CALGARY, Alberta, July 31, 2023 (GLOBE NEWSWIRE) — Pan American Energy Corp. (the “Company” or “Pan American”) (CSE: PNRG) (OTC PINK: PAANF) (FRA: SS60) is pleased to announce the completion of its Phase 2 exploratory subsurface drill program at its Horizon Lithium Project (“Horizon”) in Big Smoky Valley, Nevada. The program involved targeted drilling in strategic locations based on geological research conducted by the Company’s strategic contractor partner, RESPEC (“RESPEC”). Following the success of the Phase 1 exploratory drilling program, where a lithium mineralization discovery was made, the Phase 2 exploratory drilling program consisted of nine targeted diamond core drill holes at Horizon, aggregating a total of 6,856 feet of drilling.

The successful completion of the drill program represents another milestone for Pan American as it works towards delineating the size, quality, and economic viability of the newly discovered lithium mineralization at Horizon. The Company is awaiting assay results from the Phase 2 drilling program and will use the combined Phase 1 and Phase 2 results to move towards declaring a mineral resource estimate at Horizon in the coming months. RESPEC will continue to support the Company as it works towards declaring a mineral resource in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards of disclosure and National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Preliminary Highlights from the Phase 2 drilling program include:

• A total of nine boreholes were drilled and cored over 65 days of rig time.
• Drill pads were strategically placed to explore the eastern flank of Horizon’s subsurface for lithium mineralization.
• The average total depth (“TD”) for holes drilled in the Phase 2 drill program was 761 ft, with a maximum depth of 1,000 ft (HL024, and HL026).
• A total of 6,856 ft was drilled in the Phase 2 drill program, with 5,716 ft, or 84%, of intervals cored in the Siebert Formation.
• Compared to the Phase 1 program, less time was spent to reach the target zones due to improved proximity to the Siebert Formation top (ie., shallow overburden) in the areas drilled in the Phase 2 program

Proximity to Surface, Total Depth, and Siebert Elevation:

• Phase 2 boreholes did not intersect major subsurface structures with significant vertical displacement of strata due to faulting as was observed in boreholes (HL019 and HL005) located in the west central portion of Phase 1
• HL030, located in the northeast quadrant of Horizon, intersected the Siebert Formation top 15.5 feet below the ground surface. This aligns with the interpretation of the Siebert Formation as it outcrops to the east/northeast of Horizon.
• There is geological continuity of claystone stratigraphy in the majority of the drill holes. Boreholes HL023, HL024, and HL026 were drilled to a depth of up to 1000 ft based on their proximity to the Phase 1 boreholes (HL005, HL006, HL007, and HL008) where the best lithium mineralization was observed.
• Every borehole in Phase 2 except HL027 reached at least 600 ft depth.

Jason Latkowcer, Chief Executive Officer, commented, “The drill program was executed on time and on budget. It reflects the quality of work by the Company and our contractors. The completion of the Phase 2 drill program positions the Company to advance toward the next step of delineating a mineral resource estimate and releasing a NI 43-101 technical report on Horizon in the coming months. Horizon is still vastly unexplored, creating an excellent opportunity for follow-on work programs to take place. With so much activity in the region, we are continually monitoring our industry peers for learnings and gaining valuable insights that will benefit our future exploration activities.”

Table 1: Summary of Phase 2 Exploration

Source: https://www.stockwatch.com/News/Item/U-z8883302-U!PAANF-20230731/U/PAANF