Pan American Energy Announces Commencement of the Phase 2 Drilling Program at the Big Mack Lithium Project

CALGARY, Alberta, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Pan American Energy Corp. (CSE: PNRG | OTCQB: PAANF | FRA: SS60) ("Pan American” or the "Company") is pleased to announce that it has commenced the Phase 2 drilling program at its Big Mack Lithium Project, located approximately 80 kilometers north of the town of Kenora, ON. The exploration program is being carried out by Fullforce Diamond Drilling Ltd. (“Full Force”) under the geological oversight of Axiom Exploration Group Ltd. (“Axiom”). The Company is fully funded for the Phase 2 drilling program and plans to drill approximately 5,000 meters.

Following a successful Phase 1 drilling program (highlighted below), the Phase 2 drilling program will continue to focus on infill and exploratory targets that were identified through historical drilling analysis, UAV magnetic survey, and the Summer 2023 field prospecting program. The Company intends to drill the Sprinkler/6059 Zone, The Eleven Zone, and infill drilling on the Big Mack pegmatite. The Company also plans to explore the possible petalite mineralization between the Big Mack and Sprinkler. The objective of the drill program is to quantify the presence and extent of mineralization on the Property to further advance the project.

Jason Latkowcer, Chief Executive Officer, commented, "After pausing for the holidays, our team and contractors have returned to the Big Mack Lithium Project and commended drilling on the Phase 2 drill program. Having recently closed a series of financing and recognizing costs savings due to contractor performance in 2023, this drilling program is fully funded any planned and additional meterage. A large majority of equipment remained mobilized on-site, allowing the Company to setup quickly and efficiently for this next phase. It is an exciting time for the Company.”

Phase One 2023 Drilling Program Highlights:

• Big Mack Deposit: Extended known pegmatite at depth, included enough drilling to update the resource
• Eleven Zone: Increased the size of the known pegmatite both at depth and along strike to the west. Exploration holes resulted in multiple intersection of pegmatite in all but one drill hole. Extended the known Eleven Zone pegmatite to the west.
• Drill Hole BM23-001 Result: Testing the interior section of the Big Mack Pegmatite, returned assay values of 1.13% Li2O over 27.98 m