Pantera Minerals (ASX:PFE) has secured another 3,553 acres of land within its Smackover Brine Project area, increasing its landholding by 26% in the Arkansas region.
The $13.26 million market capitalisation company says with the leasing of the new land, its net leased acreage position in the area now stands at more than 17,000 acres. With the project ‘rapidly’ approaching 20,000 leased acres, Pantera says it’s paving the way for initiating the unitisation process at the project.
According to Pantera, the increased acreage position gives it a ‘scaleable’ project now 100% under company ownership and control.
The company is the only ASX-listed junior operating in the Arkansas Smackover Lithium Brine Play. Its project lies directly east of Exxon Mobil’s (NYSE:XOM) Superbird Project.
Pantera Chairman Barnaby Egerton-Warburton says the new lease positions from ‘major mineral owners’ in the Smackover area solidify the company’s footprint in the area.
“We have an opportunity to participate in a new foundational industry in Arkansas. The Superbird Project now boasts an impressive total of more than 17,000 net leased acres, a significant achievement made possible through the strategic utilisation of the exclusive 50,000-acre Abstract Agreement.
With significant additional acres currently under negotiation and strategic high-value mineral leases being secured weekly, the project is rapidly advancing towards its initial goal of securing 20,000 acres — a crucial milestone that will enable the commencement of the unitisation process.”
Looking ahead, Pantera is continuing to negotiate for further project growth through additional acreage as it plans to re-enter an identified well within the project’s area of interest to test brine grade, permeability, and porosity from the Smackover Formation.
The company will also look to acquire existing 2D seismic, magnetic, and gravity data to facilitate the subsurface modelling of the Superbird Project’s area of interest. Pantera says this modelling work could provide it will clear drilling locations for its first resource definition wells.
Pantera says lithium brine operations are considered a more sustainable method of lithium production than hard-rock mining, and the method used to produce lithium in Arkansas is expected to have a lower environmental impact the conventional lithium operations around the world.
Further, with Arkansas known as a well-established oil and gas-producing region, the Smackover project lies near ‘exceptional’ logistics and transportation links, has access to a skilled labour force, and is supported by a ‘proactive’ state government.
Pantera plans to begin its well re-entry and sampling program in the area in the June quarter of 2024.
Images: Pantera Minerals
