Date: Aug 28, 2018
Pursuit Minerals is rapidly compiling a portfolio of world-class vanadium projects in Scandinavia, having recently confirmed high-grade assays (test results) at its Airijoki project in northern Sweden.
Pursuit also holds exciting exploration tenements in Finland that have previously generated high-grade drill intercepts and have access to cheap power and infrastructure.
“I think when you look at what is going to happen with vanadium over the next decade, there will be a number of projects that come into production,” managing director Jeremy Read told Stockhead.
“The ones that have good grade in the ground, excellent vanadium grade, access to cheap power, good infrastructure and are ultimately close to markets – those are the factors that are going to determine which projects get into production and which ones do not.
“What we have in Sweden and Finland is access to all of those things.”
Pursuit’s (ASX:PUR) recent analysis of historical drill holes at Airijoki has confirmed extremely encouraging vanadium intersections of substantial thickness – up to 178 metres.
One drill hole delivered results of 178.3m at 1.33 per cent vanadium pentoxide (V2O5) (in magnetite concentrate) from 9m, including 31m at 1.4 per cent V2O5 from 18m and 16m at 2.03 per cent V2O5 from 171.3m.
Another hole 1km away returned a result of 10m at 2.01 per cent V2O5 (in magnetite concentrate) from 77.15m.
Exceptional vanadium grade
Mr Read said the results from the Airijoki project are exceptional in terms of the vanadium grade, the thickness of the mineralisation and its potential strike extent.
“The key thing really is to look at the grade of the magnetite concentrate and if you have something that’s above about 1.5 per cent vanadium pentoxide in a magnetite concentrate, that’s high grade,” Mr Read said.
“If you’re getting up over 2 per cent vanadium pentoxide in magnetite concentrate that’s a globally significant concentrate grade and that is what we are achieving.”
Prime location
Vanadium processing plants are power intensive, therefore access to cheap power is essential in keeping costs down.
“In comparison to a project in outback Australia, our power is about a third to a quarter of the cost. We have access to very good roads, rail, infrastructure, processing technology and are also operating very close to what will be one of the biggest consumers of vanadium in Germany,” Mr Read explained.
