Maiden Exploration Target defined at Morro do Ferro

• Maiden Exploration Target defined at Morro do Ferro
• Exploration Target estimated at 9.2 to 10.7 million tonnes at 7.8% to 9.2% TREO
• Drilling is ongoing to optimize current drilling program

Power Minerals Limited (ASX: PNN) has announced a significant milestone with the definition of a maiden Exploration Target at its Morro do Ferro Rare Earth Project in southern Minas Gerais, Brazil. The Exploration Target is estimated at approximately 9.2 to 10.7 million tonnes at 7.8% to 9.2% TREO, with an estimated 1.3% to 1.6% MREO. The target provides a framework for optimizing the current drilling program and for assessing continuity to support a maiden Mineral Resource estimate (MRE). The Exploration Target is reported in two components: a component supported directly by drilling to date and a conceptual projection into tenure that has yet to be drilled, principally in the southern lobe, to a maximum 200 m step-out. Drilling is ongoing at MDF with two rigs in operation, testing the projected southern extension and depth continuity ahead of a potential maiden JORC Mineral Resource estimate.

Approximately 9.2 to 10.7 million tonnes at 7.8% to 9.2% TREO

The company is progressing a maiden diamond drilling program of 25 HQ core holes for approximately 4,000 m at MDF. Drilling is ongoing and is expected to be completed in eight weeks.