Power Minerals (ASX:PNN) is venturing into niobium with the submission of an exploration licence application over the Waterlander Project in Western Australia.
The Waterland project, which covers a 76.41km2 area, is considered prospective for niobium and rare earth elements (REE), according to Power Minerals.
Shares climbed 33% on the back of the announcement to an intra-day high of $0.14.
The project lies adjacent to WA1 Resources (ASX:WA1) Luni niobium discovery within its West Arunta project.
Niobium is widely used in steel to make it stronger, but has also been classified as a critical mineral because of its ability to enhance the life of lithium-ion batteries and reduce charging times.
Managing Director Mena Habib sees the addition of the Waterland Project to Power Minerals’ portfolio as providing an early entry into an emerging “globally significant” niobium and rare earths region.
Once the licence is granted, Power Minerals plans to start targeted field work designed to define drill targets.
Initial activities include ground gravity surveys and geophysical surveys, which are aimed to uncover drill targets associated with magnetic features within the project area.
Detailed magnetic surveys are also planned to support mapping concealed basement lithology.
The company will be focusing on niobium-rare earths targets within the Arunta basement, similar to the carbonatites defined by WA1.
Write to Aaliyah Rogan at Mining.com.au
Images: Power Minerals
