Power Minerals Raises A$2.4M To Advance Brazilian Rare Earth Project

Power Minerals Ltd (ASX:PNN) is raising A$2.4 million to advance exploration in South America, with a focus on its newly acquired Lĺtio Project in Brazil.

Power has secured firm commitments from sophisticated and professional investors for the A$2.4 million heavily subscribed share placement at $0.14 per share.

Lĺtio Project

The Lĺtio Project is considered highly prospective for niobium, rare earth elements (REE) and lithium.

Power plans to expedite field work programs at Lĺtio to unlock the project’s value in parallel with its core focus to advance the development of its Salta Lithium Project in Argentina.

Power Managing Director Mena Habib said: “We are excited to see the support from new and existing shareholders in this Share Placement with funds to allow us to commence detailed exploration at our newly acquired Lĺtio Project in Brazil.”

Nearology play

The Lĺtio Project is located immediately adjacent to, and contiguous to Summit Minerals Ltd’s (ASX:SUM) Equador Niobium Project.

Equador recently returned sampling laboratory results of up to 53.07% niobium, 47.17% tantalum and 2.47% partial rare earth oxides (PREO).

The geology of Summit’s Equador Project is interpreted to continue into the Lĺtio Project, and Power has conducted a reconnaissance site visit to the Lĺtio Project confirming that it shares similar geology.

In addition, the site visit identified outcropping pegmatites at Lĺtio, which it plans to test for lithium mineralisation.

Awaiting initial assays

Habib added: “This project is sitting adjacent to Summit Minerals’ Equador Project which has returned high-grade niobium results up to 53.07% niobium pentoxide and 47.17% tantalum pentoxide from sampling, and our Lĺtio project has been assessed as having similar geology.

“We are awaiting initial assay results from sampling at Lĺtio, and proceeds from the placement will allow us to complete more on-ground work including an extensive sampling program.”

 

Disclaimer

JustStocks provides data and commentary that constitutes general information only. This does not constitute personal, financial or professional advice or assistance. The data and information compiled do not consider your investment objectives or your financial circumstances. JustStocks cannot guarantee this website’s accuracy, completeness, or timeliness. JustStocks accepts no responsibility regarding any inaccuracy, omission, or change in information or articles or the data provided. The information published on this site/page should not be relied upon as a substitute for personal financial or professional advice. The information provided may not be appropriate for your circumstances or needs. JustStocks recommends that you seek professional advice from a qualified advisor before you make any decisions.