Pan American Energy Announces Drill Permit Amendment Approval for the Phase Two Drilling Program at the Horizon Lithium Project

Following the success of the Phase One Drilling Program that led to a Lithium Discovery on the property, The Amended Phase Two Drilling Program will consist of 11 high priority drill targets beginning May 2023

CALGARY, Alberta, May 18, 2023 (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 received approval on the submitted Notice of Amendment (“NOA”) to the Bureau of Land Management (“BLM”), Tonopah Field Office for exploration drilling at its 17,334 acre Horizon Lithium Project. The NOA captures the Company’s adjusted drill program design to focus drilling on the central and Eastern portion of the property. The Company is fully permitted to drill up to twenty-two (22) 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. The Company recently completed an eleven (11) hole Phase One (1) drill program that led to the discovery of a lithium cluster on the Horizon Lithium Project (“Horizon”).

Pan American’s CEO, Jason Latkowcer, commented “Our Phase One program led to the discovery of a significant lithium cluster on our property. All drillholes encountered lithium, with wide areas of mineralization and results as high as 2,040 ppm lithium. In collaboration with RESPEC, our geological and operations partner, we submitted an amended drill program to the Bureau of Land Management, which was promptly approved. The updated program reflects the lessons learned from Phase One and focuses our drilling efforts on the central and eastern parts of the property. This approach is expected to help us generate an inferred resource by the end of the year. We are actively assessing the potential for additional exploration and drilling programs for the remaining two-thirds of the property.”

The Company had been previously permitted for twenty-two (22) drill holes and submitted an amendment application to the Bureau of Land Management (“BLM”) to adjust the drill pattern as seen in Figure 1. Drill targets will be continuously evaluated to focus on the highest-priority drill holes which may include twinning of holes.

Figure 1 - Drill Hole Locations

Qualified Person

The technical content of this news release has been reviewed and approved by Tabetha Stirrett, P.Geo, who is a Qualified Person as defined by NI 43-101.