Power Minerals Acquires California's Gamma Heavy Rare Earths Project
Power Minerals Limited (ASX: PNN) has made a strategic move by acquiring the Gamma Heavy Rare Earths Project in California. The project, located near MP Materials' Mountain Pass Mine, has shown promising results with high uranium grades and exceptional rare earth element (REE) grades. Power Minerals has secured $4.1 million in funding to kickstart exploration activities.
The Gamma Project boasts impressive historical results, including up to 15,150ppm U (1.786% U3O8) in uranium samples and 20,257ppm (2.03%) TREO in rare earth element samples. Ten out of twelve initial grab rock samples contained more than 50% heavy rare earth oxides (HREEs), contrasting with the primarily light REE production at MP Materials' Mountain Pass Mine. Power Minerals plans to use the $4.1 million funding from Tribeca Investment Partners and S3 Consortium (Next Investors) for immediate exploration activities such as surface rock sampling, mapping, soil sampling, aerial drone magnetics, and additional claim staking.
Heavy Rare Earth Elements (HREEs) are particularly valuable due to their crucial role in high-tech applications like defence technologies, advanced electronics, medical equipment, and clean energy. The acquisition of the Gamma Project transforms Power Minerals' portfolio and positions the company as an emerging player in the global critical minerals market. The project is strategically located in the same REE precinct as the only REE-producing operation in the United States, further strengthening its potential.
Power Minerals' acquisition of the Gamma Heavy Rare Earths Project and the secured funding for exploration activities signal the company's commitment to exploring and developing this promising resource. With high uranium and REE grades, and a strategic location, the Gamma Project has the potential to significantly contribute to the global critical minerals market.
