Pursuit Minerals Limited (ASX:PUR) has identified a number of new targets with the potential to extend the mineralisation at the Simesvallen vanadium project in Central Sweden.
The targets were highlighted in the interpretation of detailed ground magnetic data recently collected at the Simesvallen East, Spannarslatten and Svedasen prospects
Chairman, Peter Wall, said the interpretation of the ground magnetic data has achieved Pursuit’s objective of mapping the distribution of magnetite within the mafic intrusions which host vanadium mineralisation and determining the orientation and thickness of the mafic intrusions.
Significantly, at the Simesvallen East prospect where vanadium mineralisation has been previously intersected in historical drill holes over 560m of strike length, interpretation of the ground magnetic data indicates that the vanadium mineralised magnetic body extends 340m further east and increases in thickness to 50m.
Mr Wall said that once again modelling and interpretation of detailed ground magnetic data has been very effective at mapping the size and orientation of mafic intrusions which are host to known vanadium mineralisation, the same technical approach which led to the discovery of high-grade vanadium at the Northeast Magnetic Zone on the Airijoki Project in northern Sewden.
We collected detailed ground magnetic data at the Simesvallen East, Spannarslatten and Svedasen prospects on the Simesvallen vanadium project in Central Sweden and the interpretation of this data from each prospect has led to the identification of several prospective vanadium targets.
“At Simesvallen East, the interpretation of the magnetic data suggests that the vanadium mineralisation extends a further 340m to the east and the mafic intrusion hosting the vanadium mineralisation increases in thickness from approximately 24m to 50m thick, which is highly encouraging.
“Prospective targets have also been located at the Spannarslatten and Svedasen prospects, so we will be meeting with our local Swedish consultants in late January to determine the optimum way to progress exploration on the overall Simesvallen project”, Mr Wall said.
The Simesvallen structure is an approximately 15km long magnetic unit folded into an elliptical form. In the early 1980’s, a small section of the northern structure at Simesvallen was investigated with reconnaissance drilling (10 drill holes), along 560m of strike and to a vertical depth of 50m.
Rock samples from historic small trial mines returned whole rock values of 0.84 – 0.9% V2O5. In October 2018 Pursuit was able to access two of the historical drill holes at the Swedish National Core Library. Half-core samples returned highly encouraging intersections including 24m @ 0.36% V2O5 (whole rock), 1.63% V2O5 (magnetite concentrate) from 22.0 down hole depth and 10.9m @ 0.38% V2O5 (whole rock), 1.63% V2O5 (magnetite concentrate) from 39.0 down hole depth.
Mr Wall said Pursuit plans to meet with its local Swedish consultants in late January to determine the next steps for advancing testing of the Simesvallen East, Spannarslatten and Svedasen prospects on the Simesvallen vanadium project.