- In May, Pursuit announced the results of scoping studies completed on the Airijoki and Koitelainen vanadium projects
- Pursuit is in discussions with potential new partners who have the technical and financial capability
- Pursuit now hopes to assess new opportunities in its vanadium portfolio and add projects in the gold sector
On May 8, 2019 Pursuit Minerals announced the results of scoping studies completed on the Airijoki and Koitelainen vanadium projects.
During this time Pursuit also announced its intention to seek a strategic partner to assist with progressing both the projects to the next stage of development.
Over the past four months Pursuit has advanced discussions with a number of companies who possess the capabilities which it is looking for in a partner to assist in advancing the projects.
Several companies are currently undertaking due diligence on the portfolio of the projects. Pursuit will advise the market if any of the due diligence enquiries lead to a partner being secured.
To assist in picking a partner Pursuit is reviewing each vanadium project and defining the work programs which are required to progress each project to its next technical key point.
To assist in this process Pursuit will undertake additional metallurgical test work on vanadium magnetite concentrates from the Airijoki project.
The Airijoki project is located in northern Sweden approximately 55 kilometres east of the mining town Kiruna and nine kilometres northwest of the village Vittangi.
Pursuit has four granted exploration licences which cover a total area of 32 square kilometres.
Historical exploration work from the 1980s identified vanadium mineralisation within a magnetic gabbros unit that is part of the Vittangi Greenstone Belt.
Airijoki’s inferred mineral resource is 44.3 million tonnes, containing 5.9 million tonnes of magnetite at 1.7 per cent vanadium oxide for 100,800 tonnes of vanadium oxide.
The Koitelainen project is located in northern Finland. It has an inferred mineral resource of 116.4 million tonnes containing 5.8 million tonnes of magnetite at 2.3 per cent vanadium oxide for 131,000 tonnes of vanadium oxide.
Based on this inferred mineral resource, Pursuit undertook a scoping study and determined that the Koitelainen project has the potential to be financially robust producing a high-grade vanadium magnetite concentrate.
Priority is intending to be given to the work programs which most cost effectively progress the overall vanadium portfolio towards achieving the previously stated objective of developing projects within the portfolio. This will be completed in two phases.
Phase one of the program will be to produce high-grade vanadium magnetite concentrates from the Airijoki and Koitelainen projects for sale in the European and global steel industries.
Phase two will process the high-grade vanadium magnetite concentrates from multiple mineral resources into products.
Pursuit is now continuing to assess many new opportunities in the natural resources sector and is hopeful of adding new projects to its portfolio, ideally within the gold sector.