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- Power has recently identified “exceptional” concentrations of magnetic rare earth oxides at Morro do Ferro in Minas Gerais, Brazil, as it looks to become a major frontrunner in global rare earths.
- The explorer entered a Binding Letter of Intent to acquire the Morro do Ferro project from Mineração Terras Raras in March CY26.
- Following the project pickup, Power has been +54% YTD.
Power Minerals (ASX:PNN) has this week identified “exceptional” concentrations of magnetic rare earth oxides (MREO) at its Morro do Ferro project in Minas Gerais, which the explorer believes highlights the Brazil dig’s major potential as a high-grade asset within the Poços de Caldas alkaline complex.
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The company’s examination needled in on four magnetic rare earth elements: Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy), and Terbium (Tb).
These April CY26 drilling results pinged an “astounding” concentration of 35,332 ppm (or 3.53%) magnetic rare earth oxides (MREO) over a two-metre interval at nine to eleven metres in hole MFSR-47, Power reported today.
Other holes returned 100.44 metres at 9,485 ppm (0.95%) MREO from surface to end-of-hole, including a high-grade zone of 19.3 metres at 22,541 ppm (2.25%) MREO, as well as 60.6 metres at 13,129 ppm (1.31%) MREO from surface to end-of-hole and 60.85 metres at 14,912 ppm (1.49%) MREO from surface.
‘Enthusiasm building’ for Power
Power is particularly excited about these latest findings from its tech due diligence because they “reinforce the remarkable presence of magnetic rare-earth elements intersected in drilling by previous owners.”
“Our enthusiasm for exploring the full potential of Morro do Ferro is palpable, as we aim to lead in this rapidly evolving industry,” Power’s MD, Mena Habib, declared.
Power’s leading director continued: “Our recent due diligence visit to the Morro do Ferro site unveiled promising insights that enhance our confidence in the viability of this venture. The main deposit is strategically located along the crest of a steep hill, characterised by over 100 meters of topographic relief.”
“This unique positioning… provides significant geological advantages [and] simplifies the proposed open-cut operation’s design, enhancing efficiency and driving down costs, aligning with our commitment to sustainable practices.”
Power entered a Binding Letter of Intent to acquire the project from Mineração Terras Raras in March CY26. The Australian company believes the deposit remains open at depth and along the northwest and southeast strike ends.
Infill, extension sampling works next
Future work will now look to address the previous traverse spacing of 250 to 480 metres through infill and extension sampling. There’s optimism, HotCopper understands, that the unique mineralogy and grade differentiate from other regional projects, positioning Power as a frontrunner in global rare earths.
“I’m invigorated by the potential Morro do Ferro holds,” Mr Habib added. “I look forward to collaborating… to bring this project to fruition.”
PNN opened at ~12cps on Wednesday. The company’s up +81% YTD.
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