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CALGARY, Alberta, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Pan American Energy Corp. (the“ Company ” or“ Pan American ”) ( CSE: PNRG ) ( OTC PINK: PAANF ) ( FRA: SS6 ) is pleased to announce the Company has submitted a Notice of Intent (“ NOI ”) to the Bureau of Land Management (“ BLM ”), Tonopah Field Office for exploration drilling at its 17,334 acres Horizon Lithium Project. The Company proposes nineteen (19) lithium prospecting core holes with associated access on federal surface and mineral, under the management of the BLM – Tonopah Field Office, approximately 7.4 miles west of Tonopah, Esmeralda County, Nevada.
“After completing the desktop study and analysis of surrounding operators' drilling techniques, spacing, depths, and strategies, RESPEC, a global engineering and design company, has recommended a phase one drill program that offers robust property coverage, at depth,” stated Pan American's CEO Jason Latkowcer.“We believe the proposed drilling program submitted to the BLM gives us the best chance of success in identifying and better understanding the potential anomalous lithium-bearing claystone mineralization across the property. We are fortunate to be able to learn from our peers and apply those learnings to our exploration strategy. Adjacent property drilling has showcased very shallow overburden with anomalous high lithium concentration at greater depths. Our program has been designed to drill up to 1000 ft depth. Using in-field modern analysis tools for lithium monitoring from drill cores, we will be able to make decisions quickly to maximize the ROI on our program.”
There is an estimated surface disturbance of 3.51 acres for overland use of 8,932 feet of access (12-foot wide) and nineteen core hole sites (60 feet by 40 feet) with 10-foot square by 4-foot-deep sump. In accordance with applicable BLM and Nevada Division of Minerals (Division) regulations, Pan American Energy is submitting this Horizon Lithium Project (Phase 1) Exploration Project notice of intent to conduct exploration that upon implementation is designed to further quantify the existence of a valuable lithium deposit within the prospect area.
Activities are anticipated to be complete within three months and include drilling, coring, core analysis, plugging. Following core hole plugging, incidental surface reclamation will begin as soon as weather permits.
Figure 1 - Drill Hole Locations
Figure 2 - Drill Hole Locations 2
About Pan American Energy Corp.
Pan American Energy Corp. (CSE: PNRG) (OTC PINK: PAANF) (FSE: SS6) is an exploration stage company engaged principally in the acquisition, exploration and development of mineral properties containing battery metals in North America.
The Company's flagship asset is the 100% owned Green Energy Lithium Project, located in the Paradox Basin, Utah, USA. The Company has also entered a property option agreement with Horizon Lithium LLC with the right to acquire 100% interest in the Horizon Lithium Project, located within the Clayton Valley – Tonopah Lithium Belt, Nevada, USA.
The Company executed an option agreement in Canada with Magabra Resources with the right to acquire up to 90% interest in the drill-ready Big Mack Lithium Project, 80 km north of Kenora, Ontario.
On Behalf of the Board of Directors
CEO & Director
Phone : (585) 885-5970
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 planned drilling and sampling program, including the date upon which the Company expects to announce its phase one plans, the amount of drilling to be contained in such program and the proposed location of the exploration undertaken as part of the program, and the potential commercialization of the Property.
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, the assumption that: the Company will be successful in commercializing the Property and that the Company will undertake its planned drilling and sampling program on the timeline and parameters that are currently expected. Such assumptions and factors are based on information currently available to the Company.
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 risks inherent in the exploration and development of mineral deposits, including risks relating to 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, and that mineral exploration may be unsuccessful or fail to achieve the results anticipated by the Company, including the establishment of a commercial mining operation. 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 CSE has neither approved nor disapproved the information contained herein.
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