The last phase of 2023/2024 drilling program focused on areas of the Property outside of the known mineralized zones and was designed to test prospective areas extending along strike and down dip of previously identified mineralization. These targets showed indications for mineralization but had not been tested by historic drilling. Drill targets were identified using the 2023 geochemical surface sampling results as well as the UAV detailed magnetic survey data previously collected by the Company. Certain infill holes within the Eleven zone and Big Mack Pegmatite were also included in the last phase of drilling. The results of the final phase of drilling indicate that lithium mineralization extends southeast of the
HIGHLIGHTS
- 1.71% Li2O over 19.65 meters (BM24-059) and 1.46% Li2O over 4.5 meters through the center of the
Eleven Zone pegmatite. - 2.75% Li2O over 1.0 meters within a 5.83-meter interval of 1.64% Li2O (BM24-047) intersected approximately 70 m east of the main 6059/Sprinkler zone.
Sprinkler Zone mineralization remains open at depth and along strike to the southeast.
Jason Latkowcer, Chief Executive Officer, commented, “We are pleased to report on the latest and final assays received on the Property from our most recent drill program. Our team has further expanded on the newly identified mineralized zones in areas where high grade lithium had not previously been identified. This proves to us that additional discoveries can be made at the Property, 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: Drill Holes Map for 2023 and 2024 Drill Programs
Table 1: Drill Hole Assay Highlights Table for Holes BM24-047 to BM24-059
* Interval widths are not true widths
Hole ID | From (m) | To (m) | Interval (m)* | Li2O (wt%) | |
BM24-047 | 114.17 | 120 | 5.83 | 1.64 | |
Inc. | 115.1 | 116.1 | 1 | 2.75 | |
BM24-048 | No Significant values | ||||
BM24-049 | 93.4 | 96.65 | 3.25 | 0.3 | |
BM24-050 | 126.05 | 130.45 | 4.4 | 0.19 | |
BM24-051 | No Significant values | ||||
BM24-052 | No Significant values | ||||
BM24-053 | 140.91 | 142.15 | 1.24 | 0.23 | |
And | 187.3 | 190.32 | 3.02 | 0.16 | |
BM24-054 | No Significant values | ||||
BM24-055 | No Significant values | ||||
BM24-056 | No Significant values | ||||
BM24-057 | No Significant values | ||||
BM24-058 | No Significant values | ||||
BM24-059 | 32 | 36.5 | 4.5 | 1.46 | |
Inc. | 33.5 | 35.5 | 2 | 1.95 | |
And | 47.3 | 66.95 | 19.65 | 1.71 | |
Inc. | 47.3 | 52.95 | 5.65 | 2.19 | |
60.95 | 66.95 | 6 | 2.16 | ||
As stated above, the last phase of drilling was designed to test and extend mineralization in instances where noticeable surficial anomalies had been observed in areas that hadn’t been historically drill tested, as well as to complete some infill holes within the Eleven zone and Big Mack Pegmatite. BM24-047 was drilled to the southwest of the
Figure 2: Core photos of hole BM24-047 (104.43m to 120m) highlighting Li2O% values in high grade intercepts from 114.17m to 120m (Blue).
Figure 3: Core photos of hole BM24-059 (17.85m to 34.60m) highlighting Li2O% values in high grade intercepts from 32m to 36.5m (Red).
Figure 4: Core photos of hole BM24-059 (34.60m to 51m) highlighting Li2O% values in high grade intercepts from 32m to 36.5m (Red) and 47.3m to 66.95m (Blue).
Figure 5: Core photos of hole BM24-059 (51m to 68.50m) highlighting Li2O% values in high grade intercepts from 47.3m to 66.95m (Blue).
In summary, during the last phase of the program the Company drilled 3720.24 m, for a total amount of drilling over the entire program of 8319.24 m over 59 drill holes. The hole specifications for the final phase of the drilling program are detailed in Table 2.
Table 2: Attributes for Drill Hole BM23-047 to BM23-059
Hole ID | Easting | Northing | Elevation (m) | Dip (°) | Azimuth (°) | Total Depth (m) | Core Size | Target |
NAD 83/ | NAD 83/ | |||||||
BM24-047 | 387358.292 | 5569674.659 | 350 | -45.3 | 189.9 | 120 | NQ | 6059/Sprinkler |
BM24-048 | 387358.556 | 5569674.645 | 338.0488 | -60.1 | 190.1 | 153 | NQ | 6059/Sprinkler |
BM24-049 | 386517.037 | 5569956.214 | 322.01 | -45.2 | 173.01 | 165 | NQ | Big Mack |
BM24-050 | 386517.037 | 5569956.214 | 321.539 | -54.9 | 173.2 | 204 | NQ | Big Mack |
BM24-051 | 386208.452 | 5569911.172 | 315.548 | -60 | 210 | 210 | NQ | Exploration |
BM24-052 | 386129.469 | 5569943.257 | 313.075 | -44.7 | 210.4 | 129 | NQ | Exploration |
BM24-053 | 386129.469 | 5569943.257 | 313.075 | -55.1 | 20 | 300 | NQ | Exploration |
BM24-054 | 386790.83 | 5569799.686 | 333.753 | -45 | 5 | 207 | NQ | Exploration |
BM24-055 | 386728.842 | 5569848.291 | 337.088 | -45.4 | 194.8 | 103 | NQ | Exploration |
BM24-056 | 386728.842 | 5569848.291 | 337.088 | -45.4 | 9.7 | 159 | NQ | Exploration |
BM24-057 | 386646.013 | 5569849.549 | 337.858 | -45.4 | 184.6 | 69 | NQ | Exploration |
BM24-058 | 386646.013 | 5569849.549 | 337.858 | -45 | 10 | 151.5 | NQ | Exploration |
BM24-059 | 386351.678 | 5569951.28 | 331.187 | -44.9 | 334.9 | 126 | NQ | Exploration |
BM24-047 | 387358.292 | 5569674.659 | 350 | -45.3 | 189.9 | 120 | NQ | Exploration |
BM24-048 | 387358.556 | 5569674.645 | 338.0488 | -60.1 | 190.1 | 153 | NQ | Exploration |
BM24-059 | 386517.037 | 5569956.214 | 322.01 | -45.2 | 173.01 | 165 | NQ | Eleven |
Figure 6: Cross section of BM24-047 and BM24-048.
Figure 7: Cross section of BM24-059
General Statements
Holes BM24-047, BM24-048 and BM24-051 to BM24-058 were exploration holes targeting magnetic anomalies identified from the UAV-borne magnetics survey completed in 2023 by
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 Company’s exploration plans at the Property, including the nature and type of the Company’s planned exploration activities, the timing of such exploration activities and the aim and objectives of the Company’s exploration efforts.
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, including that it will be successful in carrying out such exploration activities on the anticipated timeline and that such exploration activities will yield the expected information and the desired outcomes.
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 deposits, 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:
Drill Holes Map for 2023 and 2024 Drill Programs
Figure 2:
Core photos of hole BM24-047 (104.43m to 120m) highlighting Li2O% values in high grade intercepts from 114.17m to 120m (Blue).
Figure 3:
Core photos of hole BM24-059 (17.85m to 34.60m) highlighting Li2O% values in high grade intercepts from 32m to 36.5m (Red).
Figure 4:
Core photos of hole BM24-059 (34.60m to 51m) highlighting Li2O% values in high grade intercepts from 32m to 36.5m (Red) and 47.3m to 66.95m (Blue).
Figure 5:
Core photos of hole BM24-059 (51m to 68.50m) highlighting Li2O% values in high grade intercepts from 47.3m to 66.95m (Blue).
Figure 6:
Cross section of BM24-047 and BM24-048.
Figure 7:
Cross section of BM24-059
2024 GlobeNewswire, Inc., source