European Resources works to convert new exploration target to stronger MRE at Korsnäs
ASX-listed European Resources has defined an updated exploration target for the Korsnäs rare earths project, in Finland, of about 18-million tonnes to 32-million tonnes grading between 0.8% and 1% total rare earth oxides (TREO).
This replaces the company's prior exploration target of between nine-million and 11-million tonnes grading between 0.9% and 1% TREO, which it announced in April 2025.
The increased exploration target is the result of new target corridors having been identified by European Resources' Phase 2 passive seismic surveying and the projection of known mineralised zones within existing geological wireframes to 400 m.
The Phase 2 passive seismic survey identified new, untested anomalies north, south and east of the historic Korsnäs mine and the current mineral resource area.
For compliance reasons the potential quantity and grade of the exploration target are conceptual in nature. There has been insufficient exploration to estimate a mineral resource in respect of the exploration target and it is uncertain whether further exploration will result in the estimation of a mineral resource.
The updated exploration target is additional to, and separate from, the April 2026 inferred mineral resource estimate (MRE) of 15.4-million tonnes grading 1% TREO.
Additionally, the exploration target is not included in the MRE.
European Resources will undertake drill testing to convert the exploration target to an MRE.
MD Jason Beckton says the updated exploration target highlights the broader scale of the Korsnäs rare earth system beyond the current MRE. He points out that although the exploration target is conceptual, it provides a sound technical framework for the next stage of European Resources' exploration and potential MRE growth at Korsnäs.
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