Pursuit has acquired a 12-month option to purchase three highly prospective, advanced nickel sulphide projects – Espedalen, Sigdal and Hosanger, in Norway.
The Espedalen Project currently contains the following two nickel deposits:
Stormyra, which has an Inferred Mineral Resource of 1.16Mt @ 1% Ni, 0.42% Cu & 0.04% Co – JORC (2012)
Dalen, which has an Inferred Mineral Resource of 7.8Mt @ 0.3% Ni, 0.12% Cu & 0.02% Co -JORC (2012)
The Stormyra Mineral resource is open at depth. Drilling will be undertaken to determine if the Mineral Resource can be expanded and to further investigate encouraging drill intersections including:
- 21.1m @ 1.75% Ni, 0.66% Cu & 0.06% Co from 64m in hole ES2005-20
- 7.1m @ 2.68% Ni, 1.26% Cu & 0.08% Co from 29.3m in hole ES2005-22
- 14.6m @ 1.74% Ni, 0.79% Cu & 0.06% Co from 80.4m in hole ES2004-09
In addition to the Stormyra and Dalen nickel deposits, the Espedalen Project contains 10 prospects containing nickel intersections of at least 5m @ >1% Ni which warrant follow up drilling
The Sigdal Project contains a geophysical conductor associated with historical mine workings, which has only been tested with two short drill holes, returning gold grades over 10g/t with encouraging nickel and copper mineralisation including:
- 1.48m @ 0.36% Ni, 0.43% Cu, 10.1g/t Au, & 2.9g/t Ag from 22.6m in hole ER2006-13
The Hosanger Project contains the historical Litland nickel mine which produced 460,000t of nickel ore grading 1.05% Ni, 0.35% Cu and 0.05% Co from 1915 and which remains open at depth
Pursuit is required to pay US$25,000 cash, issue 20 million shares and incur exploration expenditure of US$250,000 in 12 months to become entitled to exercise the option to acquire 100% of the projects, which are currently owned by Eurasian Minerals Sweden AB, a wholly owned subsidiary of EMX Royalty Corporation.