Power Minerals’ heritage survey is expected to lead to the grant of an exploration licence over the highly prospective Pink Slipper target. Pic: Andrew Bret Wallis via Getty Images.
Mining
Power Minerals is edging closer towards drilling the priority Pink Slipper target at its Musgrave nickel-copper-cobalt-PGE project in South Australia after completing a preliminary heritage survey.
The 16,478km2 Musgrave project holds a dominant position in the Musgrave province – one of the most prospective and underexplored mineralised belts in the world.
It features similar geology to BHP’s Nebo Babel nickel-copper and Succoth copper projects across the border in WA’s Musgrave region.
Covering almost a quarter of the province, it is a core asset that Power Minerals (ASX:PNN) has held for a long time with mining giant Rio Tinto Exploration.
Pink Slipper was first discovered by a Rio airborne electromagnetic survey in 1999-2000 with confirmation by Rio and CSIRO in 2019.
Power Minerals can earn up to 51% in Pink Slipper under its farm-in agreement with Rio, which covers four exploration licence applications.
The company has also completed a detailed study of the Mt Caroline intrusion – one of the key targets within the project due to its hitting all the markers for a nickel-PGE-chrome deposit in mafic and ultramafic-layered complexes that can be economically extracted.
Power Minerals has now completed a preliminary heritage survey in conjunction with an anthropologist and 14 members of the Anangu Pitjantjatjara Yankunytjatjara (APY) people – the traditional owners of the site.
This was designed to confirm that the company’s planned exploration target areas do not encroach on any culturally sensitive areas within the APY lands and is a key step in securing approval for a Deed of Exploration for Pink Slipper, which is itself a pre-requisite for the grant of an exploration licence and commencing on-ground exploration.
Subject to the grant of the exploration licence, Power Minerals plans to conduct targeted exploration drilling at its priority targets.
These will be flexible and adaptive to ensure that there is no disturbance to cultural sites or areas, while achieving the goal of testing a world-class, strong EM anomaly.
“Pink Slipper is a high priority target for Power, and we welcome the completion of this preliminary heritage survey, as we progress our pathway with the APY people to secure a Deed of Exploration,” managing director Mena Habib said.
“The survey aimed to remove uncertainty regarding the impact of any proposed exploration, and is an important step towards a Deed of Exploration for the project and the commencement of on-ground exploration.
“It aimed to ensure that there is no confusion or uncertainty over the target areas in relation to any culturally sensitive areas.
“We plan to create a drilling program that is flexible and adaptive to ensure cultural sites or areas are not disturbed, while also achieving our goal of testing this exceptional target.”
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.
