Perth, Australia – 7 November 2024 | Pantera Minerals Limited (ASX:PFE) (“Pantera” or “the Company”) is pleased to announce the start of drilling at its Smackover Lithium Brine Project in Lafayette County, Arkansas, marking a significant milestone in the Company’s development of high-grade lithium resources within the renowned Smackover Formation.
Key Highlights:
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Well Commenced: The Company has initiated its first test well through a re-entry of a previously drilled well, designed to assess lithium and bromine concentrations within the upper and middle formation.
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Testing Fast-Tracked: The well sampling and testing are expected to be completed within approximately ten days, with samples to be dispatched immediately for laboratory and Direct Lithium Extraction (DLE) analysis.
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Strategic Position: Pantera holds over 26,000 net leased acres in the Smackover Formation, making it one of the largest listed acreage holders outside of industry majors such as Exxon, Albemarle, Standard Lithium, and Equinor.
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Geological Model Completed: Pantera has utilised a 3D static model developed by SLB (NYSE: SLB), guiding well placement and supporting future drilling locations across the project area.
Barnaby Egerton-Warburton, Executive Chairman of Pantera Minerals, commented: “Having built a relevant acreage position in the Smackover play we are now extremely pleased to be testing lithium and bromine grades in the heart of our acreage position. This first test not only will provide us with lithium grade but the site we are testing from provides both a supply and disposal well for a future planned pilot plant test.
Strategic Location and Partnership Advantage:
The Smackover Formation, situated in southwest Arkansas, is a globally recognised lithium brine region. Pantera’s Exclusive Abstract Agreement, covering 50,000 acres, ensures precise access to mineral ownership data, allowing the Company to efficiently secure mineral leases. The project’s location benefits from strong infrastructure, skilled local labour, and a supportive regulatory environment, making it well-positioned to advance alongside industry giants operating in the Smackover Formation.
Forward Focus:
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Ongoing Testing: Complete testing of lithium and bromine grades from the first well.
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DLE Analysis: Samples will undergo DLE testing by multiple technology providers to validate extraction methods.
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Future Developments: Planning for a standalone resource definition well and an onsite DLE pilot plant to advance project development.
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Expansion Opportunities: Continued growth through additional acreage acquisition to solidify Pantera’s strategic position within the Smackover Formation.
Barnaby Egerton-Warburton
Executive Chairman
bew@panteraminerals.com
Jane Morgan
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com.au
About us:
About Pantera Minerals Limited:
Pantera Minerals Limited, together with its subsidiaries, engages in the exploration, development, and evaluation of mineral properties in Australia and the United States of America. It explores for iron ore, copper, manganese, lithium brine, gold, base metal, lead, silver, zinc, and precious metal deposits. Pantera Minerals Limited was incorporated in 2020 and is based in West Perth, Australia.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com.au
