Prospech Limited (ASX: PRS) is gearing up for a concerted exploration push across the company’s portfolio of critical minerals projects in Slovakia and Finland.
Prospech’s timing could hardly be better with the European Union (EU) recently announcing its Critical Raw Materials Act in March 2023, setting targets for key raw materials to provide an opportunity for explorers and developers to build long-term, sustainable critical minerals production.
The proposed legislation aims to set clear benchmarks for domestic capacities along the strategic raw material supply chain, and to diversify EU supply by 2030.
This sits well with Prospech, which subsequently provided the market with an outline of exploration activities planned for the company’s European critical minerals projects.
Prospech recently completed an earn-in acquisition of 100 per cent of Finnish company Bambra Oy, which has lithium and rare earth element exploration projects in Finland, including the brownfield targets of the Jokikangas and Korsnas rare earth element projects, and the Saarenkylä lithium-berylium project, which will provide entry to the EU rare earth element and lithium markets.
The Kolba cobalt-copper-silver-nickel project in Slovakia is further advanced. Results from a 2022 exploration program and data from a soil geochemistry program extended the project’s exploration potential to more than 1.8 kilometres strike length.
Prospech applied to extend the Kolba project along strike of known mineralisation of the granted Kolba tenement that is anticipated to increase the exploration licence area fourfold.
‘We’re trying to make the company a more robust investment proposition for investors who want exposure to rare earths in the European jurisdiction,’ Prospech Limited Managing Director Jason Beckton told Future Mining.
‘We haven’t just appeared overnight; we have been exploring within this jurisdiction for some nine years now.
‘These are long-term assets, including the Kolba project – that is a shear-hosted metal deposit we consider could be a solid drill target, and we are keen to get a drill rig out there a soon as we can.’
Exploration activities across the portfolio will include commencement of drilling at the Kolba system.
Field sampling of lithium targets at Saarenkylä will get underway when weather conditions permit.
The company has gained access to the government drill core library in Finland, and will be resampling selected drill core from the Korsnas and Jokikangas rare earth element targets, basically providing ‘free drilling programs’ of these sites.
‘Both those projects have 50 to 60 historic holes,’ Beckton explains.
‘In the case of Korsnas, a lot of holes weren’t even assayed because they were originally drilling for lead, which can be easily identified visually; but if that wasn’t happening, they ignored the rare earth–hosting carbonatite.
‘Having access to the core library will mean we will be able to release constant drill results without needing to drill any holes.’