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- Inferred MRE mineral Resource Estimate increased to 15.4Mt
- Growth driven by new drilling and assay data
- Refined geological model improves continuity between drill sections and down dip
- REE project development continues amid ongoing EU focus
European Resources (ASX: ERE) has released a robust JORC inferred mineral resource estimate (MRE) update for its Korsnäs rare earth elements (REE) project in western Finland.
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The new estimate now comprises 15.4 million tonnes (Mt) at 1.00% total rare earth oxides (TREO) at a 0.5% TREO cut-off.
MD, Jason Beckton, said that in less than one and a half years, the Korsnäs MRE has been more than doubled based on expansion of the geological and assay database, incorporation of new drilling and assay data and refinement of the geological model, rather than any material relaxation of reporting criteria.
“Today’s updated Mineral Resource Estimate reinforces Korsnäs as a growing European rare earth project of substance,” Mr Beckton said.
“The increase to 15.4 million tonnes at 1.00% TREO reflects the value of combining preserved historical core, modern re-assaying and recent drilling, while maintaining a disciplined and conservative reporting approach.
“Just as importantly, the work completed to date continues to strengthen our geological understanding of the system and provides a sound base for the next stage of metallurgical and development studies. Together with our upcoming metallurgical test work results, we are excited by the potential to develop this new source of rare earths supply for Europe.”
The Korsnäs project, centred on a historically mined lead deposit and now recognised as part of a broader carbonatite-related REE system, continues to be advanced amid a focus by the European Union seeking to reduce its dependency on a single third country supplier under its 2024 “Critical Raw Materials Act (CRMA).
The April 2026 MRE is based on an integrated dataset comprising re-assayed historical drill core, recent drilling by the company, geological logging, structural observations and modern analytical data.
The estimate is based on 42 modelled mineralised domains and reflects the current stage of geological, drilling, estimation and metallurgical understanding of the Korsnäs deposit.
At the 5,000 parts per million (ppm) TREO cut-off, the inferred MRE has an average grade of 10,013 ppm TREO with 22.7% neodymium-praseodymium (NdPr) enrichment.
ERE is down 5.88% to 1.6¢. Mkt cap $8.899M.
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