Power Minerals Limited has intersected 108.55 metres at 4.15% Total Rare Earth Oxides from surface to 119.3 metres in the third drillhole at the Morro do Ferro project in Minas Gerais, Brazil, delivering a project-record peak sample of 4.40% Magnet Rare Earth Oxides over 1.45 metres.

Drillhole MFSR-053 was designed to test the vertical depth below previous angled drilling at the site. The collar was positioned to gather core samples for mineralogical studies ahead of planned metallurgical testwork. Logging identified two magnetite-rich intervals totalling 10.75 metres within the main intersection, which were excluded from the weighted average calculations.

Upper sections of the hole returned 29.25 metres at 9.01% TREO from surface to 35 metres, including a 6.45-metre interval from 69.55 metres grading 9.34% TREO and 2.87% MREO of whole rock. Three deeper intervals below 135 metres returned 2 metres at 5,955 ppm TREO from 183 metres, 1.6 metres at 8,364 ppm TREO from 191.5 metres, and 2 metres at 4,563 ppm TREO from 201 metres down to the end-of-hole depth of 209.5 metres. Assays for the lower section of the hole from 135 metres onwards remain pending at the laboratory.

Power Minerals completed the acquisition of Morro do Ferro in April 2026 and commenced a maiden diamond drilling campaign targeting approximately 4,000 metres across roughly 25 holes. The company is using two drilling rigs with extra shifts to advance the program.

These initial results from the third hole in our ongoing drilling campaign at the MDF Project are highly encouraging and continue the pattern of broad, high-grade mineralisation from our first two holes. The peak interval of 4.40% MREO, together with elevated levels of dysprosium, terbium, and other heavy rare earths, highlights the potentially strategic character of the rare-earth basket.

Just as importantly, the limited deeper assays received to date indicate that mineralisation may continue beyond the depths previously tested. While considerable work remains, including the remaining assays, mineralogical studies, metallurgical test work and resource definition, we believe Morro do Ferro is emerging as an increasingly compelling rare-earth project. We intend to advance it methodically, responsibly and with strong technical discipline.
— Alistair Stephens, Chief Executive Officer

The current drilling program is designed to provide data for an initial JORC 2012 Mineral Resource Estimate, which the company expects to define later in 2026.

Read the full announcement: THIRD HOLE EXTENDS BROAD HIGH GRADE REE MINERALISATION