIR18-009), and these drills are in the southwest magnetic zone. The company is anticipating that they will receive the geochemical results for vanadium magnetite concentrates at mid-January and remaining data will be delivered in late January.
FY18 Financial Performance: The Company’s total comprehensive loss for the year stood at $3,513,030 in FY18, (over the prior year which was $689,398). The diluted loss per share for the year stood at 5.86 cents per share.
On Balance Sheet front, Net Assets for the year stood at $7,597,657 in FY18, (over the prior year which was -$672,389). As at 30 June 2018, the company had cash and cash equivalent of $2,624,043 (over the prior year which was $577,272).
Stock performance: The shares of Pursuit Minerals Limited closed at A$0.054 by the end of today’s trading session, which implies the rise of A$0.002 per share or 3.846%. The market capitalization of Pursuit Minerals stands at $7.43 million with 142.82 million outstanding shares. Over the span of previous 6 months, the stock had delivered the return of -46.39% while in the previous three months, the stock delivered 15.56% return.
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