The Mustavaara Project is located in north-central Finland, approximately 179 km northwest of Oulu and 650 km north of Helsinki. Access to the property is provided by paved highways and a gravel road to the property. Mustavaara consists of three reservations totalling ~2,650 ha.
Between 1976 and 1985 Mustavaara produced 10% of the world’s vanadium operated by the Finnish state company Rautaruukki Oy. Historic mining reached a max depth of 50 metres along a 1,000 metre corridor before ceasing operations due to low metal prices. One area previously mined, had a historical “non” NI 43-101 compliant probable reserve totaling 97 Mt @ 13.8% magnetite and 0.91% vanadium in concentrate. The area includes vanadium-rich magnetite zones located along an 18 km long magnetic anomaly, raising the possibility of large scale potential along strike.
- Approximately 10,000 metres of drilling over 73 holes has been completed on the property
- The mineralized zones range in thickness from 10 m to 130 m with a deposit average of 60 m and dip 40 degrees to the north
- The vanadium-rich zone remains untested at depth and along strike of the mine, 10 km of the magnetic anomaly remains untested