- Power launching its first diamond drilling campaign at Morro do Ferro.
- The 3,000m campaign aims to establish a maiden MRE.
- Drilling is expected to take three months.
Power Minerals (ASX:PNN) has now started maiden diamond drilling at the Morro do Ferro Rare Earths Project in Minas Gerais, Brazil, hot on the heels of the company’s successful acquisition of the asset last month.
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The May exploration program marks a primary step toward establishing a baseline Mineral Resource Estimate, which Power has set as its first objective.
The campaign is scheduled to start properly later this month, and will cover some ~3,800 metres of diamond core drilling. The explorer is chasing two things in the Poços de Caldas alkaline complex: Lateral extensions of existing high-grade Total Rare Earth Oxides and Magnetic Rare Earth Oxides mineralisation, and representative samples for metallurgical test work to optimise future processing.
“We’re delighted to announce the commencement of our maiden drilling campaign at the Morro do Ferro project,” Power’s CEO, Alistair Stephens, said today.
The campaign is particularly exciting, Mr Stephens explained, because it will “expand the current mineralised footprint along strike and down-dip and enhance… understanding of the mineralogy at the MDF Project [and] help facilitate a swift progression towards a maiden Mineral Resource Estimate for the project.”
Historical diamond drillhole data from the site has already shown significant mineralisation from the surface to the end of hole: 60.85 metres at 89,1177ppm (8.92%) Total Rare Earth Oxides and 70.9 metres at 79,997ppm (8%) TREO.
Ultra-high-grade MREO samples have been recorded recently. Those clocked in as high as 3.48% MTREO over a two-metre interval in drillhole MFSR-47.
“The campaign is expected to be completed in the following quarter. Results are planned to be progressively released as they become available,” Mr Stephens confirmed. HotCopper understands June is circled for that release.
Notably, Power is operating Morro do Ferro under a “Manifesto de Mina” mining licence, which both provides direct land ownership and is expected to facilitate an expedited exploration and permitting process.
Heading into Monday morning, PNN is 12.5cps.
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