Prospech identifies high-grade rare earths and hafnium at Jokikangas in Finland
Prospech managing director Jason Beckton says the company aims to develop a local source of critical minerals to meet increasing demand in Finland and the European Union.
Prospech (ASX: PRS) has identified high-grade rare earths and hafnium over 4km of strike within its recently acquired Jokikangas project in Finland.
The mineralisation database at the project identified rare earth oxides (REO) in samples of diamond drill core within the Otanmaki area at Jokikangas.
Notable results were 0.20m at 24,448 parts per million total rare earth oxides (TREO) and 4,700ppm niobium from 74.2m; 0.15m at 15,346ppm TREO and 2,980ppm niobium from 9.2m; and 0.30m at 10,445ppm TREO and 1,160ppm hafnium from 32.8m.
According to Prospech managing director Jason Beckton, the company is “delighted” with the results of its archive search and compilation of historical drill core data from Jokikangas.
He noted previous sampling of drill core had been limited to narrow intervals for academic purposes, which is why only narrow intervals have been reported.
The Oulu University and Geological Survey of Finland have identified the peralkaline alkali feldspar granites at the project are most probably a source for the rare earth mineralisation and the high field strength element (HFSE) felsic dikes and sheet-like intrusions.
Mr Beckton said the magnetic anomalies within the block offer “interesting potential” for rare earths and HFSE mineralisation.
“HFSE which include niobium and hafnium are characterised by their ability to form strong bonds with other atoms, due to their electronic structure,” Mr Beckton explained.
“This property makes them useful in a variety of technological applications where strength, durability and resistance to corrosion are required.”
Finland projects
Jokikangas comprises two blocks that span 28.37 square kilometres in Finland.
The blocks are believed prospective for rare earths and vanadium. Archived drill hole data indicates an opportunity to extend mineralisation.
Prospech is also exploring for rare earths at its Korsnas project, which surrounds a former lead mine in Finland.
Previous mine operators reported rare earth samples ranging from 0.7-2.2%, and containing high europium and thorium.
The company’s other Finnish project is Saarenkyla, which is believed prospective for lithium-berrylium.
Critical mineral demand in Europe
Mr Beckton said there was a “significant increase” in demand for locally supplied critical minerals in Europe, with the Finnish Government committed to fulfilling that demand from local sources.
“The brownfield targets of Jokikangas, Korsnas, and Saarenkylä in Finland, which have been explored since 2018, provide us with an exciting opportunity to enter the rare earths and lithium space in the EU and we are planning to accelerate our exploration on the back of these results.”
Finland was ranked 13th in the 2021 Fraser Institute Annual Survey’s Investment Attractive Index, which is higher than jurisdictions such as Queensland, New South Wales and Victoria.