Resource Definition Drilling Commences At Rincon Salar

Diversified minerals company Power Minerals Limited (ASX: PNN) (Power or the Company) is pleased to announce that drilling has commenced at the Rincon salar, as the next phase of its ongoing Mineral Resource definition drilling campaign at the Salta Lithium Project in the lithium triangle of north-west Argentina (Figure 4).

• JORC Mineral Resource definition drilling underway at Rincon salar at Salta Lithium Project in Argentina
• Drilling planned to comprise 3 diamond core holes for a total of ~500m and is designed to increase the existing JORC Mineral Resource at Rincon
• Results will feed into a Preliminary Economic Assessment (PEA) currently being undertaken at Rincon
• Drilling is complete at the Incahuasi salar and a maiden JORC Mineral Resource is currently being compiled
• Drill rig to move to Pocitos salar, the drilling final target, on completion of drilling at Rincon
• Power’s Mineral Resource drilling campaign is designed to deliver a substantial upgrade of the Salta Project’s existing JORC Mineral Resource for lithium and to support future development plans

Drilling has been completed at the first target, the Incahuasi salar, and a maiden JORC Mineral Resource Estimate will soon be confirmed at Incahuasi (ASX announcement 6 April 2023).

The drilling at the Rincon salar is planned to consist of three diamond cored drillholes for a total of approximately 500 metres (Figure 1, and Figures 2 and 3). It is designed to confirm results from previous drilling in 2017 and to test for deeper additional potential lithium resources in the northern part of the licence area, to significantly increase the existing Rincon Mineral Resource (ASX announcement, 27 June 2018).

The drilling at Rincon and planned Mineral Resource upgrade will form a key input to the Preliminary Economic Assessment (PEA) currently underway at Rincon (ASX announcement, 8 December 2022). The PEA is expected to be completed in the current quarter.

Figure 1: Location plan for lithium brine resource drilling and conceptual Rincon DLE development.

“We are excited to commence drilling at our next target, the Rincon salar, as part of the Company’s extensive ongoing Mineral Resource definition drilling campaign at the Salta Project. Rincon is our most advanced salar and hosts the Project’s highest-grade lithium, and an existing JORC Mineral Resource. Drilling at Rincon is designed to expand this Resource and results will feed into the PEA currently being undertaken at Rincon. Drilling is now complete at the Incahuasi salar and a maiden JORC Resource Estimate is currently being compiled for this salar, which will form part of our planned global JORC Resource upgrade at the Salta Project.”

Power Minerals MD, Mena Habib

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