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Pantera Minerals Superbird Lithium Brine Project Exceeds Exploration Target

29 January 2024 14:27
Pantera Minerals Superbird Lithium Brine Project Exceeds Exploration Target

Pantera Minerals Limited (ASX:PFE) has set the stage for a lithium revolution with the revelation of a substantial Exploration Target in its Superbird Lithium Brine Project located in the heart of Arkansas, USA.

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Figure 1: Superbird Project location showing proximity to adjacent lithium brine projects

Exploration Target Overview

The confirmed Exploration Target, ranging from 436,000 to 2,966,000 tonnes of Lithium Carbonate Equivalent (LCE) within the 50,000-acre Exclusive Abstract Area, has been verified by Matrix Solutions, a respected North American reservoir consultant.

This estimation is underpinned by a lithium grade range of 225 to 450 mg/L, with a median value of 338 mg/L. Notably, the ‘upper and lower’ volume of brine is estimated between 364 million to 1.23 billion tonnes, emphasising the substantial potential of the Project.

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Table 1: Lithium Volumetric Calculations and Ranges for the Exclusive Abstract Area

Aggressive Leasing

To validate the Exploration Target, Pantera is exploring a well re-entry and sampling program in Q2 2024, leveraging multiple identified re-entry wells within the project footprint, in alignment with the Company’s commitment to aggressively lease acreage—currently exceeding 12,500 acres—in the Smackover region.

In a strategic move to further de-risk the Project, Pantera is set to acquire existing 2D seismic, commercial gravity, and magnetic data, enhancing the understanding of the distribution and extent of the brine reservoir.

A Binding Implementation Agreement is also in progress, aiming to acquire 100% of the issued share capital in Daytona Lithium.

Competitive Landscape

Strategically located in the Smackover Formation in South-West Arkansas, the Superbird Lithium Project thrives in a region that serves as a hub for lithium brine exploration and production, featuring industry leaders such as Exxon Mobil, Standard Lithium, Tetra Technologies, and Albemarle Corporation.

Matrix Solutions conducted the Exploration Target assessment, utilising geological, geophysical, and geochemical data from 121 wells within the Project Area. The volumetric assessment, based on the Upper Smackover Formation Member, suggested a range of 364,217,078 m3 – 1,238,338,065 m3 for the ooidal grainstone reservoir facies.

Deposited in the late Jurassic period, the Smackover Formation plays a crucial role in the project, with its Upper Smackover Member, recognised as a reservoir interval, exhibiting a thickness ranging from 18m to 79m within the Exclusive Abstract Area.

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Figure 2: Historical well locations within the Project Area and Exclusive Abstract Area

Future Plans

In anticipation of 2024, Pantera has detailed its exploration agenda, encompassing the acquisition of 2D seismic data, a well re-entry and brine sampling program, and new well drilling, with the overarching goal of refining the understanding of the Project and contributing to the development of a JORC compliant resource.

Pantera Minerals CEO Matt Hansen expresses confidence in the Exploration Target, emphasising the potential scale and promising grade of the Superbird Lithium Brine Project.

“The independently estimated Exploration Target, ranging from 364 Mt to 1,238 Mt of brine with a grade between 225 to 450 mg/L Li within the Exclusive Abstract Area, underscores the Superbird Lithium Brine Project’s potential scale and promising grade, affirming the need to progress the project quickly,” he said.

“Pantera intends to re-enter a previously drilled Smackover well and will prioritise the extraction of brine samples and testing of the formation in order to further validate our Exploration Target and contribute to the delineation of a robust JORC resource.”

“With well funded and credentialed neighbours directly abutting our Project, the Smackover is now being recognised as the best location in North America to develop a DLE Project, with renowned lithium expert Mr Joe Lowry quoted as saying “the Smackover is where the US will have brine and DLE success.”

PFE’s Australian Securities Exchange share price has risen 16.33% and is currently trading at $0.057 (2:30pm UTC+ 8 hours).

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