Key highlights

  • Hole MFSR-055 returned 91 m at 7.7% TREO with 1.4% MREO from surface.
  • The interval includes 62 m at 11.1% TREO and 23.1 m at 17.5% TREO with 3.2% MREO from 13 m.
  • Results for parts of MFSR-055 and MFSR-054 are pending, and drilling is ongoing.

Power Minerals Limited (ASX:PNN) announced on 14 October 2026 further drilling results from its Morro do Ferro Project in Brazil. The latest hole, MFSR-055, returned high-grade total rare earth oxide (TREO) and magnet rare earth oxide (MREO) mineralisation from surface to a depth of 91 m.

Intercepts reported

MFSR-055 returned 91 m at 7.7% TREO with 1.4% MREO from surface, including 62 m at 11.1% TREO with 2.0% MREO from surface, and 23.1 m at 17.5% TREO with 3.2% MREO from 13 m. A 2 m interval at 22.6% TREO from 25 m is described as the second-highest individual sample TREO at the project.

The company reports wide intersections from surface in all six holes reported to date, MFSR-051 to MFSR-056.

Purpose of the hole

MFSR-055 was drilled to test areas between section lines and to confirm continuity of high-grade mineralisation between sections, which the company says assists future resource estimation. It reports that mineralisation has been extended at depth in the hole and that the result supports its Exploration Target model, which indicates mineralisation continuing at depth and extending to the southeast.

Pending results

Results for the lower and upper portions of MFSR-055 and the lower portion of MFSR-054 are pending. Drilling is ongoing and the company says results will be released progressively as they become available.

Reporting and listing details

The announcement includes a summary table of drilling results reported to date, listing downhole interval, width, TREO and MREO on a whole-rock basis. Power Minerals is listed on the ASX and trades on the OTCQB in the United States. The company says wide, high-grade intersections from surface have been returned in all six holes reported from MFSR-051 to MFSR-056.

Risks shareholders may weigh

The Exploration Target is conceptual, and there is no certainty that further exploration will lead to a Mineral Resource. Single-hole results may not represent the wider deposit, and results for portions of two holes are still to come. Reported intervals are downhole widths.

Rare earth prices, metallurgy and processing, Brazilian permitting, funding and the heavy versus light rare earth mix, shown by MREO being a fraction of TREO, are further factors.

What's next

Power Minerals will continue drilling at Morro do Ferro and release pending assays, including the remaining portions of MFSR-054 and MFSR-055, as they are received. The results are intended to assist future resource estimation.