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Highlights
- Prospech Ltd finds high rare earth elements (REEs) in historical drill samples in Finland.
- Korsnäs project shows notable terbium (Tb) and dysprosium (Dy) levels.
- Project has potential to support high-strength magnet industries like EVs.
Prospech Ltd (ASX:PRS) has reported promising assay results from its Korsnäs project in Finland, where historic drill core samples indicate the presence of heavy rare earth elements (REEs). Among the highlights are high concentrations of terbium (Tb) and dysprosium (Dy), which are critical materials for modern technologies requiring high-strength magnets.
The Korsnäs project, located in southwestern Finland, has a history dating back to drilling programs conducted between the 1950s and 1970s. In a recent review, 307 samples from 25 historical drill holes were analyzed, revealing the presence of these sought-after elements. Specifically, the samples yielded up to 86 parts per million (ppm) of terbium and 313.4 ppm of dysprosium. These concentrations point to the project’s potential for high-value mineral deposits.
Significant results from the assays included:
- An 11.4-meter interval at 13,383 ppm total rare earth oxides (TREO) from a depth of 102.7 meters, which included a 4.0-meter section with 32,831 ppm TREO.
- A 17.4-meter interval at 9,798 ppm TREO starting from surface level, with a notable 3.0-meter section at 48,465 ppm TREO from 11.4 meters.
These findings showcase not only the quantity but also the quality of the REEs present in the deposit. Jason Beckon, Managing Director of Prospech Ltd, commented on the implications of these grades, particularly with regard to heavy REEs like Dy and Tb. According to Beckon, the grades at Korsnäs position it as a project of interest, especially given the importance of heavy REEs for sectors requiring resilient and high-performance magnets.
Korsnäs is primarily known as a carbonatite-associated deposit, which has historically yielded magnet-related REEs, including neodymium (Nd) and praseodymium (Pr). However, the significant presence of heavy REEs like dysprosium and terbium enhances its strategic value, particularly for applications in high-temperature and high-stress environments. These minerals are crucial for the production of magnets used in electric vehicles, wind turbines, and high-efficiency motors, where both durability and magnetic strength are key.
Following this announcement, Prospech Ltd’s stock was trading at 3.2 cents, marking a 14.29% increase since the market opened.
