Brisbane, Australia – 11 November 2024 | Prospech Limited (ASX:PRS) (“Prospech” or “the Company”) is excited to announce further impressive assay results coming from its ongoing sampling program at the Korsnäs Project, located in Finland. The latest assays confirm high concentrations of Heavy Rare Earth Elements (HREEs), notably terbium (Tb) and dysprosium (Dy), which are critical minerals for high-strength magnets that are used in clean energy technologies.
Highlights:
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HREEs Confirmed: Assays from 307 samples across 25 historic drill holes include:
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KR-272: 11.4m @ 13,383 ppm TREO, with high NdPrO enrichment of 3,982 ppm, including 4.0m @ 32,831 ppm TREO featuring 40.9 ppm Tb₄O₇ and 227.4 ppm Dy₂O₃
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SO-187: 17.4m @ 9,798 ppm TREO from surface, including 3.0m @ 48,465 ppm TREO with exceptional 86.0 ppm Tb₄O₇ and 313.4 ppm Dy₂O₃
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Consistent High-Grade Zones: These results build on previously reported assays, confirming the presence of broad high-grade REE mineralisation.
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Strategic Supply Potential: Terbium and dysprosium are essential for high-temperature magnets used in electric vehicles, wind turbines, and high-efficiency motors. Amid supply chain disruptions, the Korsnäs Project has the potential to become a key source of these materials for parts of Europe.
Jason Beckton, Managing Director of Prospech, commented: "Korsnäs keeps delivering standout results, with recent recognition of high grade zones rich in critical Heavy Rare Earth Elements (HREEs) like dysprosium (Dy) and terbium (Tb).
“While Korsnäs is primarily a carbonatite-associated deposit known for valuable magnet REEs such as neodymium (Nd) and praseodymium (Pr), the presence of significant Dy and Tb mineralisation is a major advantage. These heavy REEs are crucial for producing high strength magnets which hold up under high temperatures and perform reliably in demanding applications like electric vehicles, wind turbines and high-efficiency motors.
“With current supply disruptions in China, securing a stable source of these materials is more important than ever. Prospech is looking to meet this need, positioning itself as a dependable future supplier of magnet critical HREEs. Our commitment to thoroughly assessing these enriched zones at Korsnäs reflects our confidence in the project’s potential and our determination to support the growing global demand for sustainable energy technologies. By developing Korsnäs as a secure supply source, we are not just meeting immediate industry needs; we’re playing a key role in strengthening the resilience of global rare earth supply chains for the long term."
Project Background:
The Korsnäs project also hosts extensive Rare Earth Element (REE) zones, which remain open along strike and at depth. The deposit features layered carbonatite structures up to 20 metres thick, correlated with gravity anomalies extending over a 5-kilometre strike length. The site is ideally positioned to supply Europe’s growing demand for locally sourced rare earth elements.
Jason Beckton
Managing Director
[email protected]
Jane Morgan
Investor Relations
[email protected]
About us:
About Prospech Limited:
Prospech Limited is engaged in mineral exploration in Finland and Slovakia. It is focused on discovering, defining, and developing critical elements, such as rare earths, lithium, cobalt, copper, silver, and gold resources. It has a portfolio of 100% owned prospective cobalt and precious metals projects in Slovakia. It also holds 100% interest in prospective rare earth element (REE) projects. Its Finland Projects include Korsnas REE Project, Jokikangas, and Saarenkyla. The Company, through its wholly owned subsidiaries SLOK and Prospech SK, owns 100% of six exploration licences, covering 161 square kilometres in Slovakia: Kolba exploration licence with copper, cobalt, silver and nickel focus; Hodrusa-Hamre exploration licence with gold and silver focus; Nova Bana exploration licence with gold and silver focus; Pukanec exploration licence with gold and silver focus; Cejkov-Zemplin exploration licence with gold and silver focus, and Zlatno exploration licence with copper and gold focus.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]