Pan American Energy drills 1.29% Li2O over 16.6 m at the 6059 Pegmatite, Big Mack Project, Ontario

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Pan American Energy Corp. [CSE-PNRG; OTCQB-PAANF; FSE-SS60] reported additional assay results on 15 holes from the 2023/2024 diamond drill program on the Big Mack Lithium Project, located approximately 80 km north of Kenora, northwestern Ontario. The drilling campaign was carried out by Full force Diamond Drilling Ltd. under the geological guidance of Axiom Exploration Group Ltd.

This phase of drilling focused on areas of the property with indications for mineralization but no historic drilling testing. Targets were identified using 2023 geochemical surface sampling results and, UAV detailed magnetic survey results and also were designed to test prospective areas extending along strike and down dip of previously identified mineralization. Exploration drilling has encountered high grade lithium mineralization in drill holes targeting below the 6059 Pegmatite and exploration drill holes to the southeast of the Sprinkler Zone.

Highlights: 1.29% Li2O over 16.6 metres (BM24-039), including 3.61% Li2O over 0.57 metres below the western flank of the 6059 Pegmatite; 2.28% Li2O over 3.0 metres within a 22.26-metre interval of 0.68% Li2O (BM24-045) intersected approximately 110 metres east of the main 6059/Sprinkler zone; 1.03% Li2O over 0.98 metres (BM24-046) was encountered at depth below drill hole BM24-045.

Mineralization remains open at depth and along strike to the southeast of the Sprinkler Zone. Anomalous tin values up to 5520 ppm were intersected in exploration drill holes along strike of the Eleven Zone and Big Mack Pegmatite indicating the potential for mineralization to the west of the known showings.

Jason Latkowcer, CEO, commented, “We are pleased to report on the latest assays received on the Property. Our team has identified new mineralized zones in areas where high grade lithium had not previously been identified. This confirms to us that the Property has the potential for more discoveries, 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.”

Drill hole BM23-032 to BM23-034 were drilled to the south and west of the Big Mack Pegmatite and Eleven zone, testing high priority exploration targets that coincided with magnetic lows and elevated geochemical samples from the summer 2023 prospecting program. BM24-035 to BM24-046 were testing the 6059/Sprinkler zone. BM24-039, BM23-040, BM23-045, and BM23-046 returned encouraging lithium results, as holes BM24-039 and BM24-040 indicate that surface exposed lithium mineralization does continue at depth.

Additionally, follow-up drilling in the vicinity of surface samples elevated in Sn-Ta have proved encouraging. Table 1 highlights the lithium, tantalum, and tin values within holes BM23-032 to BM24-046, 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 4,599 metres. Targeting was 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 drilled 3720.24 metres to delineate the Big Mack and Eleven Zone pegmatites, test their down-dip extensions, explore the Sprinkler Zone and test other exploration targets. 8319.24 meters were drilled across 59 collar locations as part of the 2023/2024 drill program, with 4,693 samples having been submitted for analysis.

Visual core logging indicates that the predominant host mineral for the Big Mack pegmatites is petalite. The true width of these pegmatites reported in this release has not yet been determined.

The Property is located 2 km east of the all-weather Snook Lake Road, about 80 km north of Kenora. 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 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. Mineralization remains open at depth and along strike.

Pan American Energy 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. 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 in the Tonopah Lithium Belt, Nevada.

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