Power Minerals (ASX:PNN) has defined a maiden Exploration Target of 9.2–10.7 million tonnes (Mt) at 7.8–9.2% total rare earth oxides (TREO) at its Morro do Ferro Rare Earths Project in Brazil.
The target contains an estimated 1.3–1.6% magnet rare earth oxides (MREO). It comprises 5.2–6.4Mt supported directly by drilling to date, and 3.9–4.4Mt representing a conceptual projection into undrilled tenure, principally in the southern lobe.
The potential quantity and grade are conceptual, and there has been insufficient exploration to estimate a mineral resource.
The exploration model draws on 169 historic and current drill holes totalling 3,241 assays over 5,696m, plus drone light detection and ranging (LiDAR) and integrated geophysical datasets.
Nine diamond holes totalling 1,158m within the modelled area remain unassayed and are excluded from the target. The company notes their results may ‘materially affect’ the reported tonnage and grade.
At a 5% TREO cut-off, drilling returns 697.7m @ 8.3% TREO and 1.436% MREO across 56 intercepts in 31 holes. The northern and southern lobes return comparable grades of 8.29% and 8.37% TREO respectively.
UAV-integrated geophysical surveying over about 8km2 supports the interpreted mineralised trend, which lies within a 900 x 700m magnetic anomaly formed by north-west-trending magnetite bodies.
Two targets outside the modelled exploration target have been identified at MFT-088 and MFT-070.
Power Minerals recently signed an agreement with the Government of the State of Minas Gerais for priority-project treatment. Under which, environmental licensing will follow the state’s specialised pathway.
The company is progressing a maiden diamond drilling program of 25 HQ core holes for about 4,000m, expected to be completed in eight weeks at an estimated cost of $2.8 million, funded from existing cash reserves.
Subject to results, Power Minerals will assess whether the expanded dataset supports a maiden mineral resource estimate in the December quarter of 2026 or the March quarter of 2027.
Morro do Ferro is wholly contained within mining title ANM 005.444/1946, covering about 300.72 hectares, about 13km south-east of Poços de Caldas in southern Minas Gerais.
Power Minerals is an Australian explorer advancing a portfolio of critical minerals, lithium, and rare earth assets across Australia and South America.
Write to JC Villarba at Mining.com.au
Images: Power Minerals
