Pan American Energy Corp. (CSE: PNRG | OTCQB: PAANF | FRA: SS60) (“Pan American” or the “Company“) is pleased to announce that it has completed the Phase Two earn-in payments and work expenditures (C$400,000 of Pan American shares; and C$1,120,000 of exploration expenditures) under its property option agreement (“Big Mack Option Agreement”) with Magabra Resources Corp. (“Magabra”) dated August 22, 2022. Accordingly, Pan American has acquired a 75% interest in the Big Mack Lithium Project in Kenora, Ontario (“Big Mack”).
Under the terms of the Big Mack Option Agreement, the Company can earn an additional 15% interest in Big Mack, for a total 90% interest, by issuing C$100,000 of Pan American shares by August 22, 2025.
The Company also announced that it has elected to terminate the option agreement dated September 22, 2022 (the “Option Agreement“) with Horizon Lithium LLC and FMS Lithium Corporation, pursuant to which the Company had the right to earn a 100% interest in the Horizon Property located within Esmeralda County, Nevada. The Company made this decision having regard to current market conditions and the costs and technical resources required to develop claystone lithium deposits, as well as its desire to focus its efforts and resources on the Big Mack Lithium Project.
Jason Latkowcer, Chief Executive Officer, commented “Given the evolving economic landscape, we believe it’s prudent to refocus our efforts on the Big Mack Lithium Project, which remains a high-priority asset for the Company. We believe this will allow us to better allocate our resources and drive long-term value for our shareholders.”
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