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Power Minerals (ASX:PNN) is the latest Australian company to head over to Brazil to explore for Rare Earth Elements (REEs) with its binding, pending acquisition of the Morro do Ferro Project (MFP) in Minas Gerais State.
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Disclaimer: This content has been prepared as part of a partnership with Power Minerals Ltd and is intended for informational purposes only.
Unlike other Brazilian REE projects, which tend to be ill-fated due to the fact that they’re clay-hosted projects (read: extremely dirty and hard to refine), in this instance, MFP is a hard rock project with REEs primarily hosted in bastnasite.
Of interest to HotCopper forum users the moment the Power announcement dropped on Thursday were grades boasted in existing historical diamond drillholes: “ultra-high-grade” samples included total rare earth oxide (TREO) counts of up to 24% in some samples, though of brief lengths.
The largest segment highlighted by the explorer on Thursday lunchtime came in for 100 metres @ 4.99% TREO; 71 metres @ 8% TREO, and 80 metres @ 4.3% TREO. Notably, those results were drilled from surface.
High-grade surface mineralisation, with neodymium prices where they currently are, would likely be enough to get any rare earth watcher’s attention.
The company, back in October, picked up an REE-uranium project in California, suggesting Power is going for an international footprint.
PNN last traded at 12cps.
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