Join our daily newsletter At The Bell to receive exclusive market insights
- 44.3 million tonnes of 0.4 per cent grade
- 116 million tonnes of 0.3 per cent grade
- Peaks of 2.3 per cent and 1.7 per cent grade also shown
Pursuit minerals has reported 160.3 million tonnes of low-to-medium grade Vanadium today. The report comes from a recently completed scoping study at projects in Sweden and Finland.
The company says the Airijoki site in Sweden and the Koitelainen site in Findland are suitable for global market sales.
Pursuit reported the Airijoki site to contain a total of 44.3Mt of vanadium for an average grade of 0.4 per cent. However, some strike zones of mineralisation reached highs of 1.7 per cent.
The Kotelainen site is reported to contain a total of 116.Mt of 0.3 per cent grade Vanadium, also containing high peak anomalies reaching up to 2.3 per cent.
Pursuit Managing Director Jeremy Read showed focus on the Airijoki project, explaining it to have great potential for long term project profits.
“[Airijoki] is a relatively high-grade deposit, [and has] the potential to be mineable with a low strip ratio, has excellent access to services and infrastructure in a first-class mining jurisdiction and with easy access to global markets,” he said.
The company aims to monetise on easy vanadium magnetite concentrate, saving costs from not having to construct a production plant.
“Once we are in production, we can then look to a second phase development, where we construct downstream processing facilities to process concentrates from Airijoki and Koitelainen to produce [vanadium] flake,” said Read
Read described project progress as ‘rapid’ and showed large confidence in the potential for shareholder returns and future partnerships.
“We are now considering potential strategic partners to join with us to undertake a Definitive Feasibility Study on the Airijoki project and move both projects through to their next stages of development,” he said.
Pursuit’s place in the ASX actually dropped today by 4.35 per cent. Share prices fell to 2.2 cents each.
