Pantera Minerals Limited (ASX: PFE), a pioneering force in the sustainable extraction of lithium, is thrilled to announce a significant expansion of its Smackover Brine Project. With the addition of 3,553 acres, marking a 26% increase in its leased acreage, Pantera's total net leased acreage now exceeds 17,000 acres. This expansion is a critical step towards reaching the 20,000-acre milestone necessary for initiating the unitization process, underscoring the project's rapid growth and Pantera's commitment to sustainable lithium production.
The bulk of the new acreage comes from a key lease with a mineral owner covering 2,194 acres, placing Pantera in a unique position of strength. This expansion not only enhances the project's scalability but also consolidates Pantera's control, with 100% ownership of the project now under its purview. As the only listed junior company in the Arkansas Smackover Lithium Brine play, Pantera stands adjacent and on trend from Exxon Mobil’s Direct Lithium Extraction (DLE)-style Lithium Brine project, highlighting its strategic positioning in the region.
Lithium brine extraction, recognized for its lower environmental impact compared to traditional hardrock mining, aligns with Pantera's mission for a more sustainable lithium production method. Arkansas, known for its strategic location in the heart of the United States, offers an ideal setting for the development of brine projects. The state's rich history in oil and gas production, coupled with exceptional logistics, a skilled labor force, and supportive government policies, provides a fertile ground for Pantera's project development.
The project's vicinity to Exxon Mobil's operations and the recent drilling activities to the east further validate the region's potential for lithium brine extraction. With multiple re-entry wells identified within the project footprint, Pantera has commenced negotiations with various well owners, setting the stage for a well re-entry and sampling program slated to begin in Q2 2024.
Looking ahead, Pantera is focused on significant project growth through additional acreage acquisitions and the re-entry of a well within the project area to test brine grade, permeability, and porosity. The company is also planning to conduct a DLE test of the re-entry well sample by two highly regarded DLE technology providers, alongside acquiring existing 2D Seismic, magnetic, and gravity data for subsurface modeling. This comprehensive approach aims to pinpoint drilling locations for the first resource definition wells, propelling Pantera towards becoming a leader in sustainable lithium production.
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Jane Morgan