Prospech (ASX:PRS) has begun a drilling program within its Korsnäs rare earth element project in Finland, which will enable it to establish a Mineral Resource Estimate within the Tailings Storage Facility.
Managing Director Jason Beckton says the drilling program is set to enable Prospech to establish a JORC Mineral Resource Estimate (MRE) of the rare earth element (REE) content within the TSF.
The $9.72 million market capitalisation company will be conducting a 50-hole drilling program to assess the REE content of the historic TSF at Korsnäs. Drilling will involve holes to depths of 9m to 10m, producing an estimated 470 one-metre samples.
Each sample will undergo assaying, with results compiled to generate a MRE.
Additional samples will be collected for future metallurgical testwork.
Beckton says: “Additionally, it will provide ample material for subsequent metallurgical test programs. John Levings, PRS Executive Director has drilled and evaluated tailings in the past and is onsite overseeing operations along with the local Prospech team.
Our commitment to advancing the Korsnäs project aligns with our broader vision of establishing a Europe-focused critical metal business.”
Prospech is a mineral explorer focused on the discovery and development of critical minerals including rare earths, lithium, cobalt, copper, silver, and gold in Slovakia and Finland.
As of 31 December 2023, the company had $1.605 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au