Pan American Energy Announces Completion of Drill Trails to Big Mack Phase 1 & 2 Drill Sites

Rhea-AI Summary

Pan American Energy Corp. (OTC PINK: PAANF) announced the completion of drill trail repairs on its Big Mack Property, enhancing access for trucks and drilling rigs. This infrastructure development marks the first on-site advancement and ensures safer operations for exploration. The company has renewed its mining lease until 2042, while an updated exploration and closure plan is underway. A drilling program, exceeding 5,000 meters, is expected to commence soon, focusing on the Big Mack and Eleven Zone surface exposures.

Positive

• Completion of drill trail repairs for safer access.
• Renewal of mining lease until 2042.
• Planned 5,000+ meter diamond core drilling program.

Negative

• None.

The drill trail repair allows for safer drive-in access for trucks and drilling rigs to the Big Mack, Eleven Zone and Sprinkler Zone / 6059 LCT-pegmatites

CALGARY, Alberta, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Pan American Energy Corp. (the “Company” or “Pan American”) (CSE: PNRG) (OTC PINK: PAANF) (FRA: SS6) is pleased to announce the completion of the drill trails to the Big Mack, Eleven Zone and Sprinkler Zone / 6059 LCT-pegmatites, allowing for safer access for trucks and drilling equipment onto the Big Mack Property (the “Property”). The repair is the first infrastructure development undertaken by the Company on the Property. In addition, the Company has renewed the mining lease for another 21 years to 2042 and the Ministry of Energy, Northern Development and Mines Big Mack Advanced Exploration & Closure Plan is currently being revised and updated by the Company. The access trail has been re-opened in preparation for the Company’s planned 5,000 plus metre diamond head core drilling and sampling program which is expected to start with the Big Mack and Eleven Zone surface exposures.

“Establishing this updated trail infrastructure advances the Property in two ways,” states Chief Executive Officer, Jason Latkowcer. “First, it creates a passage allowing safer drive-in access for our exploration geologists and drilling contractors. Second, it solidifies our infrastructure to move material out of the project, which will be important if and when the Property is commercialized. The Company expects to announce our phase 1 drilling program in the coming weeks. We’re excited to have this step complete.”

About Pan American Energy Corp.

Pan American Energy Corp. (CSE: PNRG) (OTC PINK: PAANF) (FSE: SS6) is an exploration stage company engaged principally in the acquisition, exploration and development of mineral properties containing battery metals in North America.

The Company’s flagship asset is the 100% owned Green Energy Lithium Project, located in the Paradox Basin, Utah, USA. The Company has also entered a property option agreement with Horizon Lithium LLC with the right to acquire 100% interest in the Horizon Lithium Project, located within the Clayton Valley – Tonopah Lithium Belt, Nevada, USA.

The Company executed an option agreement in Canada with Magabra Resources with the right to acquire up to 90% interest in the drill-ready Big Mack Lithium Project, 80 km north of Kenora, Ontario.

On Behalf of the Board of Directors
Jason Latkowcer
CEO & Director

Contact
Phone: (585) 885-5970
Email: info@panam-energy.com

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the Company’s planned drilling and sampling program, including the date upon which the Company expects to announce its phase one plans, the amount of drilling to be contained in such program and the proposed location of the exploration undertaken as part of the program, and the potential commercialization of the Property.

Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, the assumption that: the Company will be successful in commercializing the Property and that the Company will undertake its planned drilling and sampling program on the timeline and parameters that are currently expected. Such assumptions and factors are based on information currently available to the Company.

Although forward-looking information is based on the reasonable assumptions of the Company’s management, there can be no assurance that any forward-looking information will prove to be accurate. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters or delays as plans continue to be redefined, that mineral exploration is inherently uncertain and that the results of mineral exploration may not be indicative of the actual geology or mineralization of a Project, and that mineral exploration may be unsuccessful or fail to achieve the results anticipated by the Company, including the establishment of a commercial mining operation. The forward-looking information contained in this release is made as of the date hereof, and the Company not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

The CSE has neither approved nor disapproved the information contained herein.

FAQ

What is the purpose of the drill trail repair by Pan American Energy Corp. (PAANF)?

The drill trail repair improves access for exploration geologists and drilling contractors to the Big Mack Property, enhancing operational safety.

When is the drilling program expected to start for Pan American Energy Corp. (PAANF)?

The drilling program is expected to commence soon, following the completion of the trail repairs.

What is the significance of the mining lease renewal for Pan American Energy Corp. (PAANF)?

The renewal of the mining lease until 2042 secures the company's rights to explore and develop the Big Mack Property for an extended period.

How much drilling is planned for the Big Mack project by Pan American Energy Corp. (PAANF)?

Pan American Energy Corp. has planned over 5,000 meters of diamond core drilling for the Big Mack and Eleven Zone areas.

What are the next steps after the drill trail repair for Pan American Energy Corp. (PAANF)?

The next steps involve initiating the planned drilling and sampling program, which is anticipated to be announced soon.