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Asia

Power Minerals Says Maiden Exploration Target Defined at Brazil Rare Earth Project, Shares Fall 3%

Power Minerals (ASX:PNN) said a maiden exploration target at its Morro do Ferro rare earth project in Brazil of around 9.2 million tonnes to 10.7 million tonnes at 7.8% grade of total rare earth oxides (TREO) to 9.2% grade of TREO, with an estimated 1.3% grade of magnet rare earth oxide (MREO) to 1.6% grade of MREO, according to a Tuesday Australian bourse filingA maiden diamond drilling program of around 4,000 meters is ongoing at the project with two rigs in operation.Its shares fell 3% in recent trading on Tuesday.

ASX:PNN
Asia

Power Minerals Executes State Agreement for Brazil Project; Shares Down 3%

Power Minerals (ASX:PNN) executed an agreement with the Government of the State of Minas Gerais, Brazil, to establish priority-project treatment for the Morro do Ferro project, according to a Tuesday filing with the Australian bourse.The company will continue its diamond drilling campaign at the project and advance toward a maiden mineral resource estimate, the filing said.Shares fell 3% in midday trade Tuesday.

ASX:PNN
Asia

Power Minerals Intersects Further Rare Earth Mineralization at Brazil Project

Power Minerals (ASX:PNN) intersected further high-grade rare earth mineralization from ongoing maiden drilling campaign at the Morro do Ferro project in Brazil, according to a Friday filing with the Australian bourse.Drilling returned mineralization from surface to 88 meters at 63,312 parts per million total rare earth oxide with 11,937 parts per million magnet rare earth oxide of whole-rock from the surface, the filing said.Further results will be released as they become available and will inform a maiden mineral resource estimate at the project, per the filing.

ASX:PNN
Asia

Power Minerals Secures AU$1.7 Million Strategic Investment Via a Share Subscription Agreement with Specialist Resources Investment Fund; Shares Fall 5%

Power Minerals (ASX:PNN) secured a AU$1.7 million strategic investment via a share subscription agreement with an unrelated international specialist resources investment fund, according to a Thursday Australian bourse filing.Under the placement, 11.7 million fully paid ordinary Power Minerals shares will be subscribed for AU$0.145 apiece.The investor will also receive 5.9 million free attaching listed options on the basis of one option for every two subscription shares issued, exercisable at AU$0.10 and with an expiry date of Dec. 31, 2029.Proceeds will be used to advance its work at the Morro do Ferro rare earth elements project in Brazil.Its shares fell 5% in recent trading on Thursday.

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