High grade vanadium at Pursuit’s Finland prospect

By Meagan Evans. Published at May 10, 2018, in Mining

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.

Koitelainen southern section geology

Geological Cross Section Southern Section of the Koitelainen V Prospect

Koitelainen north section geology

Geological Cross Section Northern Section of the Koitelainen V Prospect

PUR expect that data compilation to be completed in late June and the drill program undertaken during the next winter field season from November 2018 until April 2019.

The Koitelainen V prospect is part of the Koitelainen Project in northern Finland that PUR secured in April along with the Karhujupukka Vanadium Project, also in northern Finland. PUR also submitted Mineral Exploration Licence applications to cover the Sumåssjön, Kramsta, Simesvallen – Svedåsen and Kullberget - Storåsen Vanadium Projects in central Sweden and the Airijoki Vanadium Project in Sweden’s north.

Sweden has a long history with vanadium, and is the country where vanadium was first confirmed as a metal. Finland, has in the past produced up to 10% of the worlds vanadium from the Mustavarra mine in central Finland and is currently rated the number one jurisdiction globally for developing mineral projects.

Pursuit Minerals Managing Director Jeremy Read said that the V2O5 grades of the magnetite concentrates produced from the nine high-grade vanadium holes in the southern section of Koitelainen V prospect were exceptional and indicate the highly prospective nature of the Koitelainen V prospect.

“The magnetite concentrates produced by these nine high-grade vanadium holes at Koitelainen V place this prospect in the upper echelon of vanadium prospects globally.

“The nine holes are associated with three sub-parallel magnetic trends which extend 2-2.5km beyond the areas drilled with the nine high-grade holes.”

“The vanadium mineralisation in the Eastern and Central magnetic trends are open both north-south and to the east, while the Western Magnetic trend is open to the south and east, so there is a lot of potential to extend the known high-grade vanadium mineralisation through further exploration work.”

“Furthermore, the high-grade vanadium mineralisation comes to surface and the overall package of vanadium mineralisation is consistently 30-40m thick.”

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Maven Capital Pty Ltd (AFSL No. 418504). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

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