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Pan American Energy Announces Completion of the Phase One Drilling Program at the Big Mack Lithium Project

Press Release

CALGARY, Alberta, Jan. 03, 2024 — Pan American Energy Corp. (CSE: PNRG | OTC: PAANF | FRA: SS60) (“Pan American” or the “Company“) is pleased to announce the completion of the Phase One drilling program at the Big Mack Lithium Project (“Project”), located approximately 80 kilometers north of the town of Kenora, ON. The exploration program was carried out by Fullforce Diamond Drilling Ltd. (“Full Force”) under the geological support of Axiom Exploration Group Ltd. (“Axiom”). Due to operational efficiency, the Phase One program was completed both on-time and below budget.

The Company and its contractors are currently planning a Phase Two drilling program at the Project which is expected to continue the Phase One program’s focus on targets that were identified through historical drilling analysis, the UAV magnetic survey conducted on the Project and the Company’s 2023 field prospecting program. The objective of the Company’s Phase One and planned Phase Two drilling programs is to quantify the presence and extent of critical mineral mineralization on the Project to further advance the Project. The Company expects that, as a result of the extent of drilling conducted during the Phase One drilling program, the Company will be in a position at the conclusion of the planned Phase Two drilling program to declare a mineral resource estimate in compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects on the Project.

Phase One 2023 Drilling Program Highlights:
  • Big Mack Pegmatite: Drilled 19 holes (including BM 23-001) totaling 1,984 meters resulting in the extension of the known pegmatite at depth.
  • Eleven Zone: Drilled 7 holes totaling 879 meters resulting in the extension of the known pegmatite both at depth and along strike to the west.
  • Drill Hole BM23-001 Result: Testing the interior section of the Big Mack Pegmatite, returned assay values of 1.13% Li2O over 27.98 m. For additional information regarding Drill Hole BM23-001 please see the Company’s news release dated December 12, 2023, filed on the Company’s SEDAR+ profile at www.sedarplus.ca.

Phase One 2023 Drilling Program Details:

  • Commencement Date: Mobilization and drill start dates respectively: October 31st and November 3rd, 2023
  • Shutdown Date: Drilling stop date and crew’s last day on site: December 14th and December 19th, 2023
  • Total Number of Drillholes: 34 completed holes (BM23-001 to BM23-0034) and one abandoned hole (BM23-001A)
  • Total Meters Drilled: 4,582 meters drilled in 2023
  • Geochemical Assay Samples: A total of 2,337 samples have been taken across the 34 completed holes. Of these, 1,817 samples have been delivered to ALS Global for geochemical assays. The remaining 520 samples will be cut and submitted in early January, 2024.

Jason Latkowcer, Chief Executive Officer, commented, “We are extremely pleased with the execution and results of our Phase One, 2023, drilling program. Completing the first leg of the program on time and under budget is a testament to the efficacy of our team and contractors. We are fully-funded to complete the planned follow-on exploration initiatives at the Project, including the Phase Two drill program and the related resource modelling and reporting, geophysics, and field prospecting programs.”

Figure 1: 2023 Drilling Target Locations including select surface samples from 2023 field program.

Figure 2: 2023 completed drill holes on the Big Mack and Eleven Zones showing pegmatite intercepts – assays pending (with the exception of BM23-001).

Drill Hole ID Dip (°) Azimuth (°) Total Depth (m) Core Size
BM23-001 -45 180 66 NQ
BM23-002 -45 180 72 NQ
BM23-003 -45 180 135 NQ
BM23-004 -55 175 78 NQ
BM23-005 -46 195 102 NQ
BM23-006 -45 180 60 NQ
BM23-007 -45 180 60 NQ
BM23-008 -52 179 90 NQ
BM23-009 -45 358 174 NQ
BM23-010 -45 185 72 NQ
BM23-011 -45 180 84 NQ
BM23-012 -47 181 93 NQ
BM23-013 -48 180 108 NQ
BM23-014 -45 179 133 NQ
BM23-015 -58 178 180 NQ
BM23-016 -45 0 72 NQ
BM23-017 -45 0 72 NQ
BM23-018 -46 359 120 NQ
BM23-019 -46 359 162 NQ
BM23-020 -46 0 132 NQ
BM23-021 -47 359 180 NQ
BM23-022 -46 359 141 NQ
BM23-023 -46 179 156 NQ
BM23-024 -60 178 168 NQ
BM23-025 -46 179 111 NQ
BM23-026 -45 178 165 NQ
BM23-027 -50 40 300 NQ
BM23-028 -70 180 204 NQ
BM23-029 -45 200 201 NQ
BM23-030 -45 200 150 NQ
BM23-031 -45 200 150 NQ
BM23-032 -60 195 180 NQ
BM23-033 -45 250 129 NQ
BM23-034 -45 20 231 NQ

Table 1: Completed 2023 drill hole attributes

Qualified Person
The technical content of this news release has been reviewed and approved by Jared Suchan, PhD, P.Geo, who is an independent consultant of the Company, and a “Qualified Person” as defined by NI 43-101. The scientific and technical data disclosed within this news release was verified by Dr. Suchan who reviewed the completed downhole drill surveys and geologic logs of the pegmatite intersections. The completed drill hole information was plotted in a mapping program and checked for accuracy.For additional information regarding the Company’s surface sampling program at the Project, including a complete summary of the samples collected and the results of the sampling program including the sampling and analytical methods and QA/QC protocols, please see the Company’s news release dated August 9, 2023, which is filed on the Company’s SEDAR+ profile at www.sedarplus.ca.

For additional information regarding sample quality assurance and quality control measures taken with respect to the Company’s Phase One drilling program, please see the Company’s news release dated December 12, 2023, which is filed on the Company’s SEDAR+ profile at www.sedarplus.ca.

About the ProjectThe Project is located 2 km east of 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 Project is within an Ontario registered mining lease, with over 30 years of exploration history. The Project 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 Project 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 Project and is exposed over an 80 by 225 m area. Historic drilling campaigns (1998, 1999, 2001) intersected mineralization extending along a strike length of ~150 meters and to a depth of 75 meters. The mineralization at the Project remains open at depth and along strike.
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: info@panam-energy.com

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