- Pan American Energy (CSE:PNRG) released the inaugural mineral resource estimate (MRE) at its Horizon Lithium Project
- The MRE was completed under National Instrument 43-101 standards
- The team has unearthed 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)
- Pan American Energy last traded at $0.49 per share
Pan American Energy (CSE:PNRG) released the inaugural mineral resource estimate (MRE) at its Horizon Lithium Project.
The project is in Nevada’s Big Smoky Valley, where the team is working toward delineating the size, quality, and economic viability of the newly discovered lithium mineralization. The MRE was completed under National Instrument 43-101 standards, The Horizon Lithium Project is one of the largest land packages in the Tonopah Lithium Belt, encompassing 839 unpatented lode claims covering 70.14 square km.
The team has unearthed one of the largest identified lithium deposits in the United States 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). Estimates were calculated based on a conservative 300 ppm Li cut-off within an optimized pit.
The project’s resource block model and tabulation was completed based on the data collected from 20 drill holes completed this year.
The company has noted significant expansion potential through step-out drilling to extend the deposit to the Northwest, South, East and West and at greater depths. The company is evaluating geophysical exploration techniques and Phase 3 drill planning.
|Table 1. Mineral Resource Estimate for the Horizon Lithium Project|
|Li KTonnes||LCE KTonnes|
“This initial mineral resource estimate marks the most important milestone to date for our company, highlighting the identification of a large-scale and high-grade lithium deposit with significant future potential right here in North America,” Pan American’s chief executive officer, Jason Latkowcer, said in a news release. “The past year has been an impressive demonstration of how quickly our team has been able to meet operational objectives.
“Within less than a year, our drilling efforts led to a tremendous discovery of a cluster of lithium mineralization and the inaugural mineral resource estimate on the project – one of the largest in the United States. I commend our team and contractors. Our execution strategy is to advance the project through engineering as quickly as possible, while concurrently working to expand and upgrade the mineral resources at the project. We will also consider prospective acquisition targets in the area in order to enhance our land package. We look forward to continuing to deliver results.”
Pan American Energy Corp. is an exploration stage company focused on acquiring, exploring and developing mineral properties across North America.
Pan American Energy last traded at $0.49 per share and is up 14.85 per cent over the past month.
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