Rare Earth Exchanges

High Grade Rare Earth Assay Extracted from Korsnäs Project in Finland

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Hightlights:

  • High-Grade Assay Results: Prospech’s recent assays from historical Korsnäs drill core confirm significant rare earth element (REE) mineralization, with standout intersections showing high levels of Total Rare Earth Oxides (TREO) and NdPr enrichment.
  • Validated Historical Data: New assays corroborate archived data from over 471 historical drill holes, highlighting previously overlooked REE potential and reinforcing the prospect for a robust JORC-compliant resource estimate.
  • Strategic Focus on REEs: By leveraging existing core samples, Prospech is advancing toward the European energy transition, minimizing new drilling costs and expanding REE resource potential in previously lead-focused mining areas at Korsnäs.

Prospech Minerals Ltd (opens in a new tab) (“Prospech” or “the Company”) announces what the firm claims are more impressive assay results from its ongoing sampling and assaying program of historical drill core from the Korsnäs Project in Finland. These latest results reinforce the presence of significant rare earth element (REE) mineralization.  Founded in 2014, they are an Australian precious metals mining exploration company.

The Company engages in mineral exploration in Slovakia (opens in a new tab) and Finland, with the goal of discovering, defining, and developing critical elements such as rare earths, 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 100% owned prospective cobalt and precious metals projects in Slovakia and through its acquisition of the Finland Projects (opens in a new tab) has acquired a 100% interest in prospective rare earth element (REE) projects.

Summary

  • Significant Assay Results: Recent assays from 260 samples taken from 22 historical drill holes include:
    • KR-107: 20.6m @ 11,953 ppm Total Rare Earth Oxides (TREO), with NdPrO enrichment at 3,474 ppm.
    • KR-138: 6.2m @ 14,014 ppm TREO, including a high-grade interval of 2.0m @ 41,270 ppm TREO with 12,109 ppm NdPrO.
    • KR-147: 28.6m @ 2,802 ppm TREO, with an interval of 1.1m @ 12,005 ppm TREO (3,415 ppm NdPrO).
  • Historical Drill Core Validated: The new assays validate historical data from 471 drill holes archived by the Geologic Survey of Finland, demonstrating consistent high-grade REE mineralization previously overlooked in lead-focused operations.
  • Potential for JORC Resource Estimate: The cumulative assay data from both historical and modern drilling supports the foundation for a future JORC-compliant resource estimate.

According to Jason Beckton, Managing Director of Prospech, “Assay results from samples taken by Prospech geologists from the historical core from Korsnäs have been consistently strong and the latest batch is no exception, with a standout 20 meter intersection at more than 1% TREO, showing significant 29% NdPr enrichment along the southern strike extension of the mine trend. Our assay results from historical drilling and our own modern era drilling support an expectation of thick continuous zones of REEs in places previously discounted by the lead focused Korsnäs mining operations.

Results from our recent drilling program, the first in the modern era, have validated the reliability of the extensive historical drill core preserved by the Geologic Survey of Finland.

Assay data from samples taken by Prospech geologists from historical drill core reported to date, along with the recently announced and highly encouraging results from our modern drilling program, form a solid foundation for a future JORC compliant resource estimate, which we are progressing towards.

Further samples taken from historical drill core are currently being assayed and we look forward to providing further updates as the results become available.”

Korsnäs Project:

The Korsnäs Project was originally developed as a lead mine, but it also features extensive REE zones. These zones remain open along strike and at depth, comprising layered carbonatite structures up to 20 meters thick. Prospech’s focus on REE mineralization has revealed consistent results, leveraging historical core data without incurring the significant costs of new drilling, estimated at A$16 million.

Next Steps:

Prospech will continue its extensive REE sampling program and expects to release further assay results as they become available. The Company aims to integrate these findings into its resource modeling and progress toward defining a JORC-compliant resource.  This announcement has been authorized for release by the Board of Directors of Prospech Minerals Ltd.

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