Date: Mar 8, 2019
Notably, this new resource provides Pursuit with the option of potentially maximising early cash flows, which is something the company will consider in its current scoping study.
The initial inferred resource stands at 44.3 million tonnes, containing 5.9 million tonnes of magnetite at 1.7 per cent vanadium pentoxide (V2O5) (in magnetite concentrate), for 100,800 tonnes of V2O5 based on 13.3 per cent mass recovery of magnetite concentrate.
Mineral resources are categorised in order of increasing geological confidence as inferred, indicated or measured.
Managing director Jeremy Read said the definition of the inferred resource at Airijoki, along with the inferred resource at the Koitelainen Vosa prospect announced in February, meant Pursuit had quickly built an impressive inventory of vanadium resources, allowing the company to accelerate scoping studies for both Airijoki and Koitelainen.
“We started work on the Airijoki project last August, flying a heli-magnetic survey, undertook a drill program in November-December 2018 and now we have defined a substantial initial inferred mineral resource.
“The Airijoki project is moving along very quickly and extremely successfully.”
The resource comprises four zones – with the first three hosting the thickest and highest-grade vanadium.
These three zones host a resource of 22.3 million tonnes, containing 3.2 million tonnes of magnetite at 1.9 per cent V2O5 (in magnetite concentrate), for 83,300 tonnes of V2O5 based on 14.5 per cent mass recovery of magnetite concentrate.
