The Koitelainen Prospect is located in northern Finland.
At the Koitelainen Vosa Prospect an Inferred Mineral Resource has been defined of 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 at a 0.5% V cut-off, and reported in accordance with JORC (2012).
The Resource was estimated in accordance with JORC (2012), utilising data from 3,784m of drilling from 27 historical drill holes.
Based upon this Inferred Mineral Resource, Pursuit undertook a Scoping Study and determined that the Koitelainen Vosa Prospect had the
potential to be financially robust producing a high-grade vanadium magnetite concentrate.
Metallurgical test work has been completed on three representative holes from the Koitelainen Vosa prospect which has confirmed the potential to increase vanadium recoveries and improve project economics.
Further metallurgical test work will be completed across the Koitelainen Vosa Inferred Mineral Resource. Pursuit is seeking to conduct further drilling and has applied for an Exploration Licence to enable drilling during the northern hemisphere winter field season.
See Pursuit Minerals ASX Announcements of 6 February 2019, 8 May 2019 and 9 April 2019. The Company is not aware of any new information or data that materially affects the information included in the referenced ASX announcements and confirms that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
Competent Person’s Statement
Statements contained here relating to historical exploration results, exploration results produced by Pursuit Minerals and historical estimates of mineralisation are based on, and fairly represent, information and supporting documentation prepared by Mr. Jeremy Read, who is a member of the Australian Institute of Mining & Metallurgy (AusIMM), Member No 224610. Mr Read is a full-time employee of the Company and has sufficient relevant experience in relation to the mineralisation styles being reported on to qualify as a Competent Person as defined in the Australian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC) Code 2012. Mr Read consents to the use of this information in this announcement in the form and context in which it appears. Statements contained here relating to the Koitelainen Inferred Mineral Resource are based on and fairly represent information and supporting documentation prepared by Mr Chris Grove, who is a member of the Australian Institute of Mining & Metallurgy (AusIMM), Member No 310106. Mr Grove is a full-time employee of the mineral resource consulting company “Measured Group”, which was contracted by Pursuit Minerals Limited to prepare estimates of the Inferred Mineral Resources at Koitelainen. Mr Grove has sufficient relevant experience in relation to the mineralisation styles being reported on to qualify as a Competent Person as defined in the Australian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC) Code 2012. Mr Grove consents to the use of this information in this announcement in the form and context in which it appears.
Karhujupukka is located just 10km from a rail link to port infrastructure and is close to the Finnish city of Kolari, making it an ideal location to explore for vanadium in Finland.
The project hosts a potentially valuable vanadium resource, estimated at 5.2MT @ 0.43% V2O5 by the Geological Survey of Finland, which Pursuit will seek to explore further.
A previous owner of the project conducted exploration with a deep penetrating airborne electromagnetic system, and Pursuit will retrieve this data in order to upgrade the historical mineral estimate to a Mineral Resource in accordance with Joint Ore Reserves Committee (JORC) standards.
Historical mineral estimate of 5.2MT @ 0.43% V2O5, 32% Fe, 6.2% Ti and 0.02% Co, 10km from rail link to port infrastructure, close proximity to city of Kolar