Pan American Energy (CSE: PNRG; US-OTC: PAANF) reported on Friday assays as high as 2.75% lithium oxide (Li2O) over 1 metre from its Big Mack project in northwestern Ontario, comparable with Avalon Advanced Materials’ (TSX: AVL; US-OTC: AVLNF) Big Whopper deposit.
That result was in an interval that included 5.8 metres of 1.64% Li2O in drill hole BM24-047, intersected about 70 metres east of the main 6059/Sprinkler zone at Big Mack, located about 80 km north of Kenora.
Other highlights included 1.71% Li2O over 19.6 meters and 1.46% Li2O over 4.5 meters in drill hole BM24-059 that went through the centre of the Eleven Zone pegmatite, among 13 holes drilled during the company’s 2023/2024 drilling program.
Those come close to some of Avalon’s results reported last May at Big Whopper, located just 1.3 km from Big Mack. They included 1.67% Li2O over 19.6 metres, 1.2% Li2O over 27.5 metres and 1.8% Li2O over 9.63 metres contained within 0.96% Li2O over 45 metres.
“Our team has further expanded on the newly identified mineralized zones in areas where high grade lithium had not previously been identified,” Pan American CEO Jason Latkowcer said in a release. “This proves to us that additional discoveries can be made at the property, and as we refine our understanding of the geology, we will look to follow-up these intercepts as they remain open at depth and along strike.”
The assay highlights come from 8,319 metres drilled across 59 collar sites as part of the 2023/2024 drilling program of Pan American, one of several companies exploring for
lithium in northern Ontario. Despite lithium prices remaining low compared to the levels of last summer, exploration is ongoing for the critical mineral that is an essential component of electric vehicle batteries.
Q2 initial resource
The results announced Friday mark the end of the final phase of exploration in 2023/2024 at the Ontario project, and will be incorporated into a resource for Big Mack, expected to be announced in the second quarter.
The program was aimed at delineating the Big Mack and Eleven zone pegmatites and exploring the Sprinkler zone. Exploration found that mineralization in Sprinkler remains open at depth and along strike to the southeast.
The last phase of drilling was designed to test and extend mineralization where visible anomalies had been observed on the surface but hadn’t been drilled. The phase was also intended to complete infill holes within the Eleven zone and Big Mack pegmatite.
Big Mack is in the neighbourhood of Avalon’s Separation Rapids lithium project. It hosts 10.1 million measured and indicated tonnes grading 1.35% lithium oxide (Li2O), and 2.8 million inferred tonnes at 1.38% Li2O.
The Calgary-based Pan American holds an option agreement with privately-held Magabra Resources, giving it the right to acquire up to a 90% interest in Big Mack.
Pan American shares were up 3.4% to 15¢ apiece on Friday, near the floor of its 52-range of 14¢ and 70¢. It has a market capitalization of US$10.5 million.
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