Melbourne, Australia – 4 December 2024 | Prospech Limited (ASX:PRS, “Prospech” or “the Company”) is pleased to announce the completion of the inaugural JORC 2012-compliant Inferred Mineral Resource Estimate (MRE) at the Korsnäs Rare Earth Elements (REE) Project in Finland. This milestone positions Korsnäs as one of Europe’s newest rare earth resources and highlights its potential to support the European Union’s critical minerals strategy.
Highlights
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Initial Inferred Mineral Resource Estimate (MRE):
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7.1Mt @ 1.08% Total Rare Earth Oxides (TREO) at a cut-off grade of 0.5% TREO.
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Derived from data across 46 mineralised domains, with further potential for consolidation into fewer zones and increased resource tonnage.
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Exploration Target Defined:
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Adjacent to the reported MRE, an Exploration Target of 10Mt to 12Mt @ 1.0% to 1.2% TREO has been identified, offering significant upside pending further metallurgical work.
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European Strategic Importance:
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The Korsnäs Project aligns with the EU’s REPowerEU plan and the €16 million REMHub program, aiming to secure local supply chains for critical raw materials essential to the green energy transition.
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Jason Beckton, Managing Director of Prospech, stated: "This Inferred MRE at Korsnäs is a fantastic start and represents the EU’s newest REE resource. We are now focused on improving the quality and quantity of the resource, metallurgical information, iterative economic review and initial mine permitting matters.
This Inferred MRE is based on 46 separate mineralised domains determined by data from the recent diamond core drilling completed by Prospech and more than 3,700 assay results from the drill core of 481 historical drill holes preserved by the Geological Survey of Finland, all of which confirm the presence of significant concentrations of rare earth elements.
The work that has gone into the calculation of the MRE will aid in the planning of future drill locations with the objective of connecting the mineralised domains and to support the Company’s metallurgical test work.
With further assay results from the sampling of historic drill core still to be received, future drilling by Prospech and metallurgical test work results, we look forward to improving the quality and quantity of the reported Inferred MRE and to convert some Exploration Target tonnes to a JORC compliant resource estimate.
Beyond the reported Inferred MRE and Exploration Target, Prospech’s surrounding tenements have not been fully explored. In addition, the Tailings Storage Facility and Lanthanide Concentrate Stockpile, both of which have already been comprehensively drilled and assayed by Prospech, we regard as ‘low hanging fruit’ which may form the foundation of a starter project.
These aspects of our Korsnäs project represent further upside to the steady development we have achieved to date.”
Path Forward
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Ongoing Assays and Exploration:
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An additional 681 assay results are pending, with further drilling planned to increase resource confidence and tonnage.
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Metallurgical testing is set to begin at GTK Mintec and the Oulu Mining School under the REMHub initiative.
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Resource Expansion Potential:
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Further consolidation of mineralised domains is expected to enhance resource quality and increase tonnage.
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Exploration will also focus on untapped surrounding tenements and additional opportunities within the project’s Tailings Storage Facility (TSF) and Lanthanide Concentrate Stockpile.
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For further information, please contact:
Jason Beckton
Managing Director
Prospech Limited
jason@prospech.com.au
Jane Morgan
Investor Relations
jm@janemorganmanagement.com.au
About us:
About Prospech Limited:
Founded in 2014, the Company focuses on mineral exploration in Finland and Slovakia, with a mission to discover, define, and develop critical elements deposits containing metals such as rare earths, lithium, cobalt, copper, silver, and gold. Prospech is actively positioning itself to contribute to Europe's mobility revolution and energy transition. With a strong portfolio of prospective base and precious metals projects in Slovakia, and the recent focus on rare earth element (REE) projects in Finland, the Company is strategically aligned with the increasing demand for locally sourced minerals in Eastern and Northern Europe, regions that are highly supportive of mining. As demand for these critical elements grows, Prospech aims to become a leading player in the European market.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com.au
