Date: May 11, 2018
Less than a month after expanding its operations and securing a portfolio of vanadium projects in Finland and Sweden, Pursuit Minerals (ASX:PUR) has reported high grade vanadium mineralisation at the Koitelainen Project’s Koitelainen V prospect in Finland.
Nine drill holes from the prospect produced magnetite concentrates with vanadium values ranging from 2.0 to 3.7% V2O5, with a globally significant average grade of 2.3%. These figures place the vanadium mineralisation at Koitelainen V in the upper echelon of vanadium mineralisation globally, as magnetite concentrates from vanadium projects containing greater than 1.5% V2O5 are usually considered high grade.
Only the Maracas Mine in Brazil (3% V2O5 in magnetite concentrate) and the Rhovan mine in South Africa (2.3% V2O5) produce magnetite concentrates with vanadium levels consistently above 2.2% V2O5.
Through the compilation of historical drilling and assay data, PUR identified nine drill holes at the Koitelainen V prospect on the Koitelainen Project in northern Finland which produced magnetite concentrates with exceptional grades of V2O5, including:
8m at 3.1% V2O5 in hole M374177R329 from 77.15m
10m at 2.7% V2O5 in hole M374177R331 from 16.85m
10m at 2.4% V2O5 in hole M374177R335 from 10.85m
13m at 2.03% V2O5 in hole M374177R336 from 72.25m
These figures compare well to PUR’s ASX-listed peers too. Tando Resources (ASX:TNO) recently announced that the SPD Vanadium Project in South Africa produces magnetite concentrates averaging 2.0% V2O5, while Australian Vanadium’s (ASX:AVL) Gabanintha Project produces magnetite concentrates averaging 1.43% V2O5.
Pursuit is continuing to compile the historical data from 27 drill holes, for a total of 3784m, at the Koitelainen Project to design a drill program to test extensions to the high-grade vanadium mineralisation at the Koitelainen V prospect.
Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.
The vanadium mineralisation in the nine high grade drill holes occur in the southern section of the Koitelainen V prospect and are open to the north, south and east, with the high-grade vanadium mineralisation coming to surface.
The high-grade vanadium mineralisation at Koitelainen V is associated with three sub-parallel trends of magnetic anomalies which collectively extend for a further 2-2.5 kilometres away from the areas drilled by the nine high grade drill holes.
