Power Minerals Limited (ASX: PNN, Power or the Company) is pleased to announce it has completed the acquisition of the Lĺtio Niobium Project in Brazil following successful completion of legal due diligence.
Power announced an option to acquire the Lĺtio Project in Paraiba State, Brazil earlier this month. 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 Lĺtio Project, with the completion of legal due diligence after its technical due diligence was completed earlier in the month.
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 area.
The samples were collected from close to the Lĺtio Project’s southern boundary, which is adjacent to Summit Minerals’ Equador Project, and highlight results included:
- 63.7% Nb2O5 and 9.5% Ta2O5 with 2354ppm partial REO
- 43.5% Ta2O5 and 17.5% Nb2O5 with 1062ppm partial REO
- 41.3% Nb2O5 and 11.99 % Ta2O5 with 1793 ppm partial REO
- 48.4% Nb2O5 and 6.3% Ta2O5 with 4975ppm partial REO
“With the acquisition of the Lĺtio Project now complete, Power plans to accelerate our exploration of the project with a more systematic sampling program including outcrop rock chip and stream samples to prioritise targets determine prospective areas for drilling or other follow-up activity.
We are excited to have expanded our footprint in South America, adding to our Salta Lithium Project in Argentina with this strategic acquisition, and look forward to moving forward with exploration on our second project in the region.”
Power Minerals Managing Director Mena Habib
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.
