Prospech Minerals Reports Further High-Grade Rare Earth Assay Results from Korsnäs Project in Finland

Jane Morgan Management

Brisbane, Australia – 4 November 2024 | Prospech Minerals Ltd (ASX:PRS) (“Prospech” or “the Company”) is pleased to announce 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) mineralisation. 

Highlights:

• 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 mineralisation 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.

Jason Beckton, Managing Director of Prospech, stated: "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 metre 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 metres thick. Prospech’s focus on REE mineralisation 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 modelling and progress towards defining a JORC-compliant resource.

This announcement has been authorised for release by the Board of Directors of Prospech Minerals Ltd.

Jason Beckton
Managing Director
Prospech Minerals Ltd
jason.beckton@prospech.com.au

Jane Morgan
Investor Relations
jm@janemorganmanagement.com.au

About Prospech Minerals Ltd:

Prospech Limited is engaged in mineral exploration in Finland and Slovakia. It is focused on discovering, defining, and developing critical elements, such as rare earths, lithium, cobalt, copper, silver, and gold resources. It has a portfolio of 100% owned prospective cobalt and precious metals projects in Slovakia. It also holds 100% interest in prospective rare earth element (REE) projects. Its Finland Projects include Korsnas REE Project, Jokikangas, and Saarenkyla. The Company, through its wholly owned subsidiaries SLOK and Prospech SK, owns 100% of six exploration licences, covering 161 square kilometres in Slovakia: Kolba exploration licence with copper, cobalt, silver and nickel focus; Hodrusa-Hamre exploration licence with gold and silver focus; Nova Bana exploration licence with gold and silver focus; Pukanec exploration licence with gold and silver focus; Cejkov-Zemplin exploration licence with gold and silver focus, and Zlatno exploration licence with copper and gold focus.

Jane Morgan
Jane Morgan Management
Investor Relations
jm@janemorganmanagement.com.au