The Company’s principal business objectives are, and will continue to be, the acquisition, exploration, development and operation of gold, silver, nickel, vanadium and other precious minerals.
In the near term, the Company intends to focus on:
- Completing due diligence on the recently acquired Buck Mountain Gold Project
- Extracting value from its existing nickel and vanadium resources in Sweden, Finland and Norway
- Acquiring additional opportunities for new previous metal projects
Gold is a previous metal used jewelry, bullion, electronics and computers. The Company has secured an option to acquire a 100% interest over the Buck Mountain Gold Project in July 2020. The Project is located in 18 miles northeast of Lake Havasu City in Mojave County, Arizona. The mineral resource at the Buck Mountain Gold Project, compiled in compliance with Canadian National Instrument 43-101, has been estimated to be 1.248 Mt at 6.1 g/t gold for 244,000 Oz’s with the gold, silver, PGM mineralisation open at depth and laterally. The Buck Mountain Gold project is a high-grade alluvial gold project with significant complementary silver and Platinum Group Metals (PGM’s) mineralisation. The NI-43-101 foreign mineral resource estimate was calculated for the gold bearing alluvial gravels to a depth of 15 feet over an area of 45 acres, while drilling from 2008 showed that the mineralised gravels extend to at least a depth of 30 feet and the project covers an area of 320 acres (1.3km2). Metallurgical processing of a 16.2 ton bulk sample resulted in average recovered grades of 4.8g/t Au, 119.66g/t Ag and 0.55g/t Pt
Nickel is a crucial element in the latest forms of battery technology, with demand for nickel forecast to grow exponentially over the next 20 years.
In February 2020, Pursuit acquired a 12-month option to purchase three highly prospective, advanced nickel sulphide projects in Norway, including the Espedalen, Sigdal and Hosanger projects in southern and west-central Norway.
The Espedalen Project contains two nickel deposits – Stormyra and Dalen. The Stormyra deposit has an Inferred Mineral Resource of 1.16Mt @ 1% Ni, 0.42% Cu & 0.04% Co. JORC (2012). The Stormyra resource is open at depth and will be drilled to investigate encouraging previous drill intersections including:
- 1m @ 1.75% Ni, 0.66% Cu & 0.06% Co from 64m in hole ES2005-20
- 1m @ 2.68% Ni, 1.26% Cu & 0.08% Co from 29.3m in hole ES2005-22
- 6m @ 1.74% Ni, 0.79% Cu & 0.06% Co from 80.4m in hole ES2004-09
The Dalen deposit has an Inferred Mineral Resource totalling 7.8Mt @ 0.3% Ni, 0.12% Cu & 0.02% Co. JORC (2012)
The Espedalen Project also 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 as well as encouraging nickel and copper mineralisation including:
- 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 19151 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.
The vanadium projects were acquired in 2018 when the Company applied for open exploration territory covering historic projects.
Pursuit has made rapid progress in the development of its vanadium portfolio, focusing its exploration and development activities on the Airijoki project in northern Sweden and the Koitelainen project in Finland. At each of these projects, Pursuit has defined substantial resources and completed scoping studies that have confirmed significant potential development returns. The scoping studies assessed the potential for both Airijoki and Koitelainen to be initially developed as mining operations producing high-grade vanadium magnetite concentrates for sale to global markets. Further upside for Pursuit’s portfolio may come from a second phase of development involving construction of a centralised vanadium magnetite concentrate processing facility to produce Vanadium Pentoxide (V2O5) flake. This staged development approach will reduced pre-production capital expenditure requirements and accelerate the start of production.
Pursuit will initially focus on the rapid advancement of the Airijoki project by completing metallurgical test work and commencing discussions with potential offtake partners. Pursuit also plans to undertake additional infill drilling to upgrade the mineral resource to JORC Indicated and Measured status, which will facilitate completion of a Definitive Feasibility Study.
At Koitelainen, further drilling will be undertaken to provide samples for metallurgical test work and to explore probable extensions to the Koitelainen Inferred Mineral Resource.
Pursuit is considering potential strategic partners who have the capability to provide technical and financial resources to progress both Airijoki and Koitelainen through their next stages of development.