Power Minerals (ASX: PNN) have traded strongly after the company unveiled exceptional results from the first hole of its maiden drilling program at the Morro do Ferro Rare Earth Project in Brazil.
The standout result not only confirmed extensive high-grade magnet rare earth mineralisation from surface but also extended known mineralisation well beyond previous drilling, reinforcing the project’s potential ahead of a maiden Mineral Resource Estimate.
A maiden hole that sets the tone
The first drill hole, MFSR-051, returned an impressive:
- 116m @ 4.78% TREO from surface, including:
- 31m @ 10.0% TREO and 1.58% MREO from 14m
- 5.1m @ 14.64% TREO and 2.25% MREO from 18m
The hole also produced exceptional peak grades of:
- 18.12% TREO
- 3.66% MREO
- 2.55% Nd₂O₃
- 1.0% Pr₆O₁₁
- 986ppm Dy₂O₃
- 196ppm Tb₄O₇
Importantly, drilling extended the high-grade rare earth system from the previously known 71m-116m, highlighting the potential for a much larger mineralised system.
Figure 1: Location map showing current Power Minerals Morro do Ferro drillholes and intercepts from previous drillholes.
Gallium adds another layer of value
Beyond the rare earths, Power also intersected high-grade gallium throughout the deeper section of the hole.
Initial assays averaged 51.7ppm gallium, peaking at 62.4ppm, opening another potential critical minerals opportunity that could enhance project economics alongside the magnet rare earth inventory.
What’s next?
The maiden program is designed to deliver ~4,000m of diamond drilling, with additional drilling for metallurgical test work already underway.
Results from the first hole will be incorporated into a maiden Mineral Resource Estimate targeted before the end of 2026, while two additional drill holes are already awaiting assays and a second rig has commenced on site.
With drilling continuing and the first hole already delivering exceptional grades over substantial widths, Power has made an impressive start to defining what could become one of Brazil’s emerging magnet rare earth projects.
