Dual-listed explorer Power Minerals (ASX:PNN) has high hopes the Mineral Resource Estimate it is building towards at the Santa Anna Alkaline Complex in Brazil will be “substantial” after auger and RC drilling.
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Power recently completed a 29-hole, 2,272-metre reverse circulation drilling run at the Santa Anna project, designed to greatly extend the mineralisation footprint to the east and south-east of where they’d originally been drilling.
The target there had been shallow nobium and REE in “unexplored areas” – and the Oz explorer has walked away with supreme confidence in its project plans.
“Latest results from our ongoing auger drilling at Santa Anna continue to validate our exploration model and provide confidence on the potential of this project,” the company’s managing director, Mena Habib, said.
“We’re compiling drill data to define a maiden Resource Estimate for the project,” Mr Habib told Power shareholders, “which we hope will be substantial.”
The latest assays from the 1,000-metre drill run included significant intersections, including one metre at 13,590 parts per million (1.36%) niobium pentoxide from eight metres in one drillhole. There were also high concentrations of total rare earth oxides; those climbed as high as 17m at 6,895ppm TREO from surface.
Power’s next drilling phase will now systemically test deeper into those REE and niobium mineralisations, with a 10,000-metre RC drilling campaign about to start. The first 2,000 metres will be drilled in November.
“Having already announced our next phase of drilling for Santa Anna, a major reverse circulation campaign of up to 10,000 metres, we are looking to rapidly advance our understanding of this project’s geology,” Mr Habib said.
“The initial 2,000 metres of RC drilling is due to commence this month, with assay results and further drilling planned to systematically follow over the coming months.”
PNN heads into Monday morning trade at 8.9cps.
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