Power Minerals (ASX:PNN) has announced positive results from its initial drilling program at the Santa Anna Project in Brazil, confirming significant niobium and rare earth mineralisation. The 29-hole program, totalling 2,272 metres, is part of the company’s due diligence process for its exclusive option to acquire the Santa Anna Project, as outlined in the binding letter of intent signed in April 2023. Power Minerals is a mineral explorer and developer focused on lithium resources in Argentina and niobium and other critical minerals in Brazil. The company is focused on becoming a South American-focused clean energy metals explorer and developer.
The drilling program aimed to validate and expand upon previously identified mineralised zones, explore new areas within the system, and advance the development of an exploration target and resource estimate for the project. Results from drillhole MN-RC-028 showed 87 metres at 2,124 parts per million (ppm) niobium pentoxide from 24 metres, including notable intervals of 1 metre at 5,745ppm niobium pentoxide from 107 metres and 3 metres at 10,117ppm niobium pentoxide from 24 metres.
Managing Director Mena Habib stated that the company successfully intersected the targeted niobium and rare earth mineralisation at significant depths, extending beyond previous drilling efforts. Mineralisation was also found in the shallower weathered zone, with strong grades, supporting the company’s exploration model and highlighting the depth potential of the project. The Santa Anna Project is a niobium carbonatite hosted asset prospective for rare earths, gallium, and phosphate.
Habib further noted the project’s extensive footprint over the entire Santa Anna Alkaline Complex, with much of it remaining untested. He expressed excitement about the potential for future discoveries, underscoring the company’s confidence in the project’s prospects.
