Pantera Minerals Limited (ASX: PFE) has announced a significant expansion of its lithium brine project in the Smackover Formation, Arkansas.
The company has successfully added 3,728 acres to its holdings, bringing its total net acreage to an impressive 25,998 acres.
This represents a 16.7 per cent increase from their previous report, solidifying Pantera’s position as the largest acreage holder in the region outside of major players like Exxon, Albemarle, and Standard Lithium.
Executive Chairman Barnaby Egerton-Warburton expressed enthusiasm about the company’s progress, stating: “Our exclusive abstract agreement has continued to deliver for the company with over 25,998 acres now under lease in America’s new ‘Lithium Capital’ as other groups in the play now surround us to the east, north, northwest and west of our acreage position.”
The Smackover Formation has been attracting significant attention from major industry players.
Norway’s state-owned energy company Equinor (NYSE: EQNR) recently invested up to AU$160 million in Standard Lithium’s brine projects in the area.
Additionally, Exxon Mobil is actively conducting drilling operations and plans to construct a large-scale lithium brine processing facility to advance their project into full-scale production.
Pantera is collaborating with global technology company SLB (NYSE: SLB) to develop a subsurface 3D static model that will assess both lithium and bromine potential in the area.
This model is expected to be delivered imminently and will play a crucial role in determining optimal locations for future wells.
Looking ahead, Pantera’s focus will be on:
- Completing the subsurface study with SLB
- Re-entering an identified well to test brine grade, permeability, and porosity
- Conducting Direct Lithium Extraction (DLE) tests on re-entry well samples
- Continuing to acquire additional acreage in the Smackover Project area
Egerton-Warburton emphasised the strategic importance of these developments, stating: “Our partnership with global technology company, SLB (NYSE: SLB) and the imminent arrival of the advanced subsurface modelling will accelerate Pantera’s progress as we prepare for the first re-entry test well.”
As the global demand for lithium continues to rise, Pantera Minerals’ expanded presence in the Smackover Formation positions the company to potentially play a significant role in the future of lithium production in the United States.