Power Minerals (ASX:PNN) found multiple zones of niobium and rare earth elements mineralization from its maiden reverse circulation drilling at the Santa Anna project in Brazil, according to a Monday filing with the Australian bourse.

Results include 87 meters at 2,124 parts per million niobium pentoxide from 24 meters, and 76 meters to end-of-hole at 3,424 ppm niobium pentoxide from 24 meters, the filing said.

The program was completed as part of the company's due diligence to potentially acquire the project, per the filing.

Shares fell 10% in morning trade on Monday.