Power Minerals (ASX:PNN) said a complete analysis of initial assay results from its Morro do Ferro project in Brazil showed continued evidence of high-grade rare earth oxide mineralization extending from the surface to considerable depths, according to a Tuesday filing with the Australian bourse.

Additional results from the MFSR-056 drill hole include 119 meters at over 4.9% total rare earth oxide (TREO) with nearly 0.9% magnet rare earth oxide (MREO) in whole rock from surface; 98 meters at almost 5.1% TREO with around 0.9% MREO in whole rock from surface; and 10 meters at over 12.3% TREO with nearly 1.9% MREO from 41 meters.

The results support Power Minerals' interpretation that the high-grade rare earth mineralization continues beyond the area defined by initial drilling, said CEO Alistair Stephens.

Shares of Power Minerals rose 7% in recent Tuesday trade.