AUS
NZ
UK
CA
USA
IND
Highlights
- Pantera Minerals initiates first test well drilling in the Smackover formation.
- Drilling aims to assess lithium and bromine quality in Arkansas.
- Analytical results are anticipated by year-end, shaping future project plans.
Pantera Minerals Ltd (ASX:PFE) has officially commenced drilling at its Smackover Lithium Brine Project in Arkansas, marking a significant step in its journey to explore lithium and bromine resources within the Smackover formation. This first test well aims to sample and analyze lithium and bromine grades, shedding light on the potential of Pantera’s substantial acreage in this promising resource region.
The current drilling involves the re-entry of an existing, previously drilled well, specifically targeting the upper and middle sections of the Smackover formation brine. This focused approach is expected to yield a comprehensive set of data, providing key indicators on the grade and quality of lithium, as well as the presence of bromine in this formation. Pantera anticipates completing the testing phase within a brief 10-day window, after which samples will be promptly sent for laboratory and Direct Lithium Extraction (DLE) analysis.
Analytical results are projected to arrive by the end of the year. According to Pantera’s executive chairman, Barnaby Egerton Warburton, these findings are expected to offer valuable insights into the project's resource quality. "Having built a relevant acreage position in the Smackover play, we are now extremely pleased to be testing lithium and bromine grades in the heart of our acreage position," he stated. Warburton emphasized that this initial testing phase will not only gauge lithium content but also assess the site’s suitability as both a supply and disposal well for a potential pilot plant test.
Pantera's Smackover project stands out, given its significant acreage position outside of major industry players like Exxon (NYSE:XOM), Albemarle (NYSE:ALB), Standard Lithium (NYSE:SLI), and Equinor (NYSE:EQNR). With this maiden test well, Pantera solidifies its standing as the largest publicly listed acreage holder in the area after these industry giants.
The recent drilling announcement positively impacted Pantera’s stock performance. At midday AEDT, Pantera shares were trading at 2.2 cents, reflecting a 4.76% increase since the market’s opening.
This latest step underlines Pantera’s strategic progress in unlocking lithium resources and reflects a keen interest in the potential of the Smackover formation. The results of this testing will help guide the company’s next steps, potentially advancing it toward a pilot plant phase if findings are favorable. With a clear path forward, Pantera is positioning itself strongly within the lithium brine exploration landscape.
