Date: Oct 30, 2018

Vanadium pure play explorer Pursuit Minerals says all three of its Scandinavian projects can now produce high-grade vanadium in magnetite concentrates.

The timing couldn’t be better, with burgeoning demand pushing the vanadium price past $US33 per pound in October — its highest point in 13 years.

Testing of historical drill holes on the Simesvallen project in Central Sweden confirmed that high-grade vanadium in magnetite concentrates of more than 1.5 per cent vanadium pentoxide (V2O5) could be produced, Pursuit (ASX:PUR) says.

The vanadium at Simesvallen was associated with a 1.5km long magnetic anomaly, which is undrilled to the east of the best historic drill hole.

This indicates vanadium mineralisation is potentially more extensive, and at high grades.

The keys to determining a good vanadium depositcome down to the overall magnetite recovery and the grade of the vanadium produced from that magnetic concentrate.

Now, results from the Simesvallen, Koitelainen (Finland)and Airijoki (Sweden)projects have confirmed that all three of Pursuit’s projects are capable of producing high-grade vanadium in magnetite concentrates.

Pursuit is well placed to take advantage of Scandinavia’s world-class infrastructure, cost effective power, and stable legislative frameworks to accelerate potential development of this quality vanadium project portfolio.

Steelmakers are crying out for more vanadium

The price of V205 has increased by 300 per cent this year to over $US33 per pound in October — its highest point in 13 years.

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