Prospech Limited (PRS.AX) has announced it will receive up to 0.43M EUR in EU funding as part of the REMHub (Rare Earth and Magnets Hub) program. The REMHub project has received 16M EUR in funding, and has now started to disburse the cash among companies and projects active throughout the REE supply chain.
In Prospech’s case, the funds will be used for drilling, assaying and metallurgical test work expenses incurred by its subsidiary Bambra on the Korsnäs project. Prospech recently completed a first phase of drilling which included just over 1,000 meters of diamond drilling. The samples have been sent to the lab, and it will be interesting to see results, as Korsnäs was solely focusing on the lead mineralization and REEs were completely ignored. A recent lanthanide stockpile assay program found a total REO grade of 2.55%, with a NdPr grade of 0.79%.
Disclosure: The author has no position in Prospech. Please read the disclaimer.
