Prospech Limited - Spectacular REE Grades Reported At Korsnäs - REE Project Enhanced Through Access to Historical Core and Data
5 September 2023
Highlights
- Valuable historical drill core and data for the Korsnäs Rare Earths project has been preserved by the Geological Survey of Finland (GTK).
- A comprehensive dataset from 471 historical drill holes is now being compiled.
- Past exploration and mining at Korsnäs primarily targeted lead (Pb).
- Noteworthy available historical Rare Earth Element (REE) assay data includes:
- Hole KR-285: 2.77m @ 47,500 ppm TREO[i] from 206.68m
- Hole KR-279: 0.62m @ 38,000 ppm TREO from 55.64m
- Hole KR-292: 4.86m @ 18,000 ppm TREO from 35.30m
- Hole KR-287: 3.10m @ 15,700 ppm TREO from 107.85m
- Hole KR-298: 3.81m @ 14,600[ii] ppm TREO from 107.85m
- Hole KR-285: 2.16m @ 12,600 ppm TREO from 137.59m
- Hole SO-188: 7.53m @ 11,200 ppm TREO from 86.87m
- Hole KR-289: 18.50m @ 11,100 ppm TREO from 51.85m
- Hole KR-285: 2.07m @ 10,600 ppm TREO from 143.83m
- Hole KR-281: 1.15m @ 10,200 ppm TREO from 143.83m
- All original drill core from these 471 holes is securely stored by GTK.
- Prospech recently accessed some of the core for logging and sampling purposes.
- 40 holes have been meticulously logged, photographed, and sampled.
- 366 samples have been collected representing 582.65 meters of core.
- Assay results for these samples are pending.
- Additionally, two more 2-week sessions have been reserved in 2023 at the GTK facility for further sampling and logging activities.
Prospech Limited (ASX: PRS, ‘Prospech’ or ‘the Company’) has recently entered into an agreement with the Geological Survey of Finland (GTK) which has enabled access to archived information dating back to the 1950s, 60s and 70s. This information comprises drill logs, plans and sections of the old Korsnäs lead mine and surrounding areas.
As previously reported by the Company (ASX announcements 11 May 2023 and 14 June 2023), previous activities at Korsnäs focused solely on lead (Pb) exploration, overlooking REE mineralisation within the drill core. Sampling and assaying focused on visually identifiable base metal sulfides as indicators, leaving most REE mineralised zones in drill core unsampled.
This is clearly demonstrated in Hole KR-289 which has been logged and re-assayed by Prospech as part of the current data review:
- Historically reported as: 6.2m @ 17,514 ppm TREO from 64.00m
- Now reported as: 18.5m @ 11,100 ppm TREO from 51.85m
In addition to confirming that REE mineralisation occurs independently without the presence of lead, hole KR-289 also carries great significance as it revealed the presence of a separate mineralised zone, with a geophysical (gravity) signature in the western region (Figure 1), completely distinct from the historic Korsnäs mine.
Assay results from 366 samples taken from drill core from 40 holes, out of a total of 471 drill holes, are pending.
Figure 1: Korsnäs project tenements showing the historic holes highlighted in this report.
The cyan dots represent holes logged, samples and assays reported
The yellow dots represent holes logged and sampled with assays pending.
The green dots are holes to be logged and sampled in September and November this year.
The historic Korsnäs mine footprint is shown, as are the elongated orange shapes representing gravity anomalies thought to be indicative of zones of REE mineralisation.
Prospech geologists have selected the most pertinent data for scanning and digitisation. Initial results from the digitisation of the historical drill logs have revealed a number of REO assays from within the Company’s project tenement areas, which have been compiled and tabulated in Table A below.
The scanned data will allow us to develop a detailed 3D model of the old mine and identify and delineate zones of REE mineralisation.
Table A. List of historical intercepts with TREO >3,000 ppm from within the Korsnäs project tenements.
Prospech Managing Director Jason Beckton said: “We are excited about the evolving Korsnäs narrative. Throughout July and August, in collaboration with GTK, we received a substantial amount of crucial historical data. Scans of paper drill logs, cross sections, level plans, and detailed geological maps will enable us to reconstruct the drill database and create a three-dimensional model of the former lead mine.
While the historic mine primarily produced lead, it was known to contain lanthanide elements. However, REE assays were sporadic, especially in cases where lead levels were low or absent. Recent logging and sampling at the GTK facility at Loppi have provided compelling evidence of substantial intervals in the old core exhibiting robust REE mineralisation that had not been previously sampled. We have now collected samples from these intervals and the assay process is currently underway.
The existence of 471 historical drill holes is a significant advantage for our project, as GTK has impeccably preserved the core samples.
We are currently in the final stages of negotiations with the Korsnäs community council to allow for the early commencement of exploration activities on land owned by the council, covering the old mine and tailings storage facility.
We eagerly anticipate the pending modern assay results and providing further market updates they become available.”
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.
Link to English original news:
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.
[i] The historical assay data is not always available for a complete set of Rare Earth Oxide (REO) assays. For instance, there are no assays for Praseodymium (Pr). The Total Rare Earth Oxide (TREO) reported above is the sum of the available REO assay elements which include La2O3, CeO2, Nd2O3, Eu2O3, Gd2O3, and Y2O3.
[ii] Only La2O3, CeO2 and Y2O3
