Pan American Energy Corp. (CSE: PNRG | OTC: PAANF | FRA: SS60) (“Pan American” or the “Company“) is pleased to announce additional assay results on nine holes from the ongoing 2023/2024 diamond drill program on the Big Mack Lithium Project (“Property”), located approximately 80 kilometers north of the town of Kenora, ON. The drilling campaign is being carried out by Full force Diamond Drilling Ltd. (“Full Force”) under the geological guidance of Axiom Exploration Group Ltd. (“Axiom”).
HIGHLIGHTS
- Drilling encountered high grade lithium-bearing intercepts within the Big Mack pegmatites:
- 1.96% Li2O over 8.50 meters within the west to central flank of the Big Mack pegmatite of 1.55% Li2O over 16.00 meters (BM23-025)
- 1.66% Li2O over 3.00 meters within the central body at depth of the Big Mack pegmatite of 1.16% Li2O over 8.90 meters (BM23-026)
- 1.34% Li2O over 3.50 meters at depth near center of the Big Mack pegmatite of 0.99% Li2O over 7.90 meters (BM23-024)
- Holes 23 and 24 show an interesting occurrence where lithium values start decreasing with depth, but appear to increase again in hole 24 (Figure 5), the deepest hole through the west of center flank of the Big Mack pegmatite.
- The on-going drilling program is currently testing along strike to the east of the Big Mack
Drill holes BM23-023 to BM23-027 were drilled to test along the Big Mack pegmatite at depth, while BM23-028 to BM23-031 were drilled as exploration holes to test magnetic anomalies to the north and southwest of the Big Mack pegmatite. Big Mack targets BM23-024, BM23-025 and BM23-026 returned encouraging values of 0.99% Li2O over 7.90 m, 1.55% Li2O over 16.0 m and 1.16% Li2O over 8.9 m respectively. These results indicate that mineralization is likely to continue at depth through the central zone of the Big Mack pegmatite and could potentially increase with depth as observed in hole BM23-024. These results provide valuable insight into mapping the internal structure of the Big Mack pegmatite. Table 1 highlights the assay result details on holes BM23-023 to BM23-031, and Table 2 describes the attributes associated with these drill holes.
Phase One of the 2023/2024 drilling program was completed in late-2023, when the Company drilled 35 holes (including one abandoned hole), for a total meterage of 4,582 meters. Targeting is based upon historical drilling analyses, the UAV magnetic survey conducted on the Property, and the Company’s 2023 field prospecting program. In this second Phase of the program, the Company plans to drill approximately 5,000 meters to delineate the Big Mack and Eleven Zone pegmatites, test their down-dip extensions, explore the Sprinkler Zone, and test other exploration targets. To-date, there has been over 7,800 meters drilled across 56 collar locations as part of the 2023/2024 drill program, with 3,317 samples having been submitted for analysis at the time of this news release.
Jason Latkowcer, Chief Executive Officer, commented, “We are pleased to report on the latest assays received on the Big Mack Lithium Project. We continue to refine our understanding of the geology on the project and will soon be wrapping up the Phase 2 portion of the drilling program and will be evaluating the data once final results are received in the coming months. Thank you to our team and contractors for continuing to execute.”
