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(Kitco News) – Pan American Energy (CSE: PNRG) (OTC PINK: PAANF) today announced its inaugural mineral resource estimate (MRE) on its Horizon lithium project in Big Smoky Valley, Esmeralda County, Nevada.
In a statement, the company said the project’s maiden MRE, which was completed by RESPEC, totals over 1.3 million tonnes of indicated and 8.8 million tonnes of inferred lithium carbonate equivalent (LCE) resources at an average grade of 678 ppm lithium, adding that the deposit is “one of the largest” in the United States.
According to the company, the Horizon lithium claystone project is one of the largest land packages in the Tonopah Lithium Belt, encompassing 839 unpatented lode claims covering approximately 17,334 acres.
The company pointed out that the project sits immediately adjacent to American Battery Technology’s Tonopah Flats project, with a mineral resource estimate of 15.8 million tonnes of Inferred LCE mineral resources.
Pan American said it holds its interest in the project pursuant to a property option agreement entered into with the owner of the project, Horizon Lithium, 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.
The company also noted “significant” expansion potential through step-out drilling to extend the deposit to the North West, South, East and West and at greater depths.
CEO Jason Latkowcer commented, “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.
“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.
“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.”
Pan American Energy is an exploration stage company engaged principally in the acquisition, exploration and development of mineral properties containing battery metals in North America.
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