Pursuit Minerals has secured new mineral reservations for vanadium projects in northern Finland in order to address the growing demand for the metal, which is used in the production of vanadium redox batteries.

The acquisitions include the Koitelainen and Karhujupukka projects.

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The Koitelainen project comprises two platinum group elements (PGE) enriched chromite reefs, Koitelainen Upper Chromite (UC) and Koitelainen Lower Chromite (LC), as well as a vanadium-enriched gabbro known as Koitelainen V.

"All of the projects are close to reliable low-cost grid power, sealed roads and rail infrastructure, while Ferrovan have announced plans to construct a vanadium production plant at Raahe."

Koitelainen UC contains a historic mineral estimate of 70 million tonnes (Mt) grading 0.4% vanadium, 14.4% chromium and 1.1 grams per tonne PGE, while Koitelainen V has an estimate of 15Mt grading 0.2% vanadium.

In addition, historic estimates suggest that Karhujupukka comprises 5.2Mt grading 0.24% vanadium, 32% iron, 6.2% titanium and 0.02% cobalt.

Pursuit Minerals managing director Jeremy Read said: “With the localisation of the energy grid due to increasing renewable energy production, and global transport fleets moving to electric vehicles, the world is requiring more vanadium due to its use in vanadium redox batteries.”

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The company has also filed mineral exploration licence applications in Sweden, covering the Sumåssjön, Kramsta, Simesvallen–Svedåsen, Kullberget–Storåsen and Airijoki vanadium projects.

Read further added: “Finland and Sweden are excellent jurisdictions in which to undertake mineral exploration and project development, ranking first and 16th respectively on the 2017 Fraser Institute Survey.

“All of the projects are close to reliable low-cost grid power, sealed roads and rail infrastructure, while Ferrovan have announced plans to construct a vanadium production plant at Raahe in Finland.”

The company currently intends to prepare the projects for drilling during the next winter field season from November until April 2019.