Pantera Minerals (ASX:PFE) has begun drilling for the first well at the Smackover Lithium Brine Project in Arkansas, US.
The $9.54 million market capitalised company aims to conduct strategic testing which comprises the re-entry testing of the upper and middle Smackover Formation brine to assess lithium and bromine grades in the central acreage position.
An expedited analysis is expected to be completed within 10 days, with samples to be immediately dispatched for lab and direct lithium extraction analysis.
Pantera Minerals anticipates the analytical results to be returned before the end of the year.
Executive Chairman Barnaby Egerton-Warburton says this first test will provide the company with lithium grade, as well as a supply and disposal well for future pilot plant tests which are planned.
In parallel with future pilot plant tests, the company is also planning for a standalone resource definition well on the Pantera acreage, alongside continuing Smackover Project growth through acquiring additional acreage.
The lithium brine project covers more than 26,000 net leased acres of lithium brine prospective ground in the Smackover Formation Arkansas, which is a known “high-grade” lithium brine formation.
The project sits directly abuts Exxon Mobil’s (NYSE:XOM) Lithium Brine Project. Other major players in the region include Standard Lithium (NYSE:SLI), Equnior (NYSE:EQNR), and Albemarle Corporation (NYSE:ALB).
Pantera Minerals is focused on its lithium brine project in Southwest Arkansas and increasing its landholding in the area. The company has increased its ground position from 5,325 acres in six months.
Write to Aaliyah Rogan at Mining.com.au
Images: Pantera Minerals
