Prospech Limited - Korsnäs Sampling Returns Rare Earth Results up to 13,201 ppm TREO, Expanding Target Zones
Highlights
- Recent assays of drill core from six historic holes confirm expanded zones of Korsnäs Rare Earth Element (‘REE’) mineralisation
- Intersections include:
- KR-289: 18.3m @ 13,201 ppm Total Rare Earth Oxide (‘TREO’[i]) from 51.7m
- M124256R85: 10.9m @ 5,634 ppm TREO from 56.3m
- M124256R126: 16.0m @ 2,296 ppm TREO from 86.5m
- Hole KR-289 located west of the historic Korsnäs Mine confirms multiple mineralised zones exist on the property
- Strong Neodymium/Praseodymium (NdPr) enrichment[ii] averaging 26% in sampled holes
- Korsnäs mine tailing storage facility identified as a high-priority target for REE investigation based on analysis of four grab samples, which averaged 4,140 ppm
- Further logging and sampling on historic Korsnäs drill core is planned
14 June 2023 – Prospech Limited (ASX: PRS, ‘Prospech’ or ‘the Company’) is pleased to report encouraging rare earth results from assays of historic drill core from the Korsnäs Project in Finland.
The elevated presence of REE mineralisation in all samples provides confirmation of the Company's hypothesis that previous drilling efforts focused solely on lead (Pb) exploration, overlooking REE mineralisation within the drill core. In the past, sampling focused on visually identifiable base metal sulfides as indicators, leaving most REE mineralised zones unsampled.
Prospech geologists conducted sampling on six holes, all of which yielded positive results (see Table A). Additionally, there are numerous preserved drill cores available at the Finnish Geological Survey (‘GTK’) facility in Loppi. The Company has confirmed further time slots to conduct logging and sampling sessions on this core in the upcoming months.
Prospech previously noted historical REE mineralisation in hole KR-289, west of the former Korsnäs lead/lanthanide mine. This particular hole carries great significance as it revealed the presence of a separate mineralised zone, with a geophysical (gravity) signature in the western region (Figure 2), completely distinct from the mine trend and covered by a recently confirmed exploration application by Prospech/Bambra. Moreover, it confirms that REE mineralisation occurs independently without the presence of lead.
Prospech Managing Director Jason Beckton said: “These assay results represent some of the most exciting and encouraging findings in the Company's history. The identification of thicker intersections of REE mineralisation, along with an impressive average Neodymium/Praseodymium enrichment of 26%, further underscores the Korsnäs Project's potential.
Notably, confirmation of multiple mineralised zones in hole KR-289, including the intersection of 18.3m @ 13,201 ppm TREO, adds to our confidence in the property's prospects. Our objective was to obtain thicker intersections through the sampling process and we successfully achieved this goal.
The Korsnäs’ Tailings Storage Facility has emerged as a high priority target for REE investigation, supported by positive assay results from grab samples. We are now urgently planning systematic 3D sampling.
These findings validate our strategic focus on the Korsnäs Project and point to the potential the project holds. We are determined to advance our exploration efforts and unlock the full value of this prospect.
Based on these exciting results, we have decided to focus our near term exploration efforts in Finland on Korsnäs, while we will continue to evaluate opportunities at the Saarenkyla and Jokikangas.”
The previously reported historical results from KR-289 were as follows:
- 6.2m @ 17,514 ppm TREO from 64m
Upon examining the core of KR-289, it became evident that the REE-mineralised carbonatite unit was considerably thicker than indicated in historical records. Subsequent assay results now confirm that the mineralisation extends to a minimum thickness of 18.3m. The revised intersection in KR-289 is now documented as:
- 18.3m @ 13,201 ppm TREO from 51.7m
All results of all the recent sampling at Korsnäs are presented in Table A.
Figure 1. Photographs of hole KR-289 core with recent and historical TREO assays overlaid.
After conducting a preliminary examination of the mineralisation in KR-289, Prospech has determined that its dip angle is approximately 45 degrees towards the east. This dip angle corresponds to a mineralised intercept found in hole M124256R126 (refer to Figure 3 for the cross section). The orientation of the mineralisation in KR-289 is consistent with the mineralisation observed at the Korsnäs mine.
Korsnäs Tailings Opportunity
On 11 May 2023, Prospech announced that the historic Korsnäs mine Tailings Storage Facility (‘TSF’) has an estimated overall volume of 0.57 million cubic meters, based on the analysis of up-to-date LIDAR topographic data. The report also highlighted that the TSF represents a readily accessible target for exploration.
The proposition gained further support from positive assay results obtained from four recent grab samples taken from the surface of the TSF. Figure 4 illustrates a plan of the TSF, indicating the sample locations and their respective TREO values. These results have generated momentum to conduct systematic 3D sampling (drilling) of the TSF. Furthermore, it is estimated that 81% of the TSF area falls within the current tenure of the Korsnäs Project.
Figure 2. Location map of the Korsnäs Project tenure (yellow lines). Location of historic hole KR-289 is highlighted, demonstrating the prospectivity of the multiple gravity anomalies.
Figure 3: Cross Section of KR-289 and M124256R126. TREO quoted in ppm.
Table A: Intersections from recent sampling at Korsnäs. All assays are represented in the intersections (i.e. no cut offs applied).
Figure 4: Korsnäs Tailings Storage Facility (TSF) with 81% within current tenure. Four grab samples taken from near the surface reveal that the tailings consistently carry significant REE averaging 4,140 ppm. Planning for systematic sampling is underway.
For further information, please contact:
Jason Beckton
Managing Director
Prospech Limited
+61 (0)438 888 612
This announcement has been authorised for release to the market by the Board of Prospech Limited.
Competent Person’s Statement
The information in this Report that relates to Exploration Results is based on information compiled by Mr Jason Beckton, who is a Member of the Australian Institute of Geoscientists. Mr Beckton, who is Managing Director of the Company, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Beckton consents to the inclusion in this Report of the matters based on the information in the form and context in which it appears.
About Prospech Limited
Founded in 2014, the Company engages in mineral exploration in Slovakia and Finland, with the goal of discovering, defining, and developing critical elements such as rare earths, lithium, cobalt, copper, silver, and gold resources.
Prospech is taking steps to be a part of the mobility revolution and energy transition in Europe. The Company has a portfolio of prospective cobalt and precious metals projects in Slovakia and through its acquisition of the Finland Projects is in the process of acquiring prospective rare earth element (REE) and lithium projects. Eastern and Northern Europe are areas that are highly supportive of mining and have a growing demand for locally sourced rare earths and lithium. With the demand for these minerals increasing, Prospech is positioning itself to be a major player in the European market.
Link to the original news in full length:
[i] Total Rare Earth Oxides (‘TREO’) includes: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Yb2O3, Lu2O3, Y2O3
[ii] NdPr enrichment is the proportion of TREO comprising Nd2O3 and Pr2O3
