Spectacular Thick High-Grade REE Mineralisation at Korsnäs
Highlights
- New assay results from 40 Korsnäs drill holes sampled by Prospech in August 2023 return 89 Rare Earth Elements (REE) intersections.
- Thick zones of high-grade REE mineralisation discovered.
- Noteworthy REE assay results include:
-
Hole KR-139: 27.6m @ 19,774 ppm TREO[i] from 90.5m
- incl: 16.1m @ 32,717 ppm TREO from 102.0m
- and: 12.0m @ 5,112 ppm TREO from 137.3m to end of hole (EOH)
-
Hole KR-285: 7.7m @ 34,191 ppm TREO from 201.5m
- and: 2.8m @ 24,073 ppm TREO from 246.6m to EOH
-
Hole KR-224: 18.1m @ 8,174 ppm TREO from 102.0m
- incl: 5.0m @ 23,550 ppm TREO from 104.0m
- and: 21.0m @ 2,345 ppm TREO from 200.0m
- incl: 1.0m @ 11,609 ppm TREO from 212.0m
-
Hole KR-279: 21.8m @ 7,309 ppm TREO from 40.6m
- incl: 2.9m @ 40,135 ppm TREO from 53.4m
-
Hole KR-192: 11.0m @ 6,706 ppm TREO from 131.0m
- incl: 3.0m @ 14,551 ppm TREO from 136.0m
-
Hole KR-207: 8.1m @ 6,338 ppm TREO from 10.0m
- incl: 3.0m @ 11,897 ppm TREO from 11.0m
-
Hole KR-295: 60.9m @ 2,949 ppm TREO from 36.1m
- incl: 19.2m @ 4,327 ppm TREO from 42.0m
Complete assay results are shown in Table A.
- In September 2023, Prospech geologists returned to the Geologic Survey of Finland (GTK) facility to continue logging and sampling of available drill core:
- 44 further holes have been meticulously logged, photographed and sampled.
- 832 further samples have been identified representing 1,289.2 metres of core.
- Assay results for these samples are pending.
- An additional 2-week session has been reserved at the GTK facility in November for further sampling and logging activities.
24 October 2023 - Prospech Limited (ASX: PRS, 'Prospech' or 'the Company') is pleased to announce rare earth elements (REE) assay results for sampling carried out in August 2023 by Company geologists on historical Korsnäs core held by the Geologic Survey of Finland (GTK) at their facility in Loppi, Finland.
As previously reported by the Company (ASX announcements 11 May 2023, 14 June 2023 and
5 September 2023), previous activities at Korsnäs focused solely on lead (Pb) exploration, overlooking REE mineralisation within the drill core. Historic sampling and assaying focused on visually identifiable base metal sulfides as indicators, leaving most REE mineralised zones in drill core unsampled.
The Company’s announcement dated 5 September 2023 reported spectacular historic REE assay results and this announcement reports current assay results received from 366 samples taken by Prospech geologists during August 2023 from drill core from 40 drill holes preserved by the GTK.
Assay results from a further 832 samples taken in September 2023 from drill core from 44 holes are pending. Core from a total of 471 drill holes has been preserved by the GTK and available for logging and sampling by Prospech.
Prospech currently owns 51% of Bambra Oy, the holder of the Korsnäs project, and, based on exploration expenditure incurred by Prospech, will, in accordance with the terms of an Earn-in Agreement (ASX announcement 15 March 2023), increase its ownership of Bambra Oy to100% by the end of this calendar year.
During August 2023, a total of 40 holes were sampled. From the 40 holes, 89 intervals of TREO levels greater than 1,000 ppm were returned with many holes returning multiple zones of REE mineralisation (Table A).
As discussed below, the results from the following holes are of particular interest.
Hole KR-139:
Returned a remarkable intercept:
- 27.8m @ 19,774 ppm TREO from 90.5m including
- 16.1m @ 32,717 ppm TREO from 102.0m
Deeper in KR-139, another REE intersection was encountered:
- 12.0m @ 5,112 ppm TREO from 137.3m to EOH
The hole terminated in mineralisation at 149.3m.
The mineralisation in hole KR-139 is notable because it is interpreted as a separate, more eastern geological structure from the Korsnäs mine structure. In total there are at least five separate structures to be tabulated in any future resource estimate. Hole KR-139 had not been historically sampled by Outokumpu, the original explorers and owners of the lead mine. The REE mineralised zone in KR-139 is a new discovery, demonstrating the potential for the Korsnäs project to host wide, high-grade REE mineralisation.
Hole KR-285:
Returned another remarkable and instructive intercept:
- On 5 September 2023, the Company reported the historical REE assays as: 2.8m @ 47,500 ppm TREO from 206.7m
The current sampling by Prospech has expanded the mineralised area in KR-285 to:
- 7.7m @ 34,191 ppm TREO from 201.5m
In addition, assays reveal that KR-285 intercepted a previously untested section of REE mineralisation, with the hole ending, once again, in high-grade mineralisation:
- 2.8m @ 24,073 ppm TREO from 246.6m to EOH
KR-285 is situated on the Korsnäs mine trend, approximately 200 metres north of the mine itself. This high-grade target holds significant priority for further sampling and future drilling.
Hole KR-224:
Located approximately 500 metres east of the old mine, KR-224 intersected 2 broad zones of REE mineralisation, hosting sub-intercepts of high grade. The upper zone in KR-224 is:
- 18.1m @ 8,174 ppm TREO from 102.0m
Including a high-grade intercept:
- 5.0m @ 23,550 ppm TREO from 104.0m
Hole KR-279:
Located approximately 400 metres west of the old mine, KR-279 intersected a wide zone of REE mineralisation:
- 21.8m @ 7,309 ppm TREO from 40.6m
Including a high-grade intercept:
- 2.9m @ 40,135 ppm TREO from 53.4m
Hole KR-279 holds further significance as it is along strike from the previously reported high grade REE mineralisation in hole KR-289.
Hole KR-289:
The potential of this western target zone is evidently demonstrated by the results from these two holes, KR-279 (above) and previously reported KR-289 (ASX announcement 5 September 2023):
- 18.5m @ 11,100 ppm TREO from 51.8m
Hole KR-207:
Even further to the west another distinct zone of REE mineralisation exists. Among the holes that investigated this target is KR-207 which has unveiled previously untested shallow mineralised intervals within the core:
- 8.1m @ 6,338 ppm TREO from 10.0m
Similar to many other holes at the Korsnäs project, KR-207 also contains a section of high-grade mineralisation:
- 3.0m @ 11,897 ppm TREO from 11.0m
Hole KR-295:
Situated south of the old mine and along strike from it, the REE intersection observed in this hole differs somewhat from those previously examined in the Korsnäs area. Notably, this hole exhibits a wide intersection of REE mineralisation at a shallow depth with a moderate grade:
- 60.9m @ 2,949 ppm TREO from 36.1m
Such zones could potentially be suitable for open pit mining, making them deserving of further investigation.
Prospech Managing Director Mr Jason Beckton commented, “The Korsnäs project is showing increasingly positive and exciting signs with each set of assay results received and assimilated. In three rounds of sampling at GTK’s core storage facility, we have examined and sampled 91 historical holes, resulting in 1,232 samples representing 1,947.6 metres of core. We are enthusiastically anticipating the results from 44 holes and 832 samples taken by Prospech geologists in September 2023.
The core from a total of 471 drill holes has been remarkably well preserved for over 60 years by GTK, reflecting the impressive professionalism of this Finnish government service.
The Korsnäs project continues to get better. The recent access agreement with the supportive local community in the Korsnäs township holds significant importance, highlighting the strong community support for the project.
Prospech has entered a staged earn-in agreement with Finnish company Bambra Oy, the tenement holder of the Korsnäs, Saarenkylä and Jokikangas projects. Prospech's ownership currently stands at 51% of Bambra Oy and, under the terms of the earn-in agreement, will increase to100% ownership by the end of this calendar year.”
Table A: Korsnäs August Drill Sample Assay Results: Significant REO intersections
Figure 1: Map shows: Bambra Exploration Licence Area (mauve stipple), Area covered by Korsnäs community agreement (green stipple), Historic diamond drill core already reviewed/sampled by Bambra/Prospech (green dots), Holes yet to be examined (red dots), Location of holes highlighted and discussed in this report.
Figure 2. Korsnäs is situated near a number of Critical Mineral Assets in Finland.
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 is in the process of acquiring 100% ownership of prospective rare earth elements and lithium projects in Finland. Eastern and Northern Europe are areas that are highly supportive of mining and have a growing demand for locally sourced rare earth elements and lithium. With the demand for these minerals increasing, Prospech is positioning itself to be a major player in the European market.
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:
[i] TREO = Total Rare Earth Oxides which is the sum of La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Yb2O3, Lu2O3 and Y2O3.
