Power Minerals intersects 6.33% total rare earths
- Drillhole MFSR-054 hit high-grade rare earth mineralisation from surface to 88m grading 6.33% TREO.
- Following the release, the Power Minerals share price rose 3.12% to $0.16.
- The drilling programme aims to extend the depth and continuous boundaries of the deposit at Morro do Ferro.
Power Minerals (ASX:PNN) intersected broad, high-grade rare earth mineralisation grading 6.33% total rare earth oxide down to 88m depth at its Morro do Ferro deposit.
The new drill result expands upon previous findings from vertical hole MFSR-053 by confirming continuous mineralisation that extends northeast and at depth.
The drillhole logged a high-grade interval of 20m at 12.05% total rare earth oxide from 18m depth.
Power Minerals CEO Alistair Stephens said, “MFSR-054 has strengthened our understanding of the system to the northeast and provides further support for the scale and continuity we are working to establish.
Sampling also returned 1.5m at 50 parts per million gallium from a depth of 96.15m.
The company stated that the soft, single-body deposit structure should enable low-cost open-cut mining optimised on economics.
Following the announcement, the Power Minerals share price was up at $0.16.
The Morro do Ferro project forms a key part of the explorer's broader rare earths exploration strategy in Brazil.
Recent drilling campaigns by the business have repeatedly extended the shallow mineralisation boundaries across the target area.
