Subject: ANALYSTS' COMMENTS
Pan American Energy Announces Final Drill Results from 2023/2024 Program at the Big Mack Lithium Project, including 1.71% Li2O over 19.65 m at the Eleven Zone Pegmatite
CALGARY, April 26, 2024 (GLOBE NEWSWIRE) -- Pan American Energy Corp. (CSE: PNRG | OTC: PAANF | FRA: SS60) ("Pan American" or the "Company") is pleased to announce the final assay results on 13 holes from the 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 was carried out by Full Force Diamond Drilling Ltd. ("Full Force") under the geological guidance of Axiom Exploration Group Ltd. ("Axiom").
The last phase of 2023/2024 drilling program focused on areas of the Property outside of the known mineralized zones and was designed to test prospective areas extending along strike and down dip of previously identified mineralization. These targets showed indications for mineralization but had not been tested by historic drilling. Drill targets were identified using the 2023 geochemical surface sampling results as well as the UAV detailed magnetic survey data previously collected by the Company. Certain infill holes within the Eleven zone and Big Mack Pegmatite were also included in the last phase of drilling. The results of the final phase of drilling indicate that lithium mineralization extends southeast of the Sprinkler Zone and bolster the confidence in previous lithium mineralization showings at the Eleven zone.
HIGHLIGHTS
- 1.71% Li2O over 19.65 meters (BM24-059) and 1.46% Li2O over 4.5 meters through the center of the Eleven Zone pegmatite.
- 2.75% Li2O over 1.0 meters within a 5.83-meter interval of 1.64% Li2O (BM24-047) intersected approximately 70 m east of the main 6059/Sprinkler zone.
- Sprinkler Zone mineralization remains open at depth and along strike to the southeast.
Jason Latkowcer, Chief Executive Officer, commented, "We are pleased to report on the latest and final assays received on the Property from our most recent drill program. Our team has further expanded on the newly identified mineralized zones in areas where high grade lithium had not previously been identified. This proves to us that additional discoveries can be made at the Property, and as we refine our understanding of the geology, we will look to follow-up these intercepts as they remain open at depth and along strike."
Figure 1: Drill Holes Map for 2023 and 2024 Drill Programs
Table 1: Drill Hole Assay Highlights Table for Holes BM24-047 to BM24-059
* Interval widths are not true widths
| Hole ID | From (m) | To (m) | Interval (m)* | Li2O (wt%) | |
| BM24-047 | 114.17 | 120 | 5.83 | 1.64 | |
| Inc. | 115.1 | 116.1 | 1 | 2.75 | |
| BM24-048 | No Significant values | ||||
| BM24-049 | 93.4 | 96.65 | 3.25 | 0.3 | |
| BM24-050 | 126.05 | 130.45 | 4.4 | 0.19 | |
| BM24-051 | No Significant values | ||||
| BM24-052 | No Significant values | ||||
| BM24-053 | 140.91 | 142.15 | 1.24 | 0.23 | |
| And | 187.3 | 190.32 | 3.02 | 0.16 | |
| BM24-054 | No Significant values | ||||
| BM24-055 | No Significant values | ||||
| BM24-056 | No Significant values | ||||
| BM24-057 | No Significant values | ||||
| BM24-058 | No Significant values | ||||
| BM24-059 | 32 | 36.5 | 4.5 | 1.46 | |
| Inc. | 33.5 | 35.5 | 2 | 1.95 | |
| And | 47.3 | 66.95 | 19.65 | 1.71 | |
| Inc. | 47.3 | 52.95 | 5.65 | 2.19 | |
| 60.95 | 66.95 | 6 | 2.16 | ||
As stated above, the last phase of drilling was designed to test and extend mineralization in instances where noticeable surficial anomalies had been observed in areas that hadn't been historically drill tested, as well as to complete some infill holes within the Eleven zone and Big Mack Pegmatite. BM24-047 was drilled to the southwest of the Sprinkler Zone and successfully tested the extension of mineralization that was identified in holes BM24-045 and BM24-046 to the west (Figure 6) with 5.83m of 1.64% Li2O. Infill drill hole BM24-059 was drilled to the south of the Eleven Zone pegmatite. The hole successfully had multiple mineralized intercepts, including an interval of 19.65m at 1.71% Li2O.
Figure 2: Core photos of hole BM24-047 (104.43m to 120m) highlighting Li2O% values in high grade intercepts from 114.17m to 120m (Blue).
Figure 3: Core photos of hole BM24-059 (17.85m to 34.60m) highlighting Li2O% values in high grade intercepts from 32m to 36.5m (Red).
Figure 4: Core photos of hole BM24-059 (34.60m to 51m) highlighting Li2O% values in high grade intercepts from 32m to 36.5m (Red) and 47.3m to 66.95m (Blue).
Figure 5: Core photos of hole BM24-059 (51m to 68.50m) highlighting Li2O% values in high grade intercepts from 47.3m to 66.95m (Blue).
In summary, during the last phase of the program the Company drilled 3720.24 m, for a total amount of drilling over the entire program of 8319.24 m over 59 drill holes. The hole specifications for the final phase of the drilling program are detailed in Table 2.
Table 2: Attributes for Drill Hole BM23-047 to BM23-059
| Hole ID | Easting | Northing | Elevation (m) | Dip (°) | Azimuth (°) | Total Depth (m) | Core Size | Target |
| NAD 83/UTM Zone 15N | NAD 83/UTM Zone 15N | |||||||
| BM24-047 | 387358.292 | 5569674.659 | 350 | -45.3 | 189.9 | 120 | NQ | 6059/Sprinkler |
| BM24-048 | 387358.556 | 5569674.645 | 338.0488 | -60.1 | 190.1 | 153 | NQ | 6059/Sprinkler |
| BM24-049 | 386517.037 | 5569956.214 | 322.01 | -45.2 | 173.01 | 165 | NQ | Big Mack |
| BM24-050 | 386517.037 | 5569956.214 | 321.539 | -54.9 | 173.2 | 204 | NQ | Big Mack |
| BM24-051 | 386208.452 | 5569911.172 | 315.548 | -60 | 210 | 210 | NQ | Exploration |
| BM24-052 | 386129.469 | 5569943.257 | 313.075 | -44.7 | 210.4 | 129 | NQ | Exploration |
| BM24-053 | 386129.469 | 5569943.257 | 313.075 | -55.1 | 20 | 300 | NQ | Exploration |
| BM24-054 | 386790.83 | 5569799.686 | 333.753 | -45 | 5 | 207 | NQ | Exploration |
| BM24-055 | 386728.842 | 5569848.291 | 337.088 | -45.4 | 194.8 | 103 | NQ | Exploration |
| BM24-056 | 386728.842 | 5569848.291 | 337.088 | -45.4 | 9.7 | 159 | NQ | Exploration |
| BM24-057 | 386646.013 | 5569849.549 | 337.858 | -45.4 | 184.6 | 69 | NQ | Exploration |
| BM24-058 | 386646.013 | 5569849.549 | 337.858 | -45 | 10 | 151.5 | NQ | Exploration |
| BM24-059 | 386351.678 | 5569951.28 | 331.187 | -44.9 | 334.9 | 126 | NQ | Exploration |
| BM24-047 | 387358.292 | 5569674.659 | 350 | -45.3 | 189.9 | 120 | NQ | Exploration |
| BM24-048 | 387358.556 | 5569674.645 | 338.0488 | -60.1 | 190.1 | 153 | NQ | Exploration |
| BM24-059 | 386517.037 | 5569956.214 | 322.01 | -45.2 | 173.01 | 165 | NQ | Eleven |
Figure 6: Cross section of BM24-047 and BM24-048.
Figure 7: Cross section of BM24-059
General Statements
Holes BM24-047, BM24-048 and BM24-051 to BM24-058 were exploration holes targeting magnetic anomalies identified from the UAV-borne magnetics survey completed in 2023 by EarthEx Geophysical Solutions Inc. in conjunction with surface samples collected in the 2023 summer prospecting program. Holes BM24-049 and BM24-050 were infill holes targeting the Big Mack Deposit, and BM24-059 was an infill hole on targeting the Eleven zone pegmatite. Visual core logging indicates that the predominant host mineral for the Big Mack pegmatites is petalite. The true width of holes BM24-051 to BM24-058 reported in this release have not yet been determined. Holes BM24-047 to BM24-050 and BM24-059 described in this news release targeting the Big Mack, Sprinkler/6059 and Eleven zone pegmatites were drilled broadly perpendicular and inclined to the pegmatite orientations so that the true thickness of reported intercepts is estimated to range somewhere between 30-80% of the drilled widths.
Sample Quality Assurance / Quality Control
A thorough chain-of-custody and QA/QC program is being carried out on the ongoing drill program. Samples are taken across all pegmatite intervals with shoulder samples into the host rock on either side of the dykes. Sample lengths are ranging from 0.3 m ? 1.5 m, dependant on internal zoning of the dykes, mineralization, and lithology contacts. Core to be sampled is cut in half onsite, with half being sent for analysis and the other half remaining in the box for future reference and re-sampling, if needed.
A malfunction of downhole location survey equipment could cause inaccurate dip and azimuth tracking due to drillhole deviation, which would affect the planned drillhole spacing and required density for the resource estimation. To ensure accuracy, downhole surveys are performed every 30 meters of drilling, with survey tests repeated in the event of results that are outside planned drillhole drift. Additional downhole survey tools are kept on-site in the event of malfunction during drilling.
The Company's implemented QA/QC procedures include the insertion of certified standard control samples, ¼ cut duplicates, and blanks. This is being used to test for natural variability / sampling bias / testing the lab for homogeneity during sample preparation processes within the lab, as well as testing the precision and any possible contamination from the lab and ensure proper calibration of lab equipment.
Sample analyses are being conducted by ALS Canada LTD (ALS), an independent lab. Samples are shipped to the Winnipeg, Manitoba prep lab, and then shipped by ALS to the geochemistry analysis lab in North Vancouver, British Columbia. Drill core samples are subject to sodium peroxide fusion analyses using ICP-MS for Trace element values on total digestion and ICP-AES on samples with values greater than 25,000 ppm Li. ALS follows the quality management and operational guidelines set out in the international standards ISO/IEC 17025 ? "General Requirement for the Competence of Testing and Calibration Laboratories" and ISO 9001 ? "Quality Management Systems".
Qualified Person
The technical content of this news release has been reviewed and approved by Jared Suchan, Ph.D., P.Geo., who is an independent consultant of the Company and a "Qualified Person" as defined by NI 43-101. Dr. Suchan verified the data disclosed (or underlying the information disclosed) in this news release by reviewing imported and sorted assay data; checking the performance of blank samples and certified reference materials; reviewing the variance in field duplicate results; and reviewing grade calculation formulas.
About the Property
The Property is located 2 km east of the all-weather Snook Lake Road, about 80 km north of Kenora, ON. The Property is proximal (~1.3 km) to Avalon's Separation Rapids, Big Whopper deposit which hosts a measured and indicated resource. The Property is within an Ontario registered mining lease, with over 30 years of exploration history. The Property lies within the traditional land use area of the Wabaseemoong Independent Nations of Whitedog, Ontario: an Aboriginal community located approximately 35 km southwest of the property.
The Property hosts four known Li-bearing pegmatites including the Big Mack pegmatite, Eleven Zone, Sprinkler Zone, and 6095 pegmatite which are thought to be related to the Separation Rapids Pluton. They are interpreted as zoned Complex Type, Petalite Subtype LCT Pegmatites. The Big Mack pegmatite represents the largest petalite-bearing mass on the Property and is exposed over an 80 by 225 m area.
About Pan American Energy Corp.
Pan American Energy Corp. (CSE: PNRG) (OTC PINK: PAANF) (FSE: SS60) is an exploration stage company engaged principally in the acquisition, exploration and development of mineral properties containing battery metals in North America.
The Company executed an option agreement in Canada with Magabra Resources, providing for the right to acquire up to a 90% interest in the drill-ready Big Mack Lithium Project, 80 km north of Kenora, Ontario. The Company has also entered a property option agreement with Horizon Lithium LLC providing for the right to acquire a 100% interest in the Horizon Lithium Project, located within Esmeralda County ? Tonopah Lithium Belt, Nevada, USA.
To register for investor updates, please visit https://panam-energy.com.
On Behalf of the Board of Directors
Jason Latkowcer
CEO & Director
Contact
Phone : (587) 885-5970
Email: [email protected]
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current beliefs or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the Company's exploration plans at the Property, including the nature and type of the Company's planned exploration activities, the timing of such exploration activities and the aim and objectives of the Company's exploration efforts.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, assumptions regarding the Company's ability to execute on its exploration plans at the Property, including that it will be successful in carrying out such exploration activities on the anticipated timeline and that such exploration activities will yield the expected information and the desired outcomes.
Although forward-looking information is based on the reasonable assumptions of the Company's management, there can be no assurance that any forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among other things, the risk that exploration at the Property does not proceed in the manner and on the timeline currently contemplated, or at all; risks inherent in the exploration and development of mineral deposits, including risks relating to receiving requisite permits and approvals, changes in project parameters or delays as plans continue to be redefined, that mineral exploration is inherently uncertain and that the results of mineral exploration may not be indicative of the actual geology or mineralization of a project; that mineral exploration may be unsuccessful or fail to achieve the results anticipated by the Company; and that mineral exploration activities are often unsuccessful. The forward-looking information contained in this release is made as of the date hereof, and the Company not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this ?press release.?
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