Power Minerals Limited (ASX: PNN, Power or the Company) is pleased to announce it has completed technical due diligence at the Lltio Niobium Project in Brazil.
Legal due diligence is expected to be complete within the next two weeks.
Power announced an option to acquire the Lltio Project in Paraiba State, Brazil earlier this month2 , which comprising three permits covering a total area of 27sq km. The project is considered highly prospective for niobium, rare earth (REE) and lithium and is immediately adjacent to, and contiguous to Summit Minerals' (ASX: SUM) Equador Niobium Project, which recently returned sampling laboratory results of up to 53.07% Nb2O5, 47.17% Ta2O5 and 24,760ppm (2.47%) partial rare earth oxides (PREO)
'We are pleased to have finalised technical due diligence over Lltio and look forward to advancing our acquisition of the project through the completion of legal due diligence over the next few weeks. 'Our initial sampling returned positive results, as recently announced, and we have embarked on a more systematic sampling program. 'Our acquisition of Lltio consolidates and reinforces Power's position as a South American-focused explorer and developer as we continue to progress work on our Salta Lithium Project in Argentina and look forward to leveraging our knowledge, experience and networks in South America to help us expedite work at Lltio once the acquisition is complete.'
Contact:
Tel: +61 8 8218 5000
Email: admin@powerminerals.com.au
About Power Minerals Limited
Power Minerals Limited is an ASX-listed exploration and development company. We are committed to the development of our lithium assets in Argentina into significant lithium producing operations, the exploration of the Lltio Niobium Project in Brazil and delivering value from our non-core Australian assets.
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