- Sampling program delivers extremely high-grade REE results
- Verification assays confirm exceptional grades previously reported
- Results amongst the highest grades reported globally for any REE deposit
- Preparing to advance into deep diamond core, RC and aircore drilling
Power Minerals (ASX:PNN) has obtained world-class rare earth element (REE) assay results it’s called “world class” from a sampling program at the Morro do Ferro project (MDF) in southern Minas Gerais state, Brazil.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
The results have confirmed magnet rare earth oxides (MREO) are contained in the total rare earth oxides (TREO) assay results from a program comprised of six duplicate samples collected from three separate diamond drillholes as part of Power’s due diligence for its recent acquisition of the MDF project.
The verification samples returned TREO values up to 14.03%, amongst the highest REE grades reported globally, while MREO concentrations were as high as 26,418 parts per million (ppm).
Power’s CEO, Alistair Stephens, said the six samples were selected to span a wide range of previously reported grades and depths and returned results in close correlation with the historical assays.
“These high-grade results further enhance Power’s confidence in the project’s potential and highlight the significant value that the MDF project may deliver as Power executes its fieldwork programs,” Mr Stephens explained.
“We are delighted to share these impressive, very high-grade assay results from our due diligence sampling program. These verification sampling results are an important confirmation of the excellent grades reported in previous drilling at Morro do Ferro.
“Importantly, all of the duplicates fell within acceptable laboratory tolerances, supporting the integrity of the drillhole database we have inherited and on which our exploration plan is built.
“Combined with last week’s execution of the definitive agreement with Mineração Terras Raras to complete the acquisition of the MDF project, today’s results materially de-risk the technical case for Morro do Ferro and reinforce its position as one of the highest-grade rare earth assets in the world’s pre-eminent REE province at Poços de Caldas.”
Power will now mobilise its planned exploration program at MDF, including deep (~200 metre) diamond core and RC drilling on the main deposit.
This will be complemented by aircore drilling to test the wide, untested margins where historical traverse spacings of 250 to 480 metres in shallow auger drilling have left significant ground inadequately tested.
“Mineralisation in the main deposit remains open at depth and along strike, and the verification results announced today provide a strong technical platform on which to build a maiden mineral resource estimate (MRE),’ he said.
PNN is up +4.17% to sell at 12.5¢ today. Mkt cap $40.71M.
Join the discussion: See what HotCopper users are saying about Power Minerals Ltd and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.