Power Minerals (ASX:PNN) is set to grow its critical minerals footprint in Brazil – entering an exclusive option to snaffle the Tântalo Project immediately south of its Nióbio play in the Paraibo state.
Tântalo – which has been subject to ongoing exploration activity and artisanal mining – is prospective for niobium, tantalum and other minerals, and Power aims to expand its exploration strategy for the niobium, REE and lithium-rich Nióbio over this territory as well.
In-line with that, the company intends to progress first pass drilling at Tântalo – whose project area is covered by Garimpo licenses – before the end of the 2024 calendar year, subject to results from early exploration.
Power managing director Mena Habib said the acquisition was an important step in Power’s path to gaining a strong footprint in Brazil, especially given the established exploration history in Paraiba.
“Completing the acquisition of the Tântalo Project would materially expand our ground position in the region, which also hosts our Nióbio Project,” he said.
“Our initial fieldwork at Nióbio has generated high-grade niobium, tantalum and REE results, and the Tântalo Project gives us the opportunity to adopt our successful exploration strategy on a larger project area, located just south of our existing tenure.
“With the Tântalo Project area being underpinned by Garimpo Licence titles, we aim to commence fieldwork, with drilling a priority, as soon as possible. Subject to successful initial exploration, this gives us the opportunity to realise near-term value from the project.”
Power saw its share price push up on the news, and at 12:47 AEST, they were trading at 9.7 cents – a rise of 6.59% since the market opened.
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