Power Minerals (ASX:PNN) announced an expansion of its portfolio through a binding letter of intent to acquire the Morro do Ferro Rare Earth Project in Minas Gerais, Brazil.
The advanced asset is situated within a premier mining jurisdiction and is distinguished by exceptionally high-grade mineralisation, with multiple drilling intersections exceeding 5% total rare earth oxides.
The project's potential is underscored by remarkable weighted average results from surface to the end-of-hole.
Diamond cored drillhole MFSR-35 returned 60.85m at 8.92% TREO, while MFSR-10 demonstrated extensive mineralisation of 100.44m at 4.99% TREO.
Individual ultra-high-grade samples have reached as high as 24.13% TREO, alongside magnetic rare earth oxide concentrations.
Geological assessments indicate the primary mineralisation is hosted in bastnäsite, drawing direct comparisons to the world-class Mountain Pass Mine in the United States.
A key operational advantage is the project’s ‘Manifesto’ mining title, granting the owner direct land ownership and removing the need for local third-party approvals for exploration.
To fund its development strategy, Power Minerals has secured $10 million in firm equity commitments from US institutional investors.
The funds will be utilised for an aggressive multi-rig drilling campaign scheduled to commence shortly.
At the time of reporting, Power Minerals' share price was $0.13.