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Pursuit Minerals Ltd.
Summary
| Project: | Koitelainen | |
|---|---|---|
| Deposit: | Vosa | |
| Location: | Finland | |
| Commodities: | Vanadium | |
| Date: | 9/12/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 12-9-2018: Pursuit Minerals Ltd. announces a Resource Estimation report for its Vosa deposit at the Koitelainen project. Exploration target for Vosa deposit. Pursuit Minerals Limited (ASX: PUR) has estimated an Exploration Target of 80 - 105Mt, containing | |
| Resources: | Exploration Target: 4.0 - 10.5Mt Magnetite @ 2.0 - 2.3% V2O5 | |
| CP/QP: | [Resources]: Chris Grove (Measured Group Pty Ltd.) | |
| ABSTRACT: | Pursuit Minerals Limited (ASX: PUR) has estimated an Exploration Target of 80 - 105Mt, containing 4.0 - 10.5Mt of magnetite @ 2.0 - 2.3% V2O5 (in magnetite concentrate) for 80,000 - 241,000 tonnes of V2O5, at the Koitelainen Vosa prospect in northern Finland (Figure One). The Exploration Target was estimated in accordance with JORC (2012), utilising data from 3,742m of drilling from 25 historical drill holes. The price for V2O5 (flake 98%) is currently US$18.75/lb or US$41,325/tonne. Vanadium prices have recently reached 10-year highs. Pursuit Minerals Managing Director Jeremy Read said having access to all the historical drill core from the Koitelainen Vosa Prospect is allowing Pursuit to rapidly advance the prospect and quickly determine that the project has the potential to be a globally significant vanadium project. “In a short period, we have greatly enhanced the Koitelainen project by using the historical drilling and geochemical data, estimating an Exploration Target of 80 - 105Mt with a vanadium in magnetite concentrate grade range which is in the top echelon of projects globally, as any magnetite concentrate above 2% V2O5 is world class,” Mr Read said. “Our goal is to continue to utilise the historical drilling and geochemical data to quickly progress the project and we plan to do this by re-sampling the historical core with the aim of estimating a JORC compliant Inferred Mineral Resource which may then be used in a Scoping Study. “Once the Scoping Study is complete, the next step will be to commence a full-scale Pre-Feasibility Study to more accurately determine the economic parameters of a mining operation.” Mr Read said. | |
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