Power Minerals Limited (ASX: PNN, Power or the Company) is pleased to announce it has completed the acquisition of the Lltio Niobium Project in Brazil following successful completion of legal due diligence.
Power announced an option to acquire the Lltio Project in Paraiba State, Brazil earlier this month1 .
The Project comprises three permits and is considered highly prospective for niobium, rare earth (REE) and lithium. It is immediately adjacent to, and contiguous to Summit Minerals' (ASX: SUM) Equador Niobium Project, which returned high-grade sampling results of up to 63.07% Nb2O5, 47.17% Ta2O5 and 24,760ppm (2.47%) partial rare earth oxides (PREO).
Power has now successfully completed its due diligence process for the Lltio Project, with the completion of legal due diligence after its technical due diligence was completed earlier in the month2 .
Power has also completed an initial sampling program, which has returned high-grade results and confirmed the presence of a niobium-tantalum-REE pegmatite intrusion within Power's project area3 . The samples were collected from close to the Lltio Project's southern boundary, which is adjacent to Summit Minerals' Equador Project, and highlight results included:
The mica and garnet mica schists of the Serido Formation, which occurs over most of the permit area hosts the mapped pegmatite dykes. The northern part of the permit is considered a high priority area for exploration sampling given the number of possible pegmatite dykes. Power intends to systematically map and confirm the possible pegmatites, and will sample as many pegmatites as possible to determine priority ranking for next stage channel and drilling programs.
Next Steps
In the coming weeks, Power will undertake a more systematic sampling program which will include the northern area of the Project to define and prioritise targets for follow up exploration. It will also map the location and use existing artisanal workings (Garimperios) up as a guide to prospective target areas.
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.
Competent Persons Statement
The information in this document that relates to the Lltio niobium, tantalum and REE project in Brazil has been prepared with information compiled by Steven Cooper, FAusIMM. Mr Steven Cooper is the Australian Exploration Manager and is a full-time employee of the Company. Mr Steven Cooper has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Steven Cooper consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
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