Power Minerals begins exploration across Musgrave nickel-copper-cobalt-PGE project

Power Minerals (ASX: PNN) has begun the next exploration phase at its Musgrave nickel-copper-cobalt-platinum group element project in South Australia.

A detailed multi-element resampling program using portable x-ray fluorescence (pXRF) to analyse drill hole core is currently underway with more than 1,000 samples processed to-date.

Of those, some samples have been selected and sent to a laboratory for more detailed analysis.

Results from this activity will be used to define drill targets.

At Musgrave, Power is hunting for large, magmatic nickel-copper-cobalt sulphide deposits similar to OZ Minerals’ (ASX: OZL) Nebo and Babel deposits and IGO’s (ASX: IGO) Nova-Bollinger mine in Western Australia, and Vale’s Voisey’s Bay operation in Canada.

Power managing director Mena Habib said advancing Musgrave was a “core focus” for the company.

“The large-scale, multi-commodity potential of what is a globally significant, underexplored minerals province is compelling and exciting,” Mr Habib said.

Musgrave project

The Musgrave project covers 14,003 square kilometres in the Musgrave province of northern South Australia.

Power describes its project as lying in one of the world’s most prospective, but least explored mineralised belts – making it a “highly significant province-wide discovery opportunity”.

Previous exploration at the project includes 3,000 drill holes over a large area. Power completed the program to generate an extensive data base of geological samples.

However, this drilling program was only completed across two exploration licences, with a further eight licences under application remaining to be explored.

Once the current drill core reanalysis program has been completed at Musgrave, and Power has secured regulatory approvals, another drilling program is planned.

Mr Habib said the company was excited to drill priority targets in “the coming months”.

Pink Slipper target

In upcoming exploration at Musgrave, Power will focus on the high-priority Pink Slipper target.

The company believes it has potential to host mineralisation similar to the Voisey’s Bay and Nova-Bollinger.

Pink Slipper is a geophysical anomaly and the CSIRO defined the target via airborne electromagnetic surveys in 2019.

The target covers 615sq km and is located on four exploration licence applications that also make up the Musgrave project.

Power has a 51% equity in Pink Slipper under a joint venture with Rio Tinto (ASX: RIO).

Prior to being able to get on the ground at Pink Slipper, Power and Rio Tinto are required to secure an exploration deed with the traditional land owners.

Preparations have begun to enter into informational meetings with traditional owners.