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.”



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