Pantera Minerals (ASX:PFE) has secured 100% ownership of the Superbird Lithium Brine Project in the US, following the completion of acquiring Daytona Lithium.
Chief Executive Officer Matt Hansen says completing this acquisition is a ‘major’ milestone as the Superbird project is an ‘impressive’ 13,457 acres and is growing quickly through the strategic utilisation of the 50,000-acre abstract agreement.
Superbird is supported by a 50-000 acre abstract agreement which ensures access to mineral ownership records, confirming owners, and ensuring that leases are executed with the correct mineral rights holders.
Hansen says: “With multiple significant acreage positions under negotiation the project is well on its way to securing its first major milestone of 20,000 acres.
Our lithium project has the potential to enhance supply stability for businesses investing in electric vehicle and battery production plants in North America by offering a final product that is produced in Arkansas and remains in the US.
This makes the project an invaluable asset to these companies and bolsters the critical mineral security of the US.”
The company intends to re-enter an identified well that lies within the Superbird project area, to test brine grade, permeability, and porosity from the Smackover Formation.
Meanwhile, direct lithium extraction (DLE) technology providers will be testing DLE of re-entry well samples.
Pantera, which has a market capitalisation of $6.23 million, is also working on acquiring existing 2D seismic, magnetic, and gravity data to facilitate subsurface modelling of the project’s area of interest.
This modelling will provide Pantera with clear drilling locations for the first resource definition wells.
Upon completing this, Pantera will be continuing acquisitions of additional project acreage.
On 11 December 2023, Pantera entered into a binding implementation agreement to acquire Daytona.
Pantera now is the only listed junior explorer in the Arkansas Smackover Lithium Brine play and adjacent and on trend from Exxon Mobil’s (NYSE:XON) lithium brine project.
The company notes immediately east to the Daytona project, Exxon recently drilled multiple lithium brine wells on their leased acres and are planning to build a ‘large’ lithium brine processing facility to bring its project into production.
As of 31 December 2023, the company had $1.88 million cash and cash equivalents at hand, according to its latest quarterly report.
Pantera Minerals is an Australian mineral explorer focused on its 4 assets in Western Australia, as well as its lithium project in Arkansas, US.
Write to Aaliyah Rogan at Mining.com.au
Images: Pantera Minerals
