Pursuit Minerals identifies high grades, thick vanadium mineralisation at Airijoki project

Pursuit Minerals ASX PUR Airijoki project Sweden Vanadium magnetite
Results for Pursuit's vanadium magnetite concentrates from nine holes drilled into the northeast magnetic zone are expected to be received in the coming weeks.

Geochemical results from drilling at Pursuit Minerals’ (ASX: PUR) Airijoki project in northern Sweden have confirmed the presence of high-grade vanadium magnetite concentrates and “exceptionally thick” vanadium mineralisation.

Nine holes drilled into the southwest magnetic zone of Airijoki delivered grades of more than 2% vanadium pentoxide (magnetite concentrate) over substantial thicknesses of up to 152 metres.

Three of the holes had maximum grades in the magnetite concentrate of 2.4%, 2.5% and 2.3% respectively.

Best results were 178m at 1.9% vanadium pentoxide from 12m, including 122m at 2.2% vanadium pentoxide from 64m, and 30m at 2.3% vanadium pentoxide from 150m.

Another hole recorded 213.2m at 1.8% vanadium pentoxide from 8m, including 152.2m at 2% vanadium pentoxide from 69m, and 16m at 2.2% vanadium pentoxide from 141m.

Other results were 112m at 1.6% vanadium pentoxide from 13m, including 71m at 1.9% vanadium pentoxide from 54m, and 14m at 2.3% vanadium pentoxide from 109m.

Major accumulation

Pursuit Minerals managing director Jeremy Read said the results “greatly exceeded expectations”.

“We now have a major new accumulation of vanadium mineralisation producing vanadium magnetite concentrates with grades in the very upper echelon of vanadium projects globally,” he said.

“It is a fantastic result for this project.”

Assays from an additional nine holes drilled over a 2.5km strike length into the northeast magnetic zone at Airijoki are expected to be received in by early next month.

Historic exploration

Comprising four granted exploration licences covering a total area of 32 square kilometres, the Airijoki project is located 55km east of the mining town of Kiruna and 9km north-west of the village of Vittangi in Sweden.

Vanadium mineralisation was first identified during exploration in the 1980s within a magnetite gabbro unit within the Vittangi Greenstone Belt.

The first of two drill holes intersected 6m grading 30.9% iron, 6.6% titanium and 0.36% vanadium, while the second hit 18m at 28.4% iron, 5.1% titanium and 0.32% vanadium.

Pursuit’s 18-hole drilling program aimed to test the vanadium mineralisation in the south-west and north-east magnetic zones, after which the company hopes to define an inferred mineral resource.

    Join Small Caps News

    Get notified of the latest news, interviews and stock alerts.