High grade vanadium at Pursuit's Finland prospect
Less than a month after expanding its operations and securing aportfolio of vanadium projects in Finland and Sweden, Pursuit Minerals(ASX:PUR) has reported high grade vanadium mineralisation at the KoitelainenProject's KoitelainenV prospect in Finland.
Nine drill holesfrom the prospect produced magnetite concentrates with vanadium values rangingfrom 2.0 to 3.7% V2O5, with a globally significant average grade of 2.3%. Thesefigures place the vanadium mineralisation at Koitelainen V in the upper echelonof vanadium mineralisation globally, as magnetite concentrates from vanadiumprojects containing greater than 1.5% V2O5 are usually considered high grade.
Only the MaracasMine in Brazil (3% V2O5 in magnetite concentrate) and the Rhovan mine in SouthAfrica (2.3% V2O5) produce magnetite concentrates with vanadium levels consistentlyabove 2.2% V2O5.
Through the compilationof historical drilling and assay data, PUR identified nine drill holes at theKoitelainen V prospect on the Koitelainen Project in northern Finland whichproduced magnetite concentrates with exceptional grades of V2O5, including:
8m at 3.1% V2O5 in hole M374177R329 from77.15m10m at 2.7% V2O5 in hole M374177R331 from16.85m
10m at 2.4% V2O5 in hole M374177R335 from10.85m
13m at 2.03% V2O5 in hole M374177R336 from72.25m
These figurescompare well to PUR's ASX-listed peers too. Tando Resources (ASX:TNO) recentlyannounced that the SPD Vanadium Project in South Africa produces magnetite concentratesaveraging 2.0% V2O5, while Australian Vanadium's (ASX:AVL) Gabanintha Projectproduces magnetite concentrates averaging 1.43% V2O5.
Pursuit iscontinuing to compile the historical data from 27 drill holes, for a total of3784m, at the Koitelainen Project to design a drill program to test extensionsto the high-grade vanadium mineralisation at the Koitelainen V prospect.
Get the latest articles straight to your inboxkeep me postedOfcourse, as with all minerals exploration, success is not guaranteed - consider yourown personal circumstances before investing, and seek professional financialadvice.
The vanadiummineralisation in the nine high grade drill holes occur in the southern sectionof the Koitelainen V prospect and are open to the north, south and east, withthe high-grade vanadium mineralisation coming to surface.
The high-gradevanadium mineralisation at Koitelainen V is associated with three sub-paralleltrends of magnetic anomalies which collectively extend for a further 2-2.5 kilometresaway from the areas drilled by the nine high grade drill holes.
Geological Cross Section Southern Section ofthe Koitelainen V Prospect
Geological Cross Section Northern Section ofthe Koitelainen V Prospect
PUR expect thatdata compilation to be completed in late June and the drill program undertakenduring the next winter field season from November 2018 until April 2019.
The Koitelainen V prospect is part of the Koitelainen Project in northern Finlandthat PUR secured in April along with the Karhujupukka Vanadium Project, also innorthern Finland. PUR also submitted Mineral Exploration Licence applicationsto cover the Suma??ssjo?^n, Kramsta, Simesvallen - Sveda??sen and Kullberget -Stora??sen Vanadium Projects in central Sweden and the Airijoki Vanadium Projectin Sweden's north.
Sweden has a long history with vanadium, and is the country wherevanadium was first confirmed as a metal. Finland, has in the past produced upto 10% of the worlds vanadium from the Mustavarra mine in central Finland andis currently rated the number one jurisdiction globally for developing mineralprojects.
Pursuit MineralsManaging Director Jeremy Read said that the V2O5 grades of the magnetiteconcentrates produced from the nine high-grade vanadium holes in the southernsection of Koitelainen V prospect were exceptional and indicate the highlyprospective nature of the Koitelainen V prospect.
"The magnetiteconcentrates produced by these nine high-grade vanadium holes at Koitelainen Vplace this prospect in the upper echelon of vanadium prospects globally.
"The nine holesare associated with three sub-parallel magnetic trends which extend 2-2.5kmbeyond the areas drilled with the nine high-grade holes."
"The vanadiummineralisation in the Eastern and Central magnetic trends are open both north-southand to the east, while the Western Magnetic trend is open to the south andeast, so there is a lot of potential to extend the known high-grade vanadiummineralisation through further exploration work."
"Furthermore, thehigh-grade vanadium mineralisation comes to surface and the overall package ofvanadium mineralisation is consistently 30-40m thick."