April 17, 2024 - ASX listed minerals explorer, Pantera Minerals Limited (ASX: PFE) is pleased to announce the successful leasing of an additional 1,500 acres within the primary lithium target area, bringing the total net leased acreage to 18,570 acres. This 9% increase is a significant step towards the company’s goal of 20,000 acres and underscores our commitment to strengthening our position in the lithium brine sector.
Project Highlights:
- Rapid Expansion: The addition of 1,500 acres to our Smackover Brine Project reflects a strategic move to enhance our resource base significantly. With this addition, Pantera Minerals is nearing its initial target of 20,000 leased acres, marking a major milestone in project development.
- Strategic Location: Arkansas, known for its robust oil and gas infrastructure, offers excellent logistics, skilled labor, and strong government support, making it an ideal location for lithium brine projects.
- Upcoming Operations: We have commenced negotiations for multiple re-entry wells within the project area. The well re-entry and sampling program is expected to start in Q2 2024, targeting the Smackover Formation for its lithium brine potential.
- Nearby Developments: Notable developments adjacent to our project include Exxon Mobil’s recent drilling operations and Standard Lithium’s successful pilot plant operation, highlighting the region’s growing lithium production capabilities.
Commenting on the new leased acres, Executive Chairman Barnaby Egerton-Warburton said:
“We are pleased to have signed leases for an additional +1,500 acres representing a further 9% increase in the total leased acres, as we continue to advance towards 20,000+ acres with further acres already under negotiation. As we continue to achieve positive results from our leasing program within our area of exclusive abstract, Pantera can begin to further develop its sub surface modelling in preparation for re-entry and testing of wells. The next 12 months promises to see a busy and productive period for the Company as we create further value from this high potential project.”
Next Steps:
- Further Expansion: Negotiations are underway to acquire more acreage, enhancing the project’s potential.
- Advanced Exploration: Immediate plans include the re-entry of identified wells to test the brine's grade and characteristics, followed by Direct Lithium Extraction testing by top industry providers.
- Data Acquisition: The project will incorporate existing geological data to refine subsurface models, setting the stage for resource definition drilling.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au
