Projects

Mustavaara

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. 

Located in the north-central Koillismaa layered complex, deposit occurs along the east-west striking Porttivaara layered intrusion with different degrees of metamorphism. Vanadium, titanium and iron can be found in a magnetite-gabbro layered intrusion
 
 
  • 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

Mustavaara Resource

Mineral Resource Estimate Summary (11.0% magnetite cut-off grade)

Resource

Class

Million Tonnes

Average Grade

Contained Metal

Magnetite

(%)

VinMC(1)

(%)

Ti(2)

(%)

Fe(2)

(%)

VinMC(1)

(kt)

Ti(2)

(kt)

Fe(2)

(kt)

Measured

64.0

15.41

0.91

3.75

63.3

90

370

6,244

Indicated

39.7

15.27

0.88

3.53

62.8

53

214

3,805

Total M&I

103.7

15.36

0.90

3.67

63.1

143

584

10,049

Inferred

42.2

15.11

0.92

3.75

62.3

59

239

3,971

Sensitivity of Measured + Indicated Mineral Resource to Cut-Off Grade

Cut-Off Magnetite

(%)

Million Tonnes

Average Grade

Contained Metal

Magnetite

(%)

VinMC(1)

(%)

Ti(2)

(%)

Fe(2)

(%)

VinMC(1)

(kt)

Ti(2)

(kt)

Fe(2)

(kt)

8.0

107

15.17

0.9

3.64

63.2

146

593

10,281

10.0

106

15.26

0.9

3.65

63.2

146

590

10,291

11.0

104

15.36

0.9

3.67

63.1

143

584

10,049

12.0

95

15.71

0.9

3.72

63.0

134

555

9,394

14.0

67

16.81

0.9

3.80

62.9

102

430

7,115

Note: The mineral resource estimate has an effective date of September 14, 2020. Metal prices used: Pig Iron US$350.00 per tonne, Ferrovanadium US$30.00 per kilogram. (1) The weight percent of vanadium retained in the magnetic fraction is reported as VinMC (Vanadium in Magnetic Concentrate) and can be correlated with magnetically recovered vanadium grades in large scale magnetic separation plants. This work has indicated that the magnetite content could be upgraded by a factor of six. (2) Ti (titanium) and Fe (iron) grades and contained metal values are stated in recovered magnetite concentrate post upgrading.

 

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