The Company’s principal business objectives are, and will continue to be, the acquisition, exploration, development and operation of gold, PGE, copper, silver, nickel, vanadium and other precious minerals.
In the near term, the Company intends to focus on:
- Commencing field work on the recently acquired Gladiator Gold and Warrior PGE-Ni-Cu Projects
- Extracting value from its existing nickel and vanadium resources in Sweden, Finland and Norway
- Acquiring additional opportunities for new previous metal projects
The Company has secured a 100% interest over the Warrior (100%) – PGE-Ni-Cu Project in December 2020. The Project is a highly prospective land position of 593 km2 in emerging PGE-Ni-Cu Terrane – commencing just 20km north from Chalice’s Gonneville Julimar discovery. Warrior PGE-Nickel-Copper Project covers a series of prominent magnetic anomalies similar to the mafic and ultramafic Gonneville intrusion. Pursuit undertaking interpretation of the available aeromagnetic data to define corridors of aeromagnetic anomalies prospective for PGE-Ni-Cu mineralisation. Follow-up electromagnetic surveys and soil geochemical sampling will be completed in order to define and prioritise drill target Calingiri East previous aircore intersected 1420ppm Ni in mafic rocks. Anomalous platinum and palladium has been intersected in at Wubin, confirming prospectivity of Warrior Project for PGE-Ni-Cu mineralisation. Calingiri West tenement covers part of the Sovereign Magnetic Complex as interpreted by Devex Resources (ASX: DEV) and is immediately adjacent to late-time airborne electromagnetic anomalies recently defined by Devex.
The Company secured the Gladiator Gold Project in September 2020. The Project consists of 4 exploration licences located 10km northwest of Laverton in Archaean Yilgarn Craton, Western Australia. Gladiator is in close proximity to the Beasley Creek Mine, which produced 798,314t @ 2.59g/t Au and the Lancefield Mine, which produced 1.32 million ounces of gold. Significant historical drill intersections within the project area include:
11m @ 4.64g/t Au from 61m, including 1m @ 37.2g/t Au from 65m, in drill hole WGC89
11m @ 2.75g/t Au from 59m including 1m @ 11.47g/t Au from 60m and including 1m @ 4.06g/tAu from 67m, in drill hole WGC98
17m @ 1.16g/t Au from 43m in drill hole BCP318
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.