Power Minerals (ASX:PNN) has defined new exploration targets at its Musgrave Nickel-Copper-Cobalt-Platinum Group Elements (Ni-Cu-Co-PGE) Project in South Australia.
The $20.72 million market capitalisation company says these targets represent a priority drill target and are a step forward in Power’s geological understanding of the Musgrave project area.
Drilling is planned upon completing heritage surveys and other required approvals at the project.
Commenting on the new targets, Power Minerals Managing Director Mena Habib says: “While we continue to focus on the exploration and development of our Argentinian lithium assets, we have also taken positive strides in confirming our geological understanding of the Musgrave Project area – and in unlocking its value.
“The recently completed study is evidence of this, and has resulted in the definition of a significant, new stratigraphic exploration target at the priority Mt Caroline intrusion, one of the most prospective intrusions in the Musgrave Province“
The recently completed study is evidence of this, and has resulted in the definition of a significant, new stratigraphic exploration target at the priority Mt Caroline intrusion, one of the most prospective intrusions in the Musgrave Province.
We look forward to being in a position to commence on-ground exploration at this key target once heritage surveys and other required approvals have been secured.”
The company notes that the target was generated by the University of Adelaide study, which had a ‘highly significant’ outcome, as most of the Mt Caroline intrusion is covered by a thin layer of sediments.
Through the study, a stratigraphic exploration target was defined within the ‘large’, sulphide hosting Mt Caroline intrusion., which sits within the Musgrave project.
Power has also been continuing the whole-rock analysis of samples from historic drilling at Musgrave, with more than 3,100 pXRF chemical analyses completed in the past year.
Sampling has returned multiple anomalous chemical results and selected historical samples are being sent for laboratory analysis to help define targets for future exploration activities and drilling.
Power Minerals is a diversified mineral resources explorer, focused on the exploration and development of projects in demand-driven commodities.
The company holds 100% interest in 2 granted exploration licences and 8 exploration licence applications, covering a total area of 14,003km-square in the Musgrave Province of South Australia.
As of 30 June 2023, the company had $2.373 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Power Minerals
