Licensing Issues Halt Tântalo Acquisition as Power Focuses on Niobio Progress
Power Minerals reports strong progress in its maiden diamond drilling program at the Niobio Project in Brazil, successfully intercepting targeted pegmatite zones and validating its exploration model. Results are anticipated in Q1 2025, while the company withdraws from the Tântalo Project due to licensing challenges.
- Four diamond drill holes completed totaling 356.15 metres at Niobio Project
- All holes intercepted targeted pegmatite consistent with exploration model
- Drilling program tests priority pegmatite targets identified via sampling and LiDAR
- Results from drilling expected in Q1 2025
- Power Minerals will not proceed with Tântalo Project acquisition due to licensing issues
Strong Start to Drilling at Niobio
Power Minerals Limited (ASX: PNN) has reported encouraging progress from its initial diamond drilling campaign at the Niobio Project in Rio Grande do Norte, Brazil. The program, which commenced in mid-December 2024, aims to test up to 800 metres of priority pegmatite targets previously identified through surface sampling and a detailed LiDAR survey.
To date, four drill holes totaling 356.15 metres have been completed across two key pegmatite targets, with drilling now underway on a third. Impressively, all holes have intersected the targeted pegmatite lithologies, validating the company's exploration model and confirming the presence of mineralised zones within the project area.
Geological Insights and Drilling Details
The pegmatites encountered are hosted within mica schist and quarzitic sandstone, consistent with the regional Borborema Pegmatite Province geology. Notably, the fourth drill hole at a new site confirmed the presence of two distinct pegmatite phases separated by quartzite bedrock, a finding that enhances the prospectivity of the Niobio area for niobium, tantalum, and rare earth elements.
Drill holes have been angled to optimize intersection of pegmatite contacts, with core recovery reported as excellent. Visual logging indicates significant pegmatite intervals, including a 60-metre downhole intercept in one hole, though true widths remain to be determined pending detailed geological logging and assay results.
Strategic Focus and Project Priorities
While the Niobio drilling program advances, Power Minerals has decided not to proceed with the acquisition of the Tântalo Project following due diligence that revealed licensing complications potentially delaying exploration activities. This decision allows the company to concentrate resources and expertise on the Niobio Project, where early drilling results are promising.
Managing Director Mena Habib expressed satisfaction with the drilling progress and the validation of the exploration model, highlighting the company's commitment to expediting exploration and delivering value from its Brazilian assets. The company anticipates receiving assay results in the first quarter of 2025, which will be critical in assessing the economic potential of the pegmatite mineralisation.
Looking Ahead
Power Minerals plans to continue detailed geological logging, sampling, and laboratory analysis of the drill core to quantify grades and mineralisation extents. Further fieldwork, including mapping and geochemical sampling, is also planned to refine targets for subsequent drilling phases. The company remains open to evaluating other advanced project opportunities to complement its portfolio.
Bottom Line?
With initial drilling confirming key pegmatite targets, Power Minerals sets the stage for a pivotal phase of assay results that could reshape its Brazilian exploration trajectory.
Questions in the middle?
- What grades and concentrations of niobium, tantalum, and rare earth elements will the upcoming assays reveal?
- How will the confirmation of multiple pegmatite phases influence the project's resource potential and development strategy?
- What alternative projects might Power Minerals pursue following the Tântalo Project withdrawal?
