Pursuit Minerals immediate strategy is centred on developing its northern Queensland projects: Paperbark and Bluebush and exploring for vanadium within its Scandinavian projects.
Following the acquisition of northern Queensland zinc-lead projects Paperbark and Bluebush in 2017, Pursuit Minerals commenced targeted drilling with a view to maximising both projects’ valuations through the next base metal price cycle. In 2018, Pursuit applied for exploration permits over vanadium projects in Scandinavia – Koitelainen and Karhujupukka in Finland and Sumåssjön, Kramsta, Simesvallen-Svedåsen, Kullberget-Storåsen and Airijoki in Sweden. A key component of the Pursuit Minerals strategy is to focus its project development and exploration activities in known world-class mineral provinces with the proven pedigree to deliver valuable metal deposits, and to pursue metals with strong prospects for price growth in the medium term. The Paperbark and Bluebush projects are located within the world’s most prolific base metal province, the Mt Isa Super Basin and Pursuit’s vanadium projects are situated in the region where vanadium was first discovered, and which continues to host valuable vanadium deposits.
The company will continue drilling to define a high-grade core of zinc mineralisation within a massive area — 100 square kilometres — of zinc mineralisation at Bluebush by using existing high-quality data and drill hole information. At Paperbark, the company will look to optimise the existing Joint Ore Reserves Committee (JORC) compliant mineral resource at the JB Zone Prospect and assess the potential to define copper oxide and copper sulphide mineral resources. The priority for both projects is to ensure the team can capture value as the zinc and copper prices continue to rise over the next 12-36 months.
Pursuit is also preparing for exploration activities within its Scandinavian projects, to be undertaken during the European winter of 2018-19. At its Finnish projects, Pursuit will consolidate historical data from previous owners, and use the data to plan future drilling. Within its central Swedish projects, Pursuit will conduct geophysical surveys, mapping, sampling and drilling across the sites to determine the extent of mineralisation and identify sites for more focussed drilling in order to define JORC compliant mineral resources. With vanadium prices rising off the back of demand for new battery technologies, Pursuit will seek to define and realise the value of these diverse projects in the short to medium term.
Leveraging their extensive experience in both the technical and financial sides of minerals transactions, Pursuit Minerals plans to create and capture value within a 24 to 36-month period.
Opportunities to add valuable new projects to the company’s portfolio will continue to be assessed.