Name of the Project
Koitelainen vanadium project.

Location
Central Finland.

Project Owner/s
Pursuit Minerals.

Project Description
Encouraging results have been received from a scoping study on the Koitelainen vanadium project.

The scoping study has been based on the inferred mineral resource declared for the Koitelainen project in February 2019. The resource totals 116.4-million tonnes, at and in situ grade of 0.3% vanadium pentoxide.

Mining will be based on bulk mining techniques using standard drill-and-blast, load, haul and crusher feed, followed by magnetic separation to produce a vanadium magnetite concentrate. Lower-grade material will be stockpiled.

Waste material will be stockpiled adjacent to the planned openpits and tailings will be contained within a tailing’s management facility.

Pursuit is unable to report production targets at this time.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Pursuit is unable to report net present values at this time.

Capital Expenditure
Not stated.

Planned Start/End Date
Not stated.

Latest Developments
The Koitelainen scoping study will be updated following further metallurgical testwork to determine optimal processing parameters and maximise recovery rates. Further increases to mass recoveries and overall vanadium recovery may have additional positive effects on the Koitelainen project economics.

The data will be delivered in the first quarter of 2020 and the Koitelainen scoping study will be updated soon thereafter.

In addition, an updated mineral resource for the Koitelainen Vosa prospect will be completed in the first quarter of 2020, following completion of the first drilling programme conducted by Pursuit on the project.

Key Contracts and Suppliers
SRK (scoping study) and ALS Metallurgy (metallurgical tests).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Pursuit Minerals, tel +61 7 3708 1013 or email info@pursuitminerals.com.au.