Pantera Minerals (ASX:PFE) Confirms world-class potential of Smackover lithium brine project

3 minutes read

3 October 2024

Price Sensitive Announcement $

Highlights:

  • Pantera has contracted SLB to perform a detailed 3D Static Geological Model of the Upper Smackover Formation within the Pantera Area of Interest (AOI) covering all the leased acres driving Pantera into its drilling and resource definition phase.
  • The 3D Static Geological Model uses data from 38 wells that penetrate the Upper Smackover Formation, 13.34-line miles of 2D seismic and 481 gravity stations.
  • Subsurface model confirms that the Company’s Project has the potential to host a large and world-class lithium brine resource, analogous to neighbouring Arkansas super majors Exxon Mobil and Equinor/Standard Lithium, both with advanced lithium brine projects.
  • The 3D Static Geological Model estimates Upper Smackover Formation thickness and porosity over the Pantera AOI as well as the location of faults and the depth to basement.
  • The 3D Static Geological Model will be updated to a resource estimation once lithium brine geochemistry and permeability data is obtained from well re-entry in late October.
  • Leasing to the north and west of the Pantera acreage position sees new and aggressive push from multiple parties

Forward Focus:

  • Re-entry of first well to test lithium brine grade through independent labs
  • A new resource model will be updated with Lithium Brine Grade from re-entry test.
  • DLE test of re-entry well samples by multiple DLE technology providers.
  • Continued Smackover Project growth through the acquisition of additional acreage.
  • Discussions with DLE technology providers for a pilot plant test on site in early 2025

Overview:

Pantera Minerals Limited has to announced the completion of the 3D Static Geological Model, delivered by SLB, that details the subsurface geology and reservoir characteristics of the Smackover Lithium Brine Project. The development of a 3D Static Geological Model is seen as a critical step in de-risking and optimising the exploration planning, workflow and project development.

The Project now covers a land position of +26,000 net leased acres of lithium brine prospective ground in the Smackover Formation Arkansas, a known high grade lithium brine formation.

The 3D Static Geological Model was defined over a 230 square mile area (595 sq kilometres) which encompassed all of Panteras’ Exclusive Abstract Area and the 63 square miles (163 sq kilometres) of Pantera AOI covering all of the +26,000 leased acres (see Figure 1) that Pantera currently holds. The large model extent was used so that a detailed 3D model of the Upper Smackover Formation could be developed to guide further leasing and to use data from outside of the Pantera AOI to inform the model within the AOI.

Company Notes:

Commenting on the 3D Static Geological Model development, Executive Chairman Barnaby Egerton-Warburton said: “the3D sub surface model provides Pantera with the required data to take the Company from a leasing focus to a development and resource definition focus. The location of the upcoming re-entry well allows for a closed loop pilot plant operation with both supply and disposal well on site utilising the geological model to identify specific production zones in the upper-Smackover formation. Pantera’s land team has also noted the increased leasing competition outside its exclusive abstract area to the west and north further demonstrating the validity of the Smackover as a legitimate lithium brine play”

Full Company Announcement:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02861983-6A1229321&v=fc9bdb61fe50ea61f8225e24ce041a0e155a9400

Leave a Reply

Your email address will not be published. Required fields are marked *