Perth, Australia – 28 August 2024 | Pantera Minerals Limited (ASX: PFE) ("Pantera" or "the Company") is pleased to announce a significant development regarding its plans to produce lithium brine from the Smackover Formation in Arkansas, USA. The Company has recently secured access to a production well and a disposal well, marking a significant milestone in its journey to become a key player in the emerging lithium brine industry in the USA.
Highlights:
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Well Access: Pantera has made an agreement to access a production well and a disposal well within its Smackover acreage in Arkansas, USA. This will enable the Company to conduct lithium grade analysis and Direct Lithium Extraction (DLE) process testing.
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Pilot Plant: The re-entry well will provide brine samples crucial for assessing lithium grades and the effectiveness of DLE technologies. The well's location offers an ideal site for a future DLE pilot plant, which could begin operations in early 2025.
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Advanced Modelling: Pantera has engaged global technology company SLB (NYSE:SLB) to develop an advanced 3D static model of the Smackover Formation. The model will highlight potential lithium and bromine zones, guiding the Company’s initial re-entry test, as well as potential future exploration efforts.
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Strategic Positioning: Pantera is now the largest listed acreage holder in the Smackover Formation outside of major players. This strategic positioning enhances Pantera’s potential to become a significant producer in this highly prospective region.
Barnaby Egerton-Warburton, Executive Chairman of Pantera Minerals, commented: “Our exclusive abstract agreement has continued to deliver for the Company, and we now have over 26,000 acres under lease in America’s new “Lithium Capital “as other groups in the play now surround us to the east, north, northwest and west of our acreage position but remain outside of our exclusive abstract agreement area. Our leased position is significant, and our focus has now changed to the rapid commencement of exploration and evaluation. Our initial re-entry well will enable the collection of Lithium brine samples for grade analysis and DLE process testing by various technology providers.”
“The re-entry well location provides two wells as a future site for a direct lithium extraction (DLE) pilot plant where we can produce and dispose in a live pilot plant test”
“Our engagement of global technology company, SLB (NYSE: SLB) will lead to the imminent arrival of the advanced subsurface modelling later this month which will accelerate Pantera’s progress as we prepare for the first re-entry test well.”
Barnaby Egerton-Warburton
Executive Chairman
bew@panteraminerals.com
+61 (0) 437 291 155
Tim Goldsmith
Non-Executive Director
tim@panteraminerals.com
+61 (0) 419 201 877
About us:
About Pantera Minerals Limited:
Pantera Minerals Ltd is an Australia-based mineral exploration company. The Company is an iron ore, copper, gold, manganese, and base metal explorer with a portfolio of projects located across some of Western Australia’s greenstone belts and base-metal basins. Its projects include Yampi Project, Weelarrana Iron and Manganese Project, Hellcat Project and Superbird Lithium Brine Project. The Yampi Project is located about 140 kilometers (km) north of Derby in the Buccaneer Achipelago of the Kimberley. The Weelarrana Iron and Manganese Project is located about 75 km south of Newman with access via the Great Northern Highway and the Jiggalong and Weelarrana North Roads. The Hellcat Project is located about 850 km north-northwest (NNW) of Perth, 230 km NW of Meekatharra and 220 km southwest (SW) of Newman. The Superbird Lithium Brine Project covers a land position of about 22,000 gross acres and 13,457 net leased acres of lithium brine prospective ground in the Smackover Formation.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com.au
