Power Minerals Limited (ASX:PNN) Updates on Nióbio Project
Drilling Progress
Power Minerals Limited (ASX: PNN) has reported strong advancements in its diamond drilling program at the Nióbio Project in Brazil. This initial program includes up to 800 meters of drilling aimed at priority pegmatite targets identified through prior sampling and a LiDAR survey. Four drill holes have successfully completed a total of 356.15 meters, with drilling now underway on a third target.
All completed drill holes have intercepted the targeted pegmatite, aligning with Power’s exploration model for the area. Results from the drilling are anticipated to be released in the first quarter of 2025.
Details of Drilling Operations
The drilling commenced on December 15, 2024, and focuses on pegmatite targets that have shown some degree of artisanal mining, confirming their mineralogical presence at or near the surface. The completed drill hole PMB24-01 revealed a mica schist-pegmatite contact, while PMB25-02 showed a promising 60-meter pegmatite intersection. Additional holes have further confirmed the presence of distinct pegmatite phases.
Mena Habib, Managing Director of Power Minerals, expressed satisfaction with the program’s progress, stating, “We are pleased with the progress of our maiden drilling program at Nióbio, with all holes to date intersecting targeted mica schist and pegmatite, which helps validate our exploration model at Nióbio.”
Tântalo Project Update
Power Minerals has decided not to proceed with the acquisition of the Tântalo Project following the completion of due diligence. While the project initially returned encouraging niobium and tantalum results, several licensing issues were uncovered that could hinder timely exploration operations. The Company will continue to focus on the Nióbio Project while exploring other advanced project opportunities.
This announcement reflects Power Minerals’ commitment to advancing its exploration efforts in Brazil, emphasizing the potential of the Nióbio Project to deliver valuable resources.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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