Power Minerals announces it has completed the acquisition of the high-grade Morro do Ferro (MDF) Rare Earths Project in southern Minas Gerais state, Brazil.
Power successfully completed comprehensive corporate, financial and technical due diligenceover the MDF Project1, and has now executed a Definitive Agreement with the project vendors,private exploration company Mineração Terras Raras (MTR), and completed the acquisition.
Power entered into a Binding Letter of Intent (LoI) with MTR for the project last month. The Project is a very high-grade REE asset, strategically located within the Poços de Calders Complex,acknowledged as one of the world’s leading REE precincts.
With the acquisition complete, Power plans to accelerate exploration programs at the Project to unlock its full value potential. This will include deep (>200m) diamond core and RC drilling to continue to define the main deposit, where mineralisation remains open at depth and along strike - with much of its extent poorly defined. Aircore drilling is also planned to identify new REE target areas outside the main deposit.
Power Minerals Managing Director Mena Habib said:
“We are delighted to have completed the acquisition of the Morro do Ferro Project, having only entered into an LoI to acquire the Project in the previous month and completing comprehensive due diligence earlier this month. The Project represents a well-validated, high-grade, rare-earth asset in an emerging global rare-earth hub in Brazil and is an ideal complement to our Brazilian project portfolio. An assessment of available exploration data highlights the Project’s strong Mineral Resource potential and excellent expansion upside, subject to further exploration. The Project also has significant topographical
advantages that we will seek to exploit in any future development. Leveraging the extensive technical expertise of our management team, we look forward to expediting our initial exploration programs atMDF to realise its full value proposition.”
![Schematic of a polymetallic nodule mining operation. From top to bottom, the three zoom-in panels illustrate the surface operation vessel, the midwater sediment plume, and the nodule collector operating on the seabed. The midwater plume comprises two stages: (i) the dynamic plume, in which the sediment-laden discharge water rapidly descends and dilutes to a neutral buoyancy depth, and (ii) the subsequent ambient plume that is advected by the ocean current and subject to background turbulence and settling.[1] Image: Wikipedia Commons, Kredit: Carlos Muñoz-Royo.](https://www.miningmetalnews.com/sites/default/files/styles/article_frontpage_small/public/media-cover-images/schematic-of-a-polymetallic-nodule-mining-operation-from-top-to-bottom-the-three_2_0.jpg?h=3df05eba&itok=fdvTZ2tH&u=1776673036)
![Schematic of a polymetallic nodule mining operation. From top to bottom, the three zoom-in panels illustrate the surface operation vessel, the midwater sediment plume, and the nodule collector operating on the seabed. The midwater plume comprises two stages: (i) the dynamic plume, in which the sediment-laden discharge water rapidly descends and dilutes to a neutral buoyancy depth, and (ii) the subsequent ambient plume that is advected by the ocean current and subject to background turbulence and settling.[1] Image: Wikipedia Commons, Kredit: Carlos Muñoz-Royo.](https://www.miningmetalnews.com/sites/default/files/styles/related_news_image/public/media-cover-images/schematic-of-a-polymetallic-nodule-mining-operation-from-top-to-bottom-the-three_2_0.jpg?h=3df05eba&itok=My_MmN9i&u=1776673036)
