Power Minerals Confirms New Areas Prospective For Copper At Musgrave Project

Power Minerals Ltd (ASX: PNN) has confirmed new areas prospective for copper mineralisation at Mt Harcus and Mt Caroline.

This follows the reassessment of historical drill samples at its Musgrave Ni-Cu-Co-PGE Project in South Australia.

The company has completed more than 4,500 detailed full three-beam portable XRF analyses which is estimated to be about 30% of the stored samples held by it.

Power Minerals has been exploring the Musgrave APY Lands since 2005 and holds the largest collection of Proterozoic Musgrave Province material in South Australia.

Up to 1.06% copper

Recent analyses have returned up to 1.06% copper by pXRF when examining historical drill chips from Mt Harcus.

The re-analyses confirm that further exploration is warranted.

At Mt Caroline South, the copper results are associated with probable colluvial material and thus Power is not reporting the absolute values of copper as they cannot be used for quantitative assessment.

Both the copper target areas are within granted exploration licence areas, held 100% by Power.

Pink Slipper drilling

Power is also planning to drill the Pink Slipper nickel-copper sulphide target within ELA2015/214 in the Musgrave Province.

The Pink Slipper target is part of four ELA’s (exploration licence applications) covering 615 square kilometres under a farm-in and joint venture agreement with Rio Tinto, with Power as the operator.

Under the agreement with Rio Tinto, Power is earning up to a 51% interest in the project.

Power is currently in the process of raising ~A$1.1 million via a capital raise from sophisticated, professional, and institutional investors.

Salta Lithium Project

Funds raised will be predominantly used to advance exploration and development at Power’s core asset, the Salta Lithium Project in Argentina.

Salta is located in the lithium triangle in the Salta Province in Argentina.

Power is currently undertaking a major JORC Mineral Resource expansion drilling campaign at Salta.  The objective is to focus on expediting the development of the Project into a potential, future lithium-producing operation

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