PNN secures Pocitos water drilling approval
Power Minerals gets approval for hydrological drilling at Rincon joint venture in Argentina's Salta province
Drilling targets industrial water source needed for direct lithium extraction operations at Pocitos project
Navigate Energy poised to release US$4 million investment commitment for JV
The drilling at the Pocitos project within the JV area is aimed at securing an industrial water source, which is essential for direct lithium extraction operations.
This program will explore freshwater resources within the extensive alluvial fan northeast of the Pocitos salar.
Finding a source of industrial water will strengthen Power Minerals' (ASX:PNN) plan to establish the Rincon JV with Navigate Energy as a lithium carbonate production hub in South America.
'Moving ahead with drilling to identify an industrial water source helps us progress our development plans,' managing director Mena Habib said.
'Pocitos has the potential to offer this required water source and we look forward to seeing what drilling will reveal.'
Pocitos project
The Pocitos project sits within Salta province in South America's famed lithium triangle, a region recognised as the go to destination for lithium brines drawing majors and juniors alike.
Pocitos itself benefits from direct access to the General Belgrano Railway connecting to Pacific (Chile) and Atlantic (Argentina) ports, integration with existing natural gas pipelines and connection to the Cauchari and Altiplano solar farms, and support from a reliable legal and regulatory mining framework along with a skilled workforce.
Ongoing infrastructural improvements such as the paving of highway Route 27, a planned high-voltage electrical connection from Cauchari, and a 435-hectare industrial park at Pocitos, add further to the project's strength.
PNN adds that integration of the Rincon JV entity is nearing completion, which will release US$4 million in investment from Navigate Energy as part of its commitment.
This includes funding dedicated to both Rincon and Pocitos development activities.
The broader Rincon JV area has a JORC resource of 292,564t lithium carbonate equivalent at a lithium concentration of 248mg/L.
Development will be through the use of direct lithium extraction, which has been proven to deliver substantial cost, water, and energy savings compared to traditional methods.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Originally published as Power Minerals gains water drilling approval to advance Pocitos lithium production hub
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