PNN to start initial phase of 10,000m rare earths drilling next month

Our US/Brazilian rare earths Investment Power Minerals (ASX: PNN) is about to start a 10,000m drill program on its Brazilian rare earths project.

PNN expects to start the initial 2,000m of drilling in November with the program to be completed by the end of the year.

The first round of drilling will be with an RC rig so that PNN can “conduct deeper drilling” - which is something we have been looking forward to seeing from PNN.

PNN also confirmed a geophysical survey would be run and then followed up with a 6,000m RC/diamond drill program on the targets it throws up.

The diamond rig is expected to be on site in early 2026.

Deeper drilling matters here because PNN will be able to properly test whether or not its project is hosted in a carbonatite or not.

PNN’s theory is that it has similar geology to some of the world’s biggest rare earth deposits (hard rock carbonatite).

Hard rock carbonatites are the same host structures that host $23BN MP Materials’ project, $21BN Lynas Rare Earths core asset and our Investment SGQ’s…

IF PNN can prove its Brazil project sits on a similar structure and has high enough grades, it could be “game on” for its Brazilian rare earths asset.

PNN owns all of the ground that the potential carbonatite complex sits around so any confirmation from drilling could be a game changer for PNN:

(Source)

At the moment, shallow holes near the surface show rare earths and PNN just recently said that its theory of a hard rock intrusion has been “validated”.

(Source)

Anything is possible here and with the deeper drilling over the next 3-6 months we should know a lot more very soon…

What’s next for PNN?

🔄 Complete the acquisition of its US rare earths project

While the focus of today’s announcement was the rare earths project in Brazil, PNN is also completing the acquisition of a Rare Earth Project in California, USA

Read more on both the assets in our initiation note here: Our New Investment: Power Minerals Ltd (ASX: PNN)

Next we want to see PNN acquire its US rare earths project and start target generation works.

PNN will need to go to a shareholder vote to approve the deal so the next thing we should see is a notice of meeting to call the meeting where the vote will take place.

Here are the milestones we want to see PNN start as soon as the acquisition is completed:

Objective 1: Target Generation on US rare earths project

We want to see PNN sample, map and run geophysics on its US asset to identify priority drill targets.

Milestones:

🔲 Mapping and sampling (soil and rock chips)

🔲 Geophysics

🔲 Drill targets confirmed

🔄Drilling at Brazilian rare earths project

After today’s announcement we want to see PNN start the deeper RC drill program next month.

Here, we want to see PNN drill out and define a maiden JORC resource estimate in Brazil to enable comparison to peers.

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

Milestones:

🔲 Geophysics/Geochemistry work

🔄 Drilling starts

🔄 Drilling results

🔲 Maiden JORC resource estimate