Pantera Minerals Limited (ASX: PFE) ("Pantera" or the "Company"), is excited to announce significant developments in its Superbird Lithium Brine Project located in Southwest Arkansas. These developments underscore Pantera's commitment to securing a dominant position in the Smackover Brine play and advancing towards lithium production.
Key Highlights:
Expansion of Leased Acreage: Pantera has successfully expanded its Superbird Project leased acreage to 13,457 acres, marking an 11% increase since the last update on October 1, 2024. This expansion, supported by an exclusive abstract agreement covering 50,000 acres, positions Pantera adjacent to Exxon Mobil’s Lithium Brine project and on a clear path to achieving 20,000 leased acres with an additional 8,600 acres currently under negotiation.
Strategic Acquisition: The Company 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 Project. This move has garnered strong shareholder support and represents a significant step forward in consolidating Pantera's lithium resource base.
Exploration and Development Initiatives: Pantera has identified multiple re-entry wells within the Superbird Project area, with negotiations underway to commence a well re-entry and sampling program in Q2 2024. This program aims to test brine grade, permeability, and porosity from the Smackover Formation, crucial steps towards commercial lithium production.
Adjacent Developments: Notably, Exxon Mobil has initiated drilling of multiple lithium brine wells east of the Superbird Project, with plans to establish a large processing facility. Similarly, Standard Lithium's recent completion of a Pre-Feasibility Study (PFS) and ongoing pilot plant operations further validate the region's lithium potential.
Next Steps and Future Outlook:
Pantera is poised for a series of strategic activities, including the completion of the Daytona Lithium acquisition, shareholder approval at the General Meeting on February 15, 2024, and the initiation of Direct Lithium Extraction (DLE) tests. Additionally, the acquisition of 2D Seismic data will facilitate subsurface modelling, guiding the drilling of resource definition wells.
Commenting on the additional leased acres, CEO Matt Hansen:
“The leasing strategy implemented for the Superbird Project continues to deliver, surpassing an impressive 13,400 acres through the strategic utilisation of the Exclusive 50,000-acre Abstract Agreement.
The recently announced independently estimated Exploration Target of 436,000 to 2,966,000 tonnes of Lithium Carbonate Equivalent (LCE) for the 50,000 acre exclusive abstract area encompassing the Superbird Lithium Brine Project underscores the potential of the Superbird Project to become a project of significance in the United States lithium sector.
Notably, the Smackover is gaining recognition as the prime location in North America for developing Direct Lithium Extraction projects. Renowned lithium expert Mr Joe Lowry is quoted as saying ’the Smackover is where the US will have brine and DLE success’,' highlighting the region's strategic significance in the lithium industry.”
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au
