PNN hits high grade extensions to rare earths project in Brazil

Our Investment Power Minerals (ASX: PNN | OTCQB: PEIMF) just hit unexpected extensions to its rare earths project in Brazil.

Before today, the first 3 holes PNN drilled all hit consistent 1%+ mineralisation down to about 100m depth - tapering off in terms of grades as the hole got deeper.

So our understanding was that the resource started at depth, and extended down to a certain depth - something like this:

Today, from its 4th hole PNN now has grades picking back up and becoming very high grade AT THE END of the hole…

5m at 4.32% TREO with 1.13% MREO from 181m, in a new zone.

So as it stands - that whole section to the north east of the project has been opened up - and who knows what else PNN will find with deeper drilling.

First though, we are looking forward to seeing the rest of the assays from the end of that hole - assays for the remaining 67.55m of the hole are still pending:

(source)

Fingers crossed now we see the same high grades near surface, come back as PNN drills deeper.

(PNN still has two rigs drilling right now and assays pending for multiple other holes)

(source)

What's next for PNN?

🔄 Maiden drill program at Morro do Ferro (MDF)

Here are the milestones we are tracking:

1. 🔄 More drilling (two rigs currently drilling through to December)
2. 🔄 Assay results
3. 🔲 Metallurgical test work drilling
4. 🔄 Gallium follow up results (new best hit with hole 3: 2m at 87.7ppm Ga from 83m), more gallium in the single 1.5m section sampled in hole 4 (same hole as today, from last week ).

🔲 Maiden JORC resource estimate at Morro do Ferro (MDF)

Expected before the end of the year - this is the big one for us.

🔲 Ionic clay potential tested at Morro do Ferro (MDF)

The "free shot" at the style of deposit that made PNN's neighbours worth a combined ~$1BN.