Pursuit Minerals Limited’s (ASX: PUR) project portfolio is focused on Vanadium which is considered as an emerging Energy Metal. The company was listed on ASX in August 2017 post the conclusion of procurement of a range of projects from Teck Australia Pty Ltd. The company has granted Exploration Tenements in Sweden and Project Reservations in Finland. Further, Finland has produced around ten percent of vanadium globally and is currently regarded as the number one authority globally for developing minerals development.
Pursuit Minerals today, 09 April 2019, announced to the exchange about the progress reported in Koitelainen and Airijoki projects. The company reported that Airijoki project in Sweden and Koitelainen project in Finland have delivered positive increases to the mass recovery and overall recovery of vanadium into vanadium magnetite concentrates.
The increased recoveries were made possible by crushing the vanadium mineralisation to a coarser fraction size of 355 microns, vs. the initially planned finer crush size of 106 microns.
The managing director Jeremy Read highlighted that the initial results from the test work were positive and achieved an average 69 percent increase to mass recovery on the Koitelainen Project and a 38 percent increase to the mass recovery on the Airijoki project.
The MD further noted that the results achieved were an easy win for the company as they could substantially increase recoveries just by initially crushing the vanadium mineralisation to a finer size fraction. They are now contemplating on using wet high-intensity magnetic separation to further increase the mass recovery and the grade of vanadium magnetite concentrate.
At its Airijoki project, the company reported an average mass recovery increase from 13.3 percent to 18.3 percent an increase of 38 percent.
At its Koitelaninen Project, the company reported an increase of 66 percent, with the recovery increasing from 5.3 percent to 8.8 percent.
The mass recovery and vanadium recovery results would be further included into the scoping studies for both the Koitelainen and Airijoki projects. The results are expected to be completed by April 2019.
The ongoing testwork is targeting on using Wet High Intensity Magnetic Separation to further enhance the grade and recoveries. The currently observed 2% vanadium magnetite concentrates are at the upper level of globally produced concentrates.
The company’s stock has been in a downtrend in the past one year, with a negative return of 83.85 percent. The short-term returns are also in the negative territory with an absolute return of -58.00 percent, -32.26 percent, and -30.00 percent for the past six months, three months, and one-month respectively.
PUR has a current market cap of ~ AUD 3.75 million with ~178.53 million outstanding shares. On April 9th, 2019, the PUR stock price was noted at AUD 0.024 on ASX, up by 14.286 percent as compared to its previous trading day close price. The 52-week high price is A$0.185, and the 52-week low price is A$0.019.
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