Power Minerals has closed the acquisition of the Lítio Niobium Project in Brazil from Ita Iron Mineracao, after completing legal due diligence.

As per the binding heads of agreement signed in July, Power Minerals made a payment of $30,000 (£23,586).

Upon completing due diligence, Power Minerals agreed to pay $300,000 in cash and $270,000 worth of shares. 

The Lítio Niobium Project in Paraiba State encompasses three permits and is highly prospective for niobium, REEs and lithium.

Power Minerals finished its technical due diligence earlier in the month, paving the way for the legal review.

The company’s initial sampling programme at the Lítio Project yielded high-grade results, confirming the presence of a niobium-tantalum-REE pegmatite intrusion.

These samples were collected near the project's southern boundary, which lies next to Summit Minerals' Equador Project.

The northern section of the Lítio Project is now a high-priority exploration area due to the potential presence of multiple pegmatite dykes.

Power Minerals plans to systematically map and sample these pegmatites to establish a priority ranking for future channel sampling and drilling programmes.

The company is now planning a more systematic sampling programme that will cover the northern area of the Lítio Project.

This will help define and prioritise targets for subsequent exploration efforts. Additionally, the company will utilise existing artisanal workings as guides to identify prospective areas.