Prospech Limited provides update on Korsnäs REE project

Prospech Limited (ASX: $PRS) has released an update on its Korsnäs Rare Earth Elements (REE) project in Finland, reporting further high-grade mineralisation. The company has received the second tranche of assay results from Phase 3 sampling, with all holes returning reported mineralised intervals above 1,000 parts per million (ppm) Total Rare Earth Oxides (TREO). The assay results confirm high-grade REEs in the gravity anomaly target, with five gravity anomalies identified, and Phase 3 assay results for a further 328 samples from 18 holes pending. Additionally, Prospech has completed Phase 4 sampling with assay results for 1,016 samples from 44 drill holes pending, and has commenced Phase 5 sampling at the Geologic Survey of Finland, with Korsnäs mine Tailing Storage Facility drilling scheduled to commence in February 2024.

Executive commentary on Korsnäs project

Prospech Managing Director, Jason Beckton, stated, 'We are intensifying our efforts and ramping up the work program at our promising Korsnäs project in Finland. The ongoing historical core sampling and assay program are yielding consistently impressive high-grade results. Currently, our geological team is stationed at the GTK core facility in Loppi, actively selecting additional historical core samples for analysis. Simultaneously, we are gearing up for a significant initiative at the Korsnäs site, with Prospech's first Finnish drill program set to commence in February. The outcomes of this comprehensive program are expected to enable us to establish a reliable JORC mineral resource estimate of the REE content within the TSF. Additionally, it will provide ample sample volumes for subsequent metallurgical test programs. Our commitment to advancing the Korsnäs project aligns with our broader vision of establishing a Europe-focused critical metal business. This strategic move positions us to play a pivotal role in supporting the global energy transition in the years to come.'

Summary of Prospech's Korsnäs REE project update

Prospech Limited (ASX: $PRS) has reported further high-grade rare earth mineralisation at its Korsnäs project in Finland. The Phase 3 assay results confirm high-grade REEs in the gravity anomaly target, with five gravity anomalies identified, and Phase 3 assay results for a further 328 samples from 18 holes pending. The company has completed Phase 4 sampling with assay results for 1,016 samples from 44 drill holes pending, and has commenced Phase 5 sampling at the Geologic Survey of Finland, with Korsnäs mine Tailing Storage Facility drilling scheduled to commence in February 2024. Prospech's Managing Director, Jason Beckton, emphasized the company's commitment to advancing the Korsnäs project, aligning with its broader vision of establishing a Europe-focused critical metal business to support the global energy transition.