Prospech Limited's Quarterly Update: High-Grade Assay Results and Strategic Developments
PRS (PRS) Share Update July 2024 Wednesday 24th
Prospech Limited Reports Promising Assay Results and Successful Capital Raising
Prospech Limited (ASX: PRS – FSE: 1P80) has released its quarterly activities report for the period ending 30 June 2024, highlighting significant assay results from its Korsnäs project and a successful capital raising effort.
Instant Summary:
- High-grade TREO assay results from 566 samples across 33 historic Korsnäs drill holes.
- Pending assay results from approximately 1,200 additional samples.
- Diamond core drill program about to commence.
- Successful capital raising of $1.1 million.
- Exploration license granted for Zlatno copper-gold project.
- Drill program approved for Pukanec gold-silver project.
Korsnäs Project
Prospech Limited has reported high-grade Total Rare Earth Oxides (TREO) assay results from 566 samples across 33 historic drill holes at the Korsnäs project. The results include significant NdPr enrichment, which is crucial for the project's economics.
The company is awaiting assay results from approximately 1,200 additional samples. A diamond core drill program is set to commence, which will further validate the resource potential and provide material for enhanced metallurgical testing.
Tailings Storage Facility (TSF)
Assay results from the TSF indicate an average TREO of 6,465 ppm and NdPr Oxide of 1,896 ppm, with a 29% NdPr enrichment. Metallurgical tests are underway to enhance the exploration target.
Slovakian Projects
Prospech has been granted an exploration license for the Zlatno copper-gold project and has approved a drill program for the Pukanec gold-silver project. These developments are expected to expand the company's resource base and enhance its exploration portfolio.
Corporate Developments
The company successfully raised $1.1 million through a placement of 32,479,033 shares at $0.033 per share. The funds will be used for further drilling, resource definition, and metallurgical test work at the Korsnäs project, as well as initial exploration at the Pukanec project.
The high-grade assay results and successful capital raising are likely to positively impact Prospech Limited's stock price. The promising assay results from the Korsnäs project indicate strong resource potential, which could attract investor interest. The capital raised will support ongoing exploration and development activities, further strengthening the company's position.
Investor Reaction:
Investors and analysts have reacted positively to the high-grade assay results and the successful capital raising. The strategic developments in Slovakia and Finland are seen as promising steps towards expanding the company's resource base and enhancing its exploration portfolio.
Conclusion:
Investors should keep an eye on the upcoming assay results and the commencement of the diamond core drill program at the Korsnäs project. The company's strategic developments and successful capital raising indicate a strong potential for growth. Prospech Limited's ongoing exploration efforts and resource definition activities will be crucial in maintaining investor confidence.