Australian mineral exploration company Prospech (ASX:PRS) has identified zones of potentially rare earth element-mineralised carbonatite in a historic drill core at the Korsnäs Project in Finland.

The Company's geologists collected samples from previously unsampled carbonatite, and the samples are currently being analysed.

The tailings storage facility at the nearby Korsnäs lead mine, which is now closed, is also considered a target for rare earth element exploration.

Prospech's share price reached $0.045 at 11:50am AEST.