Pantera Minerals (ASX:PFE) has further expanded its acreage in the Pantera Lithium Project, within the Smackover Formation in Arkansas.
This latest acquisition increases the company’s landholding by 16.7%, with 25,998 acres now leased.
Pantera, which has a market capitalisation of $12.5 million, says a sub-surface study by SLB (NYSE:SLB) will provide the company with an updated model of the lithium and bromine brine potential and optimal locations for future wells.
The company adds that a well location is in the final decision phase, with the first test well imminent.
Executive Chairman Barnaby Egerton-Warburton says its exclusive abstract agreement continues to deliver for the company as other groups now surround them in the US’s new ‘lithium capital’.
“The significant investment by leading companies such as Exxon Mobil, Equinor, and Standard Lithium in the Smackover region highlight the immense potential in this area,” he says.
“This, alongside the strategic advancements in the area and the future construction of a large-scale processing facility by Exxon, underscores the potential of the Smackover Formation.
“Our partnership with global technology company, SLB, and the imminent arrival of the advanced subsurface modelling will accelerate Pantera’s progress as we prepare for the first re-entry test well.”
Pantera notes direct lithium extraction (DLE) tests of the re-entry well samples will be undertaken by multiple DLE technology providers.
The Roundup
– 25,998 net acres now leased, an increase of 16.7%
– 3,728 new core acres leased since last reporting
– Pantera now largest acreage holder outside of the majors
Write to Aaliyah Rogan at Mining.com.au
Images: Pantera Minerals
