Power Minerals acquires Morro do Ferro rare earths project

Power Minerals has concluded the acquisition of the high-grade Morro bash Ferro (MDF) uncommon earths task successful confederate Minas Gerais, Brazil.

The acquisition follows a definitive statement with Mineração Terras Raras (MTR), a backstage exploration company.

The statement was secured pursuing Power's method evaluation, which revealed notable concentrations of magnetic uncommon world oxides (MREOs) specified arsenic neodymium, praseodymium, dysprosium and terbium.

These elements relationship for much than 80% of the marketplace worth of uncommon world elements (REEs).

The task is situated wrong Brazil's Poços de Caldas Alkaline Complex, a portion known for its uncommon world resources.

Drilling conducted by erstwhile owners revealed results including 35,332 parts per cardinal (ppm) MREOs implicit 2m successful drill-hole MFSR-47.

Additionally, results from different drill-holes included 100.44m astatine 49,910ppm full uncommon world oxide (TREOs) successful MFSR-10 and 60.85m astatine 89,177ppm TREOs successful MFSR-35.

Previously, a binding missive of intent (LoI) with MTR was established, starring to broad corporate, fiscal and method owed diligence.

This confirmed the project's imaginable for important MREOs and its alignment with the company’s strategy successful the uncommon world sector.

Future exploration volition absorption connected deeper diamond drilling, reverse circulation drilling of the main deposit and aircore drilling to place caller targets.

These efforts are aimed astatine defining mineralisation, which remains unfastened astatine extent and on strike.

Power Minerals managing manager Mena Habib said: “We are delighted to person completed the acquisition of the Morro bash Ferro Project, having lone entered into an LoI to get the task successful the erstwhile period and completing broad owed diligence earlier this month.

“The task represents a well-validated, high-grade, uncommon world plus successful an emerging planetary uncommon world hub successful Brazil and is an perfect complement to our Brazilian task portfolio. An appraisal of disposable exploration information highlights the project’s beardown mineral assets imaginable and fantabulous enlargement upside, taxable to further exploration.

“The task besides has important topographical advantages that we volition question to exploit successful immoderate aboriginal development. Leveraging the extended method expertise of our absorption team, we look guardant to expediting our archetypal exploration programmes astatine MDF to realise its afloat worth proposition.”

In August 2024, Power Minerals closed the acquisition of the Lítio Niobium Project successful Brazil from Ita Iron Mineracao aft completing ineligible owed diligence.