Power Minerals Limited (ASX: PNN) — Maiden Drilling Program Progressing at Morro do Ferro REE Project, Brazil
20 July 2026
Price Sensitive Announcement $
Highlights:
- Power has completed the first two holes of its maiden diamond drilling program at Morro do Ferro (MDF), with a third hole now underway past 200m depth
- First samples have been dispatched to SGS Geosol laboratory, with initial assay results expected within two to three weeks
- Core recovery has been excellent — 487.8m of core recovered to date at an average recovery of 94.5%
- A second drill rig is scheduled to arrive at MDF shortly, accelerating progress toward a JORC 2012 Mineral Resource Estimate expected later this year
- A drone geophysical survey has been completed across the entire Manifestos de Mina area, acquiring high-resolution DEM, aerial photography, magnetic and radiometric datasets to refine the deposit geometry and identify potential satellite targets
- Power is well-funded to execute its exploration strategy at MDF with $7 million in cash at bank
- Systematic soil sampling at the Santa Anna Niobium Project in Goiás State, Brazil, is planned to be completed within the current quarter to guide future drilling strategy
Overview:
Power Minerals has provided a positive operational update from its flagship Morro do Ferro Rare Earths Project in Minas Gerais, Brazil, with the maiden diamond drilling program advancing steadily and first samples now on their way to the laboratory.
Two HQ triple-tube drillholes have been successfully completed — the first reaching 210.9m and the second 173.3m downhole — both drilled at the same dip and azimuth as historical drilling but extended to significantly greater depths. A third vertical hole (MFSR-53) is now in progress past 200m, forming part of the Company’s strategy to build the multi-orientation dataset required for a robust JORC-compliant Mineral Resource Estimate. The main objective of the program is to determine the margins of the deposit, with holes continuing beyond expected mineralisation to maximise confidence in the geological model.
HQ triple-tube core drilling was selected to maximise core recovery and ensure high-quality analytical, geological and metallurgical data, and this approach has delivered — with 487.8m of core recovered at an average recovery of 94.5%. Initial delays from establishing a reliable water supply at the hilltop drill sites have been resolved, and the arrival of a second rig shortly will materially accelerate the program. Based on local weather conditions and current access, drilling is expected to continue safely through to December if required. Power holds both mining and landowner surface rights to the Manifestos de Mina, ensuring unrestricted access at all times.
Differential GPS and continuous gyroscopic downhole surveys are being used to precisely track drillhole traces amid strong magnetic interference from near-surface magnetite dykes, with both completed holes confirmed to be well within planned tolerances. The recently completed drone geophysical survey adds a further layer of technical value, providing a high-accuracy DEM for use as an upper surface constraint in the resource model, alongside magnetic and radiometric datasets that will aid in refining the deposit geometry and identifying potential apophyses and satellite targets.
On the Santa Anna front, Power is launching a systematic soil sampling program across the broader Goiás carbonatite complex this quarter, prioritising underexplored peripheral areas with the potential to host additional high-grade niobium mineralisation beyond the currently drilled centre.
Company Notes:
Power Minerals Chief Executive Officer, Alistair Stephens, commented: “We are excited to share that the initial phases of the drill program at Morro do Ferro are progressing exceptionally well. Two HQ triple tube holes have been successfully completed, and we’re currently advancing with a third hole. Additionally, the drone geophysical survey has comprehensively mapped the entire project area. The core recovery has been outstanding, and we’ve sent samples to SGS Geosol for analysis, with assay results anticipated in the next two to three weeks. With a second rig on its way, we are strategically positioned to continue drilling through December if needed, paving the way for a JORC-compliant Mineral Resource. We eagerly look forward to providing the market with verified assay results and updates on our drilling endeavours.”
About Power Minerals Limited (ASX: PNN | OTCQB: PEIMF):
Power Minerals is an ASX and OTCQB-listed critical minerals exploration and development company advancing its flagship Morro do Ferro Rare Earths Project in Minas Gerais, Brazil. The 100%-owned project is situated within the Poços de Caldas alkaline complex, an emerging global rare-earth hub, and hosts exceptional near-surface TREO and MREO mineralisation enriched in high-value magnet rare earths including neodymium, praseodymium, dysprosium and terbium. The Company is currently progressing a maiden diamond drilling program alongside mineralogical and metallurgical studies, with a JORC 2012 Mineral Resource Estimate targeted for later this year. Power also holds the Santa Anna Niobium Project in Goiás State, Brazil, with systematic exploration underway to expand the project’s known mineralised footprint.
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