Pantera is the only listed junior in the Arkansas Smackover lithium brine play. Pic via Getty Images
Pantera Minerals’ exploration target highlights potential scale and grade of its Superbird lithium brine project
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- Pantera defines exploration target of between 436,000t and 2.97Mt LCE at its Superbird project in Arkansas, US
- Target underscores potential scale and promising grade of the project
- 2D seismic to be acquired to better understand the brine reservoir
- Multiple wells identified within the Superbird’s project footprint, potentially allowing for a well re-entry to validate the exploration target and help generate a maiden resource
- Pantera continues to aggressively lease acreage in the Smackover, with over 12,500 acres now under lease
Special Report: Pantera has provided a sneak peek into the potential of its Superbird lithium project in the prolific Smackover Formation after pencilling in an exploration target of just under 3Mt lithium carbonate equivalent.
Superbird is in good company, counting ExxonMobil’s (NYSE:XON) 120,000 acre lithium brine project as its neighbour, while projects run by big players Standard Lithium (NYSE:SLI), Tetra Technologies (NYSE:TTI) and Albemarle Corporation (NYSE:ALB) are located along the same trend in Arkansas, US.
Exxon is targeting output of 75,000-100,000 tpa of lithium carbonate equivalent (LCE) and has drilled multiple lithium brine wells on their acreage, while Standard Lithium recently completed a pre-feasibility study with a pilot plant running for over 12 months and now plans to start construction in 2025 with first production in 2027.
These developments underscore the prospectivity of Superbird, which Pantera Minerals (ASX:PFE) is clearly aware of, given the Superbird project’s has increased its landholding by 134% from 5,325 to over 12,500 leased acres
A further 9,000 acres of ground are currently under negotiation as part of its 50,000 acre exclusive abstract agreement.
Exploration target underscores potential scale
The definition of an exploration target ranging from 364Mt to 1.23Bt lithium brine grading 225-450mg/L lithium, or between 436,000t and 2.97Mt LCE, provides a clear picture of just how rich Superbird could be for PFE.
The exploration target encompasses the the 50,000 acre exclusive abstract agreement, with chief executive officer Matt Hansen suggesting it underscored the project’s potential scale and promising grade whilst “affirming the need to progress the project quickly”.
“Pantera intends to re-enter a previously drilled Smackover well and will prioritise the extraction of brine samples and testing of the formation in order to further validate our exploration target and contribute to the delineation of a robust JORC resource,” he said.
“With well-funded and credentialed neighbours directly abutting our project, the Smackover is now being recognised as the best location in North America to develop a DLE project, with renowned lithium expert Mr Joe Lowry quoted as saying ’the Smackover is where the US will have brine and DLE success’”.
Looking ahead
PFE has identified multiple re-entry wells within the project footprint and has started negotiations with various well owners that could allow a well re-entry and sampling program to begin in Q2 2024 to validate the exploration target and assist in generating a maiden resource.
The company will also acquire existing 2D seismic, commercial gravity and magnetic data which will improve the understanding of the distribution and extent of the brine reservoir, substantially de-risking the project.
It also expects to complete the binding implementation agreement to acquire 100% of Daytona Lithium in the coming weeks.
This article was developed in collaboration with Pantera Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
