PNN - International resources fund invests $1.7M at 14.5c
Our rare earths Investment Power Minerals (ASX: PNN | OTC: PEIMF) just secured a A$1.7M strategic placement from an unnamed, well-known international specialist resources fund.
The shares were issued at A$0.145 which was PNN's closing price yesterday, meaning the fund came in at no discount to the market.
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We think the deal validates PNN’s rare earths project in Brazil which sits in the same neighbourhood as $480M Meteoric and $501M Viridis.
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Historic drilling at PNN’s project returned hits like 60m+ at over 8% total rare earth oxides (TREO) from surface.
With some 60M+ hits returning 1%+ MREO’s (magnet rare earth oxides).
That’s neodymium, praseodymium, dysprosium and terbium - the rare earths that go into magnets used in EVs, wind turbines, robots and defence systems.
What is PNN up to right now
PNN started drilling its rare earths project at the start of this week.
First assay results from that program are expected in the coming weeks.
We are hoping to see PNN confirm and extend the existing mineralisation on the project:
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We did a deep dive on the drill program earlier in the week here: PNN has started drilling its Brazil rare earths asset.
What we want to see next from PNN
🔄Drilling at Brazilian rare earth project (Morro do Ferro)
This week PNN got drilling underway at the project and assay results from this are expected in ~3-4 weeks from dispatch, so we should start to see these coming through in July:
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We are hoping to see that the historical grades are confirmed and to see if the mineralisation extends from the historic drilling.
- ✅ Drilling underway
- 🔲 Early assays received (expected in ~3-4 weeks from dispatch, so into July)
- 🔲 All Assays Received
- 🔲 Maiden JORC Resource
There is also larger drill core size samples being taken for met testing:
- 🔲 Met samples taken and sent to lab
- 🔲 Met samples results received
