Power Minerals hits niobium and REEs in first Santa Anna hole

• Power Minerals hits niobium-REE mineralisation at depth at Santa Anna
• Gallium results remain pending but will be reported this quarter 
• Power’s data shows 89.3% of the Santa Anna Alkaline Complex is yet to be drill tested

Special Report: The first drill hole of Power Minerals at the Santa Anna project in Brazil has hit strong niobium and rare earths mineralisation beneath historical drilling, providing confidence in the asset’s expansion potential. 

The company recently completed a 29-hole program for 2272m at Santa Anna as a key part of due diligence required in its exclusive option to acquire the asset. 

If drilling results are favourable, Power Minerals (ASX:PNN) intends to exercise its option and proceed with the project acquisition.

The campaign was designed to confirm and extend previous significant mineralised sections (especially below current drilling), test new sections of the complex and progress work on an exploration target and resource. 

Standout niobium from the first drill hole (MN-RC-028) include 87m at 2124ppm niobium oxide from 24m, including 1m at 5745ppm from 107m and 3m at 10,117ppm from 24m. 

A 9m intersection grading 3105ppm niobium oxide from 102m is beneath the weathered surface layer in ‘fresh rock’, highlighting that significant niobium grades are present at depth within the Santa Ana alkaline complex. 

REE mineralisation was also present at depth in MN-RC-028 with a TREO enriched zone returning 16m at 5300ppm TREO containing 26.2% magnet rare earth oxide (MREO) from 97m.

Overall, the MN-RC-028 hole reached more than double the depth of the deepest EDEM drill hole and was stopped only due to the limit of the drill rig. 

“Exciting” initial results 

PNN managing director Mena Habib said the assay results from the first hole of the maiden drilling program at the Santa Anna Project were extremely exciting. 

“We have intersected the targeted niobium and REE mineralisation at depth well below previous drilling – as well as in the shallower weathered zone – and with strong grades,” he said. 

“These intercepts support our initial exploration model and open up the project’s depth potential,” he added. 

“With a footprint over the entire Santa Anna Alkaline Complex, and much of this remaining untested, we are excited about what we might find here.” 

Partnership with Brazilian miner EDEM 

Power holds an option to acquire the entire Santa Anna Alkaline Complex after forming a partnership with Brazilian miner and developer, EDEM, which originally discovered the asset in 2021. 

Santa Anna is a high-grade drill-ready niobium carbonatite-hosted asset, which is also prospective for REEs and phosphate. 

The acquisition, if completed, will significantly enhance Power’s position as a South American-focused clean energy metals explorer and developer.

Under the partnership, Power is exploring and developing the Santa Anna project’s critical minerals while EDEM will focus on the project’s phosphate potential.

It is also proposed that Power and EDEM will work together to assess the potential to explore and develop other value-accretive project opportunities within EDEM’s project portfolio in partnership. 

Pending results set for release in current quarter 

Gallium results from MN-RC-028 are pending and will be announced when available in the current quarter. 

Power’s data shows 89.3% of the Santa Anna Alkaline Complex is yet to be drill tested, and when combined with mineralisation beneath the historical drilling in MN-RC-028 significantly increases the project’s potential for a resource. 

This article was developed in collaboration with Power 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.