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Power Minerals Limited (ASX:PNN)

ALERT: Price-sensitive ASX Announcement for PNN
Current share price for PNN : $0.175 0.065 (59.09%)+
Announcement
Release
20 Jul 2026 9:22AM
Price at Release
$0.110
Full Release
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Summary
Power Minerals Limited has advanced its maiden drilling program at the Morro do Ferro Rare Earths Project in Brazil, completing two HQ triple-tube drillholes and progressing with a third. The program, targeting approximately 4000 meters of diamond core drilling, aims to expand high-grade mineralisation and yield a JORC-compliant Mineral Resource Estimate. Excellent core recovery and samples have been sent for geochemical analysis, with results anticipated in a few weeks. A drone geophysical survey has been completed, providing critical data for further exploration. The company is financially prepared to continue its exploration efforts, holding mining and landowner rights to ensure seamless access.
Key Points
  • Power Minerals Limited is progressing with its maiden drilling program at the Morro do Ferro Rare Earths Project in Brazil.
  • Two HQ triple-tube drillholes have been completed with a third currently underway.
  • The drilling aims to expand existing high-grade mineralisation and obtain a JORC-compliant Mineral Resource Estimate.
  • A total of approximately 4000 meters of diamond core drilling is planned, with an additional 800 meters of larger-diameter PQ diamond core drilling for metallurgical testing.
  • Core recovery to date has been excellent, with a 94.5% recovery rate.
  • Samples have been sent to SGS Geosol for detailed geochemical analysis, with results expected in three to four weeks.
  • A drone-based geophysical survey has been conducted over the project area to gather data for a digital elevation model and magnetic and radiometric datasets.
  • The program is well-funded with $7 million in cash reserves.
  • Power Minerals holds both mining and landowner surface rights, ensuring uninterrupted exploration access.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.