Date: Apr 12, 2018
Pursuit Minerals Limited (ASX: PUR) (Pursuit or the Company) is pleased to announce that it has secured Mineral Reservations covering the Koitelainen and Karhujupukka Vanadium Projects in northern Finland. Mineral Exploration Licence applications have been submitted in Sweden to cover the Sumåssjön, Kramsta, Simesvallen – Svedåsen and Kullberget – Storåsen Vanadium Projects in central Sweden and the Airijoki Vanadium Project in northern Sweden. Collectively, these projects comprise a high-quality portfolio of vanadium projects, at different stages of advancement. The Koitelainen and Karhujupukka projects in Finland contain major sites of historical vanadium and platinum group element (PGE) mineralisation, while the Kramsta Project contains a defined Exploration Target based upon historical drilling. Importantly, the Company was able to submit its mineral tenement applications over open ground and hence the projects have been able to be secured in a very cost-effective manner (Figure One).
Pursuit Minerals Managing Director Jeremy Read said that with the world moving to renewable energy, and several European countries looking to phase out internal combustion engine vehicles by 2040, vanadium-based batteries will have an increasingly important role to play in energy storage in the very near future.
“With the localisation of the energy grid, due to increasing renewable energy production, and global transport fleets moving to electric vehicles, the world is requiring more vanadium due to its use in vanadium redox batteries,” Mr Read said.
“Sweden was the country where vanadium was confirmed as a metal, and we have been able to secure high quality vanadium projects in both Sweden and Finland by submitting mineral tenement applications over open ground.”
