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Pursuit Minerals Ltd.
Summary
| Project: | Koitelainen | |
|---|---|---|
| Deposit: | Vosa | |
| Location: | Finland | |
| Commodities: | Vanadium | |
| Date: | 2/6/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 6-2-2019: Pursuit Minerals Ltd. announces a Resource Estimation report for its Vosa deposit at the Koitelainen project. Initial mineral resource estimate at the project. Pursuit Minerals Limited (ASX: PUR) has defined an Inferred Mineral Resource, at the | |
| Resources: | (Resource, Inf.): 116.Mt @ 2.25% V2O5 | |
| CP/QP: | [Resources]: Chris Grove (Measured Group Pty Ltd.) | |
| ABSTRACT: | Pursuit Minerals Limited (ASX: PUR) has defined an Inferred Mineral Resource, at the Koitelainen Vosa vanadium prospect in northern Finland (Figure One). The Resource totals 116.4Mt, containing 5.8 million tonnes of magnetite @ 2.3% V2O5 (in magnetite concentrate), for 131,000 tonnes of V2O5 based on 5.0% Mass Recovery of magnetite concentrate and a cutoff of 0.5% V. The Inferred Mineral Resource was estimated in accordance with JORC (2012), utilising data from 3,784m of drilling from 27 historical drill holes, of which 16 drill holes had been re-analysed by Pursuit. The Koitelainen Vosa prospect Inferred Mineral Resource is the key input into a Scoping Study which Pursuit is conducting on the Koitelainen Project, which is due for completion in April. Pursuit Minerals Managing Director Jeremy Read said defining the Inferred Resource for the Koitelainen Project was a major advancement as it allows the Scoping Study to now ramp up. “It is very pleasing to see the Inferred Resource for the Koitelainen Vosa Prospect come in at the upper end of the tonnage range as defined from the previous Exploration Target with the vanadium magnetite concentrate grade at 2.3% V2O5 also being at the upper end of the grade range,” Mr Read said. “The Inferred Mineral Resource result for D Zone, as a part of the overall Mineral Resource, is extremely encouraging with a tonnage of nearly 60Mt and a vanadium magnetite concentrate grade of 2.5% V2O5, which means the vanadium magnetite concentrate produced from Koitelainen is the second highest grade that we know of, so a super result.” Mr Read said. Koitelainen Vosa Prospect The vanadium mineralisation at the Koitelainen Vosa prospect occurs in a vanadium enriched gabbro, which is up to 40m thick. There are two main vanadium mineralised horizons in the magnetite gabbro. These horizons dip to the east. Magnetic data suggests that the blocks of vanadium mineralisation also plunge gently to the north-east. The vanadium mineralisation extends from the surface and has been drilled to a maximum depth of 210m. The mineralisation is open down dip at depth. | |
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