Pantera Minerals Limited (ASX: PFE) ("Pantera" or the "Company"), a pioneering force in the mining industry, is thrilled to announce a significant conceptual Exploration Target at its Superbird Lithium Brine Project, located within the Company's Exclusive Abstract Area in Arkansas, USA. The Exploration Target is estimated to contain between 436,000 to 2,966,000 tonnes of Lithium Carbonate Equivalent (LCE), indicating the project's potential as a world-class lithium resource.
The Exploration Target, based on lithium concentrations ranging from 225 mg/L to 450 mg/L with a median value of 338 mg/L, underscores the substantial scale and quality of the Superbird Project. However, it's important to note that the potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to define a JORC compliant Mineral Resource, and it is uncertain if further exploration will result in such an estimation.
In a strategic move to bolster its position in the lithium market, Pantera has entered into a Binding Implementation Agreement to acquire 100% of the issued share capital in Daytona Lithium Pty Ltd, the holder of the Superbird Lithium Project. This acquisition is a testament to Pantera's commitment to expanding its footprint in the lithium sector.
The Superbird Lithium Project, strategically located in the Smackover Formation in South-West Arkansas, is part of a renowned high-grade brine formation. This region is a hotspot for lithium brine exploration and production, with major industry players like Exxon Mobil, Standard Lithium, Tetra Technologies, and Albemarle Corporation operating in the vicinity. Since Pantera's initial investment, the Superbird Project's land position has grown significantly, now encompassing over 12,500 leased acres.
Pantera's aggressive leasing strategy in the Smackover, underpinned by its 50,000-acre Exclusive Abstract Agreement, has positioned the company as a key player in the Southwest Arkansas Smackover play. The company's systematic approach to leasing is a clear indication of its commitment to developing the Superbird Lithium Brine Project.
The acquisition of existing 2D seismic, commercial gravity, and magnetic data will enhance the understanding of the brine reservoir's distribution and extent, significantly de-risking the project. This data acquisition aligns with Pantera's strategy to leverage advanced technologies and data-driven insights to optimize exploration and production.
Commenting on the Exploration Target, CEO Matt Hansen:
“The independently estimated Exploration Target, ranging from 364 Mt to 1,238 Mt of brine with a grade between 225 to 450 mg/L Li within the Exclusive Abstract Area, underscores the Superbird Lithium Brine Project’s potential scale and promising grade, affirming the need to progress the project quickly.
Pantera intends to re-enter a previously drilled Smackover well and will prioritise the extraction of brine samples and testing of the formation in order to further validate our Exploration Target and contribute to the delineation of a robust JORC resource.
With well funded and credentialed neighbours directly abutting our Project, the Smackover is now being recognised as the best location in North America to develop a DLE Project, with renowned lithium expert Mr Joe Lowry quoted as saying ’the Smackover is where the US will have brine and DLE success’”.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au
