Thursday, 20 February 2020 20:30

Pursuit Minerals pursues European nickel targets to meet growing battery metal demand

VENDOR CONTRIBUTION. By 2025, 500,000 tonnes of refined nickel will be used annually in lithium-ion batteries for electric vehicles (EVs).

This equates to a five-fold increase from the amount of nickel used in EVs in 2018.

Seeking to capitalise on Europe’s rapidly expanding battery production capacity for both energy storage and use in electric vehicles, Pursuit Minerals (ASX: PUR) is taking steps to supply European battery manufacturers with the critical metals to expand the region’s battery production capacity and battery deployment.

Pursuit expands European nickel exploration

Pursuit listed on the ASX in August 2017 following the acquisition of a portfolio of projects from Teck Australia Pty Ltd, which remains the company’s largest shareholder.

Its project portfolio is focused on Battery Metals nickel and vanadium. In 2018, the company was granted exploration tenements in Sweden and Finland, covering projects with historical deposits of vanadium and extensive confirmed areas of vanadium mineralisation.

In February 2020, Pursuit expanded its portfolio through an Option agreement, with the ability to purchase 100% interests in the Espedalen, Sigdal and Hosanger projects in Norway.


Eurasian Minerals Sweden AB, a wholly owned subsidiary of EMX ROYALTY CORPORATION, currently owns these three advanced nickel sulphide projects.

The projects comprise 20,000 hectares of exploration licenses and are located in three separate historic mining districts that were identified through EMX's regional generative programs and acquired in 2018.

Pursuit is required to pay US$25,000 cash, issue 20 million shares and incur exploration expenditure of US$250,000 in 12 months to become entitled to exercise the option to acquire 100% of the projects.

Pursuit chairman, Peter Wall explained “The transaction structure that has been negotiated is relatively non-dilutive to existing shareholders, with only a very modest number of shares being issued upfront. This was an important factor in proceeding with the transaction in order to preserve and maximise shareholder value.”

Why Norway?

Norway led the world in nickel production during the 1870s and was producing 75% of the world’s nickel by the turn of the century with over 40 nickel mines in production. More recently, the Bruvann Ni-Cu-Co mine, with 6.8Mt ore, operated between 1989-2002.

Glencore currently operate the Nikkelverk nickel refinery at Kristiansand in southern Norway, which has been refining nickel concentrate and exporting nickel products since 1910.

These mines were generally on the smaller to medium scale, however there is certainly potential here for much larger scale operations supported by modern mining knowledge and techniques
Interestingly, the southern Norway location of Pursuit’s projects is geologically analogous to one of the world’s largest nickel mines: Voisey’s Bay nickel deposit in Labrador, Canada contains 141Mt nickel at 1.6%.

This shared geological history could point to Norway having a larger deposit lurking beneath the surface — possibly even of the scale of Voisey’s Bay.

In any case, there’s significant opportunity to progress Norway’s smaller to medium sized deposits towards commercial production.

Focused exploration

Pursuit’s immediate focus is on the Espedalen Project, where it will:

  • Assess the potential to expand the high-grade core of the Stormyra Inferred Mineral Resource.
  • Test a number of the targets of 5m @ 1% Ni.
  • Assess the potential to define a maiden inferred mineral resource from the existing drill holes at the Megrund prospect.

Over the coming 12 months, the $2 million capped Pursuit will rapidly move to define and test nickel drill targets with the goal of expanding the known nickel deposits and discover new nickel systems and potentially boosting its market value.

With a limited number of quality nickel sulphide projects available worldwide, Pursuit is now just one of a handful of ASX listed companies with interests in an advanced nickel portfolio.

This is important, as there are few opportunities on the ASX to invest in companies with high quality nickel projects — particularly those with existing nickel JORC resources.

Backed by an experienced management team, having demonstrated its ability to quickly progress projects in Scandinavia, there’s a lot of potential to explore here — particularly for the ASX junior currently priced at just 0.6 cent per share price and
with a sub-$2 million market capitalisation.

Additionally, protecting Pursuit on the downside is Pursuit’s option to acquire these projects at a really attractive price and with minimal dilution to existing shareholders.

The company is fully funded to complete these exploration programs this year.

Read 5202 times


As part of our Lead Machine Methodology we will help you get more leads, more customers and more business. Let us help you develop your digital marketing campaign

Digital Marketing is ideal in these tough times and it can replace face to face marketing with person to person marketing via the phone conference calls and webinars

Significant opportunity pipelines can be developed and continually topped up with the help of Digital Marketing so that deals can be made and deals can be closed

- Newsletter adverts in dynamic GIF slideshow formats

- News site adverts from small to large sizes also as dynamic GIF slideshow formats

- Guest Editorial - get your message out there and put your CEO in the spotlight

- Promotional News and Content - displayed on the homepage and all pages

- Leverage our proven event promotion methodology - The Lead Machine gets you leads

Contact Andrew our digital campaign designer on 0412 390 000 or via email



Security requirements such as confidentiality, integrity and authentication have become mandatory in most industries.

Data encryption methods previously used only by military and intelligence services have become common practice in all data transfer networks across all platforms, in all industries where information is sensitive and vital (financial and government institutions, critical infrastructure, data centres, and service providers).

Get the full details on Layer-1 encryption solutions straight from PacketLight’s optical networks experts.

This white paper titled, “When 1% of the Light Equals 100% of the Information” is a must read for anyone within the fiber optics, cybersecurity or related industry sectors.

To access click Download here.




Recent Comments