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Pan American Energy Announces One of the Largest Identified Lithium Deposits in the US at Horizon Lithium Project
CALGARY, Alberta, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Pan American Energy Corp. (CSE:PNRG) (OTC PINK: PAANF) (FRA: SS60) ("Pan American" or the "Company") is plea
About this update from Pan American Energy Corp.
[{"type":"text","content":" CALGARY, Alberta, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Pan American Energy Corp. (CSE:PNRG) (OTC PINK: PAANF) (FRA: SS60) (\"Pan American\" or the \"Company\") is pleased to announce its inaugural mineral resource estimate (\"MRE\") on its Horizon Lithium Project (the \"Project\") in Big Smoky Valley, Esmeralda County, Nevada. The MRE was completed pursuant to the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The Horizon Lithium Project is one of the largest land packages in the Tonopah Lithium Belt, encompassing 839 unpatented lode claims covering approximately 17,334 acres. Pan American holds its interest in the Project pursuant to a property option agreement (the “Property Option Agreement”) entered into with the owner of the Project, Horizon Lithium LLC, which allows Pan American to explore the Project and to earn a 100% interest in the Project by making certain cash payments and share issuances to Horizon Lithium LLC. The MRE was completed by RESPEC, LLC (“RESPEC”), a leader in lithium claystone resource estimations and engineering design work, utilizing the results of the Company’s 20-hole exploratory drill program, which had totalled approximately 4,371.6 metres. RESPEC has also been engaged to prepare a technical report on the Project containing the full results of the Company’s drill program and the MRE (the “Technical Report”). Pursuant to NI 43-101, the Company will file the Technical Report within 45 days of the date hereof on the Company’s SEDAR+ profile at www.sedarplus.ca. Highlights One of the largest identified lithium deposits in the U.S. with an estimated Indicated Mineral Resource of 1,325 Lithium Carbonate Equivalent (“LCE”) Kilo tonnes (“KTonnes”) and Inferred Mineral Resource of 8,879 LCE KTonnes, with an average grade of 678 ppm lithium (“Li”) (see table below for additional details regarding the calculation of the MRE and the average Li grades for the Inferred Mineral Resources and Indicated Mineral Resources). High-Grade Mineral Resources. Estimates were calculated based on a conservative 300 ppm Li cut-off within an optimized pit. Rapid advancement in a short timeframe. The MRE is based on 20 diamond drill holes completed in 2023, within a year of the Company acquiring rights to the Project pursuant to the Property Option Agreement. One...