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.
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.
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.