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Pursuit Minerals Ltd.

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Summary

Project:

Airijoki

Deposit:Airijoki
Location:Sweden
Commodities:Vanadium
Date:3/7/2019
Report Code:JORC
Report Type:Resource Estimation
Project Stage:Pursuing Resource Increase/Upgrade
Report details:7-3-2019: Pursuit Minerals Ltd. announces a Resource Estimation report for its Airijoki deposit at the Airijoki project. Initial mineral resource estimate at the project. Pursuit Minerals Limited (ASX: PUR) has defined an Inferred Mineral Resource, at the
Resources:(Resource, Inf.): 44.3Mt @ 1.7% V2O5
CP/QP:[Resources]: Chris Grove (Measured Group Pty Ltd.)
ABSTRACT:Pursuit Minerals Limited (ASX: PUR) has defined an Inferred Mineral Resource, at the Airijoki Vanadium Project in northern Sweden (Figure One). The Resource totals 44.3 million tonnes, containing 5.9 million tonnes of magnetite @ 1.7% V2O5 (in magnetite concentrate), for 100,800 tonnes of V2O5 based on 13.3% mass recovery of magnetite concentrate and a cutoff of 0.7% V. The Inferred Mineral Resource was estimated in accordance with JORC (2012), utilising data from 3,226m of drilling from 18 drill holes (AIR18-001 to AIR18-018) which were completed by Pursuit in November and December 2018, and two historical drill holes (K-AIR1, K-AIR5). The Airijoki Project Inferred Mineral Resource is the key input into a Scoping Study which Pursuit is currently conducting on the Airijoki Project, which is due for completion in April 2019. Pursuit Minerals Managing Director, Jeremy Read, said that definition of the Inferred Mineral Resource at Airijoki, along with the Inferred Mineral Resource at the Koitelainen Vosa Prospect announced in February, meant Pursuit had quickly built an impressive inventory of vanadium resources, allowing the company to accelerate Scoping Studies for both Airijoki and Koitelainen. “We started work on the Airijoki Project last August, flying a heli-magnetic survey, undertook a drill program in November – December 2018 and now we have defined a substantial initial Inferred Mineral Resource, so the Airijoki Project is moving along very quickly and extremely successfully,” Mr Read said. “The Southwest Magnetic Zone at Airijoki has mineralisation over 200m thick, producing high-grade vanadium magnetite concentrates and both these qualities should allow early cash flows to be maximised. The Scoping Study, which is currently underway, will be examining ways to optimise the project’s value,” Mr Read said.

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