Date: Jan 16, 2019
Special Report: Pursuit Minerals’ Swedish vanadium project continues to deliver thick, high-grade hits.
The results from a further four drill holes at its Airijoki project in Sweden confirm that the vanadium mineralisation within the southwest magnetic zone is both high-grade and of substantial thickness.
The news sent Pursuit’s (ASX:PUR) shares up nearly 31 per cent Tuesday to a peak of 6.8c.
One drill hole intersected 178m of vanadium mineralisation that returned a grade of 0.5 per cent vanadium pentoxide (V2O5) (whole rock) from a depth of just 12m.
That intercept included hits of 19m at 0.7 per cent V2O5 from 64m and 26m at 0.7 per cent V2O5 from 150m.
Other holes showed vanadium mineralisation over intervals of 178m and 112m.
Digging into the results
Managing director Jeremy Read said the results from the southwest magnetic zone on the Airijoki Project were “stunning” due to the incredible thickness of vanadium mineralisation intersected and the high-grade intervals recorded.
“Drill holes AIR18-007 and AIR18-008 delivered exceptional results with vanadium mineralisation recorded over 178m and 112m downhole intervals respectively and within these huge intersections there are a number of high-grade intervals at 0.7 per cent V2O5 in the whole rock,” he said.
“Following such a positive start to the results from the recently completed drilling program, we are now eagerly awaiting the geochemical results from the vanadium magnetite concentrates produced from the whole rock vanadium mineralisation.”
Mr Read said the southwest magnetic zone at Airijoki is firming up as a major accumulation of very thick, high-grade vanadium mineralisation.
