Pan American Energy Corp. (CSE:PNRG) recently completed its Phase One drilling program at the Big Mack Lithium Project, situated about 80 kilometres north of Kenora, Ontario. This program, executed by Fullforce Diamond Drilling Ltd. with geological support from Axiom Exploration Group Ltd., concluded both within the scheduled time frame and under budget.

Jason Latkowcer, Chief Executive Officer, commented in a press release: “We are extremely pleased with the execution and results of our Phase One, 2023, drilling program. Completing the first leg of the program on time and under budget is a testament to the efficacy of our team and contractors. We are fully-funded to complete the planned follow-on exploration initiatives at the Project, including the Phase Two drill program and the related resource modelling and reporting, geophysics, and field prospecting programs.”

The focus of Phase One was on exploring targets identified through historical drilling, a UAV magnetic survey, and the company’s field prospecting in 2023. With the successful completion of this phase, American Energy Corp. is now preparing for Phase Two. This subsequent phase aims to continue investigating the potential mineralization of critical minerals at the site. The company anticipates that the extensive drilling undertaken in Phase One will enable it to estimate a mineral resource in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects upon completing Phase Two.

The Big Mack Lithium Project, located 2 kilometres east of Snook Lake Road and in proximity to Avalon’s Separation Rapids Big Whopper deposit, sits within an established mining lease. This region, with over three decades of exploration history, is also within the traditional land use area of the Wabaseemoong Independent Nations of Whitedog, Ontario, approximately 35 kilometres southwest of the project.

The site is known for hosting four Li-bearing pegmatites: the Big Mack pegmatite, Eleven Zone, Sprinkler Zone, and 6095 pegmatite. These pegmatites, linked to the Separation Rapids Pluton, are classified as zoned Complex Type, Petalite Subtype LCT Pegmatites. The Big Mack pegmatite, notable for being the largest petalite-bearing mass in the area, has been exposed over a significant area. Historical drilling efforts in 1998, 1999, and 2001 revealed mineralization extending along a strike length of about 150 meters and to a depth of 75 meters. The mineralization at the project site remains open for further exploration both at depth and along the strike.

Highlights from the results are as follows:

Phase One 2023 Drilling Program:

• Big Mack Pegmatite: Drilled 19 holes (including BM 23-001) totaling 1,984 meters resulting in the extension of the known pegmatite at depth.
• Eleven Zone: Drilled 7 holes totaling 879 meters resulting in the extension of the known pegmatite both at depth and along strike 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. For additional information regarding Drill Hole BM23-001 please see the Company’s news release dated December 12, 2023, filed on the Company’s SEDAR+ profile at www.sedarplus.ca.

Phase One 2023 Drilling Program Details:

• Commencement Date: Mobilization and drill start dates respectively: October 31^st and November 3^rd, 2023
• Shutdown Date: Drilling stop date and crew’s last day on site: December 14^th and December 19^th, 2023
• Total Number of Drillholes: 34 completed holes (BM23-001 to BM23-0034) and one abandoned hole (BM23-001A)
• Total Meters Drilled: 4,582 meters drilled in 2023
• Geochemical Assay Samples: A total of 2,337 samples have been taken across the 34 completed holes. Of these, 1,817 samples have been delivered to ALS Global for geochemical assays. The remaining 520 samples will be cut and submitted in early January, 2024.

Table 1: Completed 2023 drill hole attributes

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.