en.Wedoany.com Reported - Australian-listed exploration company Power Minerals Limited (ASX: PNN) commenced a 4,800-meter diamond drilling program in mid-June 2026 at the Morro do Ferro Rare Earths Project (MDF Project) in southern Minas Gerais, Brazil. The drilling program aims to test the strike extension, depth extension, and lateral boundaries of known mineralized zones to expand the known extent of high-grade rare earth mineralization.
Power Minerals is an Australia-based exploration company focused on critical minerals, with its shares listed on the Australian Securities Exchange (ticker: PNN) and traded on the OTCQB market in the United States under the code PEIMF. The Morro do Ferro project is the core asset acquired by the company on April 27, 2026. Located in the heart of the world-renowned Poços de Caldas Alkaline Complex, a leading rare earth element metallogenic province globally, the project holds a "Manifesto de Mina" mining right, a type of mining permit classified as real property, granting the holder direct ownership and the ability to conduct surface-disturbing exploration activities.
This drilling program includes approximately 4,000 meters of NQ3 and HQ3 diamond core drilling, designed to verify the depth and extension of high-grade magnetic rare earth oxide (MREO) and total rare earth oxide (TREO) mineralization. Additionally, approximately 800 meters of large-diameter (PQ size) diamond drilling will be conducted to obtain representative metallurgical test samples. Historical drilling data highlights the project's significant potential; for example, drill hole MFSR-35 returned 60.85 meters from surface to bottom hole with a TREO grade of 89,177 ppm (8.92%), and drill hole MFSR-44 returned 70.9 meters with a TREO grade of 79,997 ppm (8%). Power Minerals CEO Alistair Stephens stated that the six-week timeline from project acquisition to drilling commencement reflects the company's commitment to advancing the project. He also expressed confidence that Morro do Ferro has the potential to become one of the world's most significant magnet rare earth projects.
The drilling is expected to be completed by July 2026, with initial assay results anticipated to be released approximately 3 to 4 weeks after samples are delivered to the laboratory. This drilling program aims to provide data support for subsequent resource estimation and development studies. The project's advancement comes amid growing global demand for magnetic rare earth elements such as neodymium and praseodymium, which are key raw materials for clean energy technologies including electric vehicles and wind turbines. Power Minerals' rapid progress at the Morro do Ferro project is expected to add a potential new source of supply to the global rare earth supply chain.
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