PNN hits more shallow rare earths and niobium - 10,000m deeper drilling ongoing

Our rare earths Investment Power Minerals (ASX: PNN) just announced the final batch of assay results from its shallow auger drill program at its project in Brazil.

PNN spent the last few months drilling its project with a shallow auger drill rig - basically testing down to depths of ~50m.

So far, PNN’s hit rare earths and niobium across the northern section of its project.

Now, PNN is running a deeper RC drill program testing for extensions at depth (part of a bigger 10,000M drill program on the project).

The heavier RC rig started drilling only just over a week ago. (source)

PNN is also looking to put a maiden JORC resource together for the project this quarter. (source)

(source)

We did a deep dive on the heavier RC program in our last PNN note here: PNN starts 10,000m rare earths & niobium drill program - maiden resource due this quarter

In short, with the deeper RC holes we want to see PNN find extensions to the shallow hits (like the ones announced today).

So far, a large part of the ~5.8km^2 carbonatite is untested so there is potential for a substantial deposit to be uncovered IF the deeper drilling comes in.

This is one of the main reasons we like this project is because, IF PNN’s exploration model is proven correct, then the company holds the ground that covers the entire carbonatite complex.

IF the drilling from the current program in the northern section comes in, PNN can move down lower into the newly mapped targets to the south to see if the rare earths/niobium sit uniformly across the whole carbonatite complex:

(Source)

What’s next for PNN?

🔄Drilling at Brazilian rare earths project

We want to see PNN run its deeper RC drilling and confirm that the rare earths and niobium continue at depth - beyond what the shallow auger drilling has defined to date. (source)

We also want to see PNN drill out and define a maiden JORC resource estimate in Brazil to enable comparison to peers, a maiden JORC resource estimate is expected this quarter. (source)

Here are the milestones we are tracking on PNN’s Brazilian rare earths project:

Milestones:

✅ Geophysics/Geochemistry work (geophysics results recently)

✅ Drilling starts (Auger drilling started, RC drilling commenced - today)

🔄 Drilling results

🔲 Maiden JORC resource estimate

🔄Regain control of the Rincon lithium asset

PNN will now need to repay US$1M to the previous Joint Venture partner (Navigate Energy) by 28th of February to take 100% ownership of the Rincon asset.

(source)

We want to see that repayment gets made and PNN returns to 100% ownership before any other work is done on the project.