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Thursday 25 July 2024

Power Minerals (ASX:PNN) has option to acquire niobium project in Brazil

Power Minerals (ASX:PNN) now has an option to acquire the Lĺtio Project in Paraiba state, Brazil. The project is considered highly prospective for niobium, rare earth and lithium.

  • The Lĺtio Project comprises three granted exploration permits, immediately adjacent and interpreted on strike from Summit Minerals’ (ASX:SUM) Equador Niobium Project.
  • Outcropping pegmatites located at Lĺtio which will provide an initial exploration and drilling target for Power.
  • The option acquisition reinforces Power’s strategy as a South American-focused explorer and developer – focus on expediting exploration in Brazil and development of the Salta Lithium Project,
  • Power working on realising value for its non-core Australian project portfolio.

Power Minerals Managing Director Mena Habib commented “This is an exciting acquisition for Power as we expand our footprint and presence in South America. Through this acquisition Power will build on the knowledge, expertise and local networks we have developed over the past eight years during our development of the Salta Lithium Project in Argentina.”

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