Pan American Energy reports further drill results at Big Mack Lithium Project, Ontario

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Pan American Energy Corp. [CSE-PNRG; OTC-PAANF; FSE-SS60] reported additional assay results on 14 holes from the ongoing 2023/2024 diamond drill program on the Big Mack Lithium Project, located approximately 80 km north of the town of Kenora, Ontario. The drilling campaign is being carried out by Full force Diamond Drilling Ltd. under the geological guidance of Axiom Exploration Group Ltd.

Highlights: Drilling encountered high grade lithium-bearing intercepts within the Big Mack and Eleven Zone pegmatites: 1.90% Li2O over 16.90 metres within the western flank of the Big Mack pegmatite of 1.67% Li2O over 22.85 metres (BM23-011); 1.78% Li2O over 6.75 metres within the western flank of the Big Mack pegmatite of 1.46% Li2O over 12.00 metres (BM23-012); 2.36% Li2O over 1.90 metres and 1.79% Li2O over 6.60 metres within the western flank of the Big Mack pegmatite of 1.51% Li2O over 16.60 metres (BM23-014); 2.13% Li2O over 2.00 metres within the Eleven Zone pegmatite of 1.34% Li2O over 7.67 metres (BM23-017); 1.51% Li2O over 4.00 metres, 1.77% Li2O over 6.00 metres and 1.59% Li2O over 4.80 metres within the Eleven Zone pegmatite of 1.32% Li2O over 22.20 metres (BM23-021).

Holes 10 to 15 show multiple lenses of lithium mineralization continue westfrom the interior of the Big Mack pegmatite. Holes 16 to 22 show multiple lenses of lithium mineralization stack below surface at the Eleven Zone pegmatite and remain open at depth.

The on-going drilling program is currently testing a lithium surface anomaly that coincides with a geophysical target along strike of the Eleven Zone towards the west.

Drill hole BM23-009 to BM23-015 were drilled to test the western flank of the Big Mack pegmatite, while BM23-016 to BM23-022 were drilled to test the Eleven Zone pegmatite. Big Mack targets BM23-010 and BM23-011 returned encouraging values of 1.23% Li2O over 22.60 metres and 1.67% Li2O over 22.85 metres respectively, while BM23-0014 returned 1.51% over 16.60 metres. Eleven Zone targets BM23-017 and BM23-021 intercepted 1.50% Li2O over 14.53 metres and 1.32% Li2O over 22.20 metres respectively. These results indicate that meaningful mineralization may continue at depth through the western zone of the pegmatite and provide valuable insights into mapping of the internal structure for Big Mack and Eleven Zone.

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 metres. 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 metres 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, over 6,800 metres have been drilled across 50 collar locations as part of the 2023/2024 drill program, with 2,317 samples having been submitted for analysis at the time of this news release.

Jason Latkowcer, CEO, commented, “We continue to see promising intercepts at the Big Mack western flank drilling and the Eleven Zone pegmatite to the west. These impressive intercepts will help the team plan follow-up drilling to test deeper targets and understand the geometry of these pegmatite bodies and their lenses. Strategic drilling will continue to test the western side of Big Mack before moving to focus on exploration drilling toward the Sprinkler Zone to understand the geology between the two eastern pegmatite bodies. Our ranked targets are quickly becoming higher confidence with our successful intercepts and promising assays, and further exploration step-outs will be planned as the drill campaign continues.”

The property is located 2 km east of the all-weather Snook Lake Road, about 80 km north of Kenora, Ontario. The property is proximal (~1.3 km) from 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 at the Property remains open at depth and along strike.

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. 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, Nevada.

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