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
HIGHLIGHTS
- 1.29% Li2O over 16.6 meters (BM24-039) including 3.61% Li2O over 0.57 meters below the western flank of the 6059 Pegmatite.
- 2.28% Li2O over 3.0 meters within a 22.26-meter interval of 0.68 % Li2O (BM24-045) intersected approximately 110 m east of the main 6059/Sprinkler zone.
- 1.03% Li2O over 0.98 meters (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, Chief Executive Officer, 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.”
Figure 1: Exploration drill holes in the vicinity of 6059/Sprinkler zone (Reported drill holes in Red)
Figure 2: Exploration drill holes southwest of the Eleven and Big Mack Pegmatites
Table 1: Drill Hole Assay Highlights Table
* (not true widths)
Hole ID | From (m) | To (m) | Core Length (m) | Li2O (wt%) | Ta (ppm) | Sn (ppm) |
BM23-032 | 35.20 | 36 | 0.8 | 0.06 | 184.5 | 5520 |
And | 40.95 | 41.35 | 0.4 | 0.07 | 74.8 | 1985 |
And | 47 | 48 | 1.0 | 0.13 | 37.1 | 1290 |
BM23-033 | 28.30 | 28.6 | 0.35 | 0.08 | 86.5 | 2990 |
And | 33.00 | 33.45 | 0.45 | 0.06 | 114.5 | 4910 |
And | 36.9 | 37.2 | 0.30 | 0.07 | 101 | 2210 |
BM23-034 | 40 | 41 | 1 | 0.02 | 48.9 | 2710 |
And | 47 | 48.5 | 1.5 | 0.03 | 73.1 | 5260 |
And | 141 | 143 | 2.0 | 0.13 | 36.7 | 667.7 |
And | 187 | 187.9 | 0.90 | 0.11 | 22.4 | 1110 |
BM24-035 | No significant values | No significant values | No significant values | |||
BM24-036 | No significant values | No significant values | No significant values | |||
BM24-037 | 118.51 | 118.89 | 0.38 | 0.01 | 126 | 1470 |
And | 121.75 | 122.5 | 0.75 | 0.01 | 60.4 | 1260 |
BM24-038 | 33.4 | 33.7 | 0.30 | 0.06 | 31.6 | 1040 |
BM24-039 | 57.9 | 74.5 | 16.6 | 1.29 | 44.3 | 211.9 |
Inc. | 60 | 60.57 | 0.57 | 3.61 | 31.8 | 24 |
66.29 | 67.05 | 0.76 | 3.11 | 16.6 | 191 | |
BM24-040 | 83.6 | 87.48 | 3.88 | 1.08 | 64.7 | 280.4 |
BM24-041 | No significant values | No significant values | No significant values | |||
BM24-042 | No significant values | No significant values | No significant values | |||
BM24-043 | No significant values | No significant values | No significant values | |||
BM24-044 | No significant values | No significant values | No significant values | |||
BM24-045 | 62.08 | 84.34 | 22.26 | 0.68 | 30.6 | 91.8 |
Inc. | 62.08 | 62.9 | 0.82 | 1.35 | 73.7 | 372 |
Inc. | 64.67 | 65.4 | 0.73 | 1.19 | 48.6 | 154 |
Inc. | 73 | 76 | 3.0 | 2.28 | 46.9 | 105.3 |
Inc. | 82.58 | 84.34 | 1.76 | 1.44 | 48.3 | 268.3 |
BM24-046 | 92.7 | 94.7 | 2.0 | 0.06 | 70.4 | 2270 |
And | 129 | 135.6 | 6.6 | 0.36 | 40.8 | 128.4 |
Inc. | 131.35 | 132.33 | 0.98 | 1.03 | 47.8 | 361 |
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.
Figure 3: Core photos of hole BM24-039 (54.32m to 77m) highlighting Li2O% values in high grade intercepts from 57.90 m to 74.5 m (Blue).
Figure 4: Close up core photo of hole BM24-039 (60.0m to 60.57m) focused on observed petalite mineralization. ALS assay on this sample returned 3.60% Li2O.
Figure 5: Completed and 2023-2024 drillholes (Assays reported on holes in red, assays pending in black).
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 meters. 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 meters to delineate the
Table 2: Attributes for Drill Hole BM23-032 to BM23-046
Hole ID | Easting NAD 83/ | Northing NAD 83/ | Elevation (m) | Dip (°) | Azimuth (°) | Total Depth (m) | Core Size | Target |
BM23-032 | 386266.40 | 5569792.54 | 357.25 | -60 | 195 | 195 | NQ | Exploration |
BM23-033 | 386267.58 | 5569791.22 | 357.64 | -45 | 250 | 129 | NQ | Exploration |
BM23-034 | 386206.66 | 5569914.76 | 345.55 | -45 | 20 | 231 | NQ | Exploration |
BM24-035 | 387290.15 | 5569724.52 | 345.5 | -45 | 180 | 150 | NQ | 6059/Sprinkler |
BM24-036 | 387290.12 | 5569724.99 | 345.5 | -60 | 180 | 189 | NQ | 6059/Sprinkler |
BM24-037 | 387290.53 | 5569726.80 | 345.54 | -49 | 0 | 171 | NQ | 6059/Sprinkler |
BM24-038 | 387248.76 | 5569705.22 | 317.22 | -45 | 180 | 99 | NQ | 6059/Sprinkler |
BM24-039 | 387196.88 | 5569710.45 | 314.99 | -45 | 180 | 102 | NQ | 6059/Sprinkler |
BM24-040 | 387196.66 | 5569721.25 | 313.60 | -45 | 160 | 129 | NQ | 6059/Sprinkler |
BM24-041 | 387195.87 | 5569721.06 | 314.13 | -47.5 | 15 | 183 | NQ | 6059/Sprinkler |
BM24-042 | 387195.93 | 5569722.32 | 313.05 | -55 | 180 | 150 | NQ | 6059/Sprinkler |
BM24-043 | 387141.46 | 5569706.34 | 318.60 | -45 | 180 | 55 | NQ | 6059/Sprinkler |
BM24-044 | 387131.35 | 5569769.22 | 324.99 | -45 | 190 | 156 | NQ | 6059/Sprinkler |
BM24-045 | 387414.16 | 5569637.23 | 312.72 | -50 | 185 | 99 | NQ | 6059/Sprinkler |
BM24-046 | 387413.91 | 5569637.90 | 313.67 | -65 | 185 | 141 | NQ | 6059/Sprinkler |
Figure 6: Cross section of BM24-039 and BM24-042.
Figure 7: Cross section of BM24-045 and BM24-046.
General Statements
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.
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
Qualified Person
The technical content of this news release has been reviewed and approved by
About the Property
The Property is located 2 km east of the all-weather
The Property hosts four known Li-bearing pegmatites including the Big Mack pegmatite,
About
The Company executed an option agreement in
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
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 prospectivity of the mineralization at the Property, including that such mineralization remains open at depth and along strike; the exploration potential of the Property, including that additional discoveries may be made at the Property; and the Company’s exploration plans at 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, assumptions regarding the Company’s ability to execute on its exploration plans at the Property and that the drill results received to date are indicative of the actual geology and mineralization at the Property.;.
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 properties, 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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Figure 1
Exploration drill holes in the vicinity of 6059/Sprinkler zone (Reported drill holes in Red)
Figure 2
Exploration drill holes southwest of the Eleven and Big Mack Pegmatites
Figure 3
Core photos of hole BM24-039 (54.32m to 77m) highlighting Li2O% values in high grade intercepts from 57.90 m to 74.5 m (Blue).
Figure 4
Close up core photo of hole BM24-039 (60.0m to 60.57m) focused on observed petalite mineralization. ALS assay on this sample returned 3.60% Li2O.
Figure 5
Completed and 2023-2024 drillholes (Assays reported on holes in red, assays pending in black).
Figure 6
Cross section of BM24-039 and BM24-042.
Figure 7
Cross section of BM24-045 and BM24-046.
2024 GlobeNewswire, Inc., source