Prospech Limited - Drilling Commences at Kolba Cu-Co-Ni-Ag Target, Slovakia
Highlights
- Prospech commenced diamond drilling operations at Kolba on 16 June 2023
- Kolba has never before been drill tested
- A minimum program of 8 holes is planned for Kolba and the nearby Svatodusna target, with potential to expand based on results
- Historical mining activities at Kolba trace back to the early 19th century, yielding valuable tetrahedrite/tennantite copper-silver ore along with reported gersdorffite ore grades of 15% nickel and 4% cobalt
- Prospech's surface sampling revealed high-grade assay results for copper (maximum: 4.99%), nickel (6.91%), cobalt (0.81%), and silver (796 g/t)
- XRF spot analyses reveal exceptional concentrations of high-grade massive sulphide minerals, characterised by 2.27% cobalt, 13.98% nickel, and 44.36% copper
- Historic Government soil and rock geochemistry data indicate a target strike of 2.0km within the Prospech licence and an additional 2.7km extension westward into the Prospech licence application (currently in progress)
19 June 2023 – Prospech Limited (ASX: PRS, ‘Prospech’ or ‘the Company’) is pleased to report the commencement of diamond drilling (Figure 1) on the Company’s Kolba property situated in central Slovakia (Figure 2).
Figure 1: Drilling underway on first hole KBDD-001 at Kolba.
Mining activities at Kolba have been traced back to the early 19th century, with the primary mine ceasing operations in 1817. There is limited recorded information regarding the mine's activities and production, however, it is known that cobalt-rich tetrahedrite/tennantite copper ore was extracted from two adits named Arnold and Pauli[i].
Reports indicate the presence of rich ore zones ranging from 0.3 to 4.0 metres in width, containing 4% cobalt and 15% nickel. Additionally, there were mentions of cross cutting cobalt vein systems intersecting the main ore zones.
Prospech geologists observed that the mineralisation at the mine appears to be hosted by schistose metasediments, possibly associated with the contact between metasediments and metavolcanic rocks. Samples collected from the Svatodusna prospect, which is also included in the current drilling program, suggest that sulphide mineralisation is not primarily vein related but rather occurs in a concordant manner with schistosity. Moreover, the mineralisation tends to concentrate in low-strain pressure shadows, as shown by the XRF images from the Slovak Academy of Science in Figure 3. Semi-quantitative spot analyses confirm the high grade nature of the massive sulphide minerals with values of 2.27% cobalt, 13.98% nickel and 44.36% copper.
Furthermore, findings from soil and rock geochemical studies conducted in 1989[ii] indicate that the mineralisation is widespread within broad anomalous zones, extending beyond the vicinity of the metasediment-metavolcanic contact.
Prospech's initial drilling program will comprise eight diamond drill holes, with each hole intended to reach a depth of approximately 200 metres. Among these, two holes have been strategically chosen to focus on the mineralisation previously exploited in Kolba adits, Pauli and Arnoldi. The first hole, KBDD-001, is specifically designated for this purpose. The remaining six holes are dedicated to investigating the Svatodusna prospect, an extensive region with a history of mining activities. For a visual representation of the drilling locations, refer to Figure 4, which displays the planned hole positions in relation to soil geochemical anomalies and the interpreted geological structural framework.
Prospech’s Managing Director Mr. Jason Beckton commented: “After a comprehensive phase of historical data compilation and planning, we are excited to embark on the first drilling phase at Kolba. This initial program, consisting of eight drill holes, will play a crucial role in enhancing our understanding of the mineralisation style, three-dimensional extent and grade distribution within the site.
Through a combination of historical information and modern analyses conducted by both Prospech and the Slovak Academy of Sciences, we have uncovered promising indications of high grade copper, nickel, cobalt, and silver deposits. The substantial potential size of the mineralised system instills confidence and suggests the potential for a commercial opportunity for critical metals at Kolba.”
Figure 2: Kolba is located in Central Slovakia
Figure 3: Kolba Mineralisation conformable with metamorphic fabric and concentrated low strain zones. X-Ray Fluorescence (XRF) Scans are qualitative with two semi-quantitative points (1 and 2) focused on Ni-Co and Cu minerals respectively.
Figure 4: Illustrates the positioning of the planned drill holes, denoted by heavy black lines, within the Kolba licence. The background map represents the soil geochemistry data from 1989, with color intensity indicating the level of multi-element anomalism. The figure displays the locations of the Pauli and Arnoldi adits. The interpreted structural framework is represented by solid and dashed black lines, while red thin lines and triangles indicate cross-cutting trends and mineralised samples respectively.
For further information, please contact:
Jason Beckton
Managing Director
Prospech Limited
+61 (0)438 888 612
This announcement has been authorised for release to the market by the Board of Prospech Limited.
Competent Person’s Statement
The information in this Report that relates to Exploration Results is based on information compiled by Mr Jason Beckton, who is a Member of the Australian Institute of Geoscientists. Mr Beckton, who is Managing Director of the Company, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Beckton consents to the inclusion in this Report of the matters based on the information in the form and context in which it appears.
About Prospech Limited
Founded in 2014, the Company engages in mineral exploration in Slovakia and Finland, with the goal of discovering, defining, and developing critical elements such as rare earths, lithium, cobalt, copper, silver, and gold resources.
Prospech is taking steps to be a part of the mobility revolution and energy transition in Europe. The Company has a portfolio of prospective cobalt and precious metals projects in Slovakia and through its acquisition of the Finland Projects is in the process of acquiring prospective rare earth element (REE) and lithium projects. Eastern and Northern Europe are areas that are highly supportive of mining and have a growing demand for locally sourced rare earths and lithium. With the demand for these minerals increasing, Prospech is positioning itself to be a major player in the European market.
Link to the original news in full length:
[i] 1951: Ing. Arpad Bergfest I. part – History of mining in Lubietova – report no. 57962 (summary report from archive sources by Bergfest)
[ii] 1989: Hauerová J. Final Report L’ubietova - Kolba
