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CALGARY, Alberta, December 13, 2022 (GLOBE NEWSWIRE) — Pan American Energy Corp. (“Company” or “Pan American“) (CSE: PNRG) (OTC PINK: PAANF) (FRA: SS6) is pleased to announce that the Company has submitted the Notice of Intentions to the Land Management Institute (“BLM”), Moab County Field Office, to re-drill exploration wells at its 4,160-acre Green Energy lithium project located in Utah’s Paradoc Basin. The Company proposes to reenter the previously drilled and plugged Cane Creek Federal 11-1 well on federal acreage and mineral land managed by the BLM Moab Field Office in Grand County, Utah, approximately 23.5 miles west of Moab, Utah.
The proposed re-entry of the well is expected to provide a more detailed understanding of the geological structure and subsurface stratigraphy underlying the prospect area. The proposed exploration plan consists of one proposed re-entry well, with an associated access corridor (2,438 acres of restored disturbance) on the BLM-managed acreage, as shown in Figure 1. The estimated duration of the program upon receipt of a permit from the BLM is approximately three (3 ) months for construction, drilling and sampling and seven (7) months including complete surface reclamation.
“Since acquiring the Green Energi Lithium Project, we have been actively evaluating the most promising wells for re-entry,” commented Pan American CEO Jason Latkovcer. “Conversion of existing infrastructure helps reduce environmental impact, de-risk drilling investments, and has been proven to be an effective exploration method by our operating partner in the region, Anson Resources.” The proposed disturbance in its entirety utilizes the previously disturbed and restored Cane Creek Federal 11-1 oil well and access corridor. This well was initially identified by Pan American’s contracted geologists for its depth and size and has since been confirmed by RESPEC through thorough geological, engineering and surveying work. After obtaining the permit and completing the work, we expect to have a better understanding of the concentrations of lithium, bromine, iodine and other potentially valuable minerals on our property. We also expect that it will allow us to continue testing brines using direct lithium extraction technology. We are excited to continue the program.”
Figure 1 – Locations of re-entry wells
About Pan American Energy Corp.
Pan American Energy Corp. (CSE: PNRG ) (OTC PINK: PAANF ) (FSE: SS6 ) is an exploration-stage company principally engaged in the acquisition, exploration and development of battery metal bearing mineral properties in North America.
The company’s flagship asset is a 100% owned green energy lithium project located in Paradox Basin, Utah, USA. The Company has also entered into an asset option agreement with Horizon Lithium LLC with the right to acquire a 100% interest in the Horizon Lithium Project, located in the Clayton Valley – Tonopah Lithium Belt, Nevada, USA.
The company has entered into an option agreement in Canada with Magabra Resources with the right to acquire up to a 90% interest in the drill-ready Big Mack Lithium project, 80 km north of Kenora, Ontario.
On behalf of the Board of Directors
Jason Latkovcer
CEO & Director
Contact
Phone: (585) 885-5970
Email: info@panam-energi.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,” “anticipated,” “estimated” and similar expressions and statements in connection with matters other than historical facts are intended to identify forward-looking information based on the Company’s current beliefs or assumptions about the outcome and timing of such future events. This press release specifically contains forward-looking information relating to, among other things, the Company’s planned exploration program, including the proposed scope of the exploration program, the anticipated time frame with respect to the completion of the exploration program and the expected results therefrom.
Various assumptions or factors are typically applied in reaching conclusions or making forecasts or projections set forth in forward-looking information, including, in connection with forward-looking information included in this press release, the assumption that: BLM will accept the research program as proposed and that the Company be granted the necessary permits to proceed with the exploration program in a timely manner, the Company will proceed with the exploration program as currently proposed and that the exploration program will produce the results the Company expects.
Although forward-looking information is based on reasonable assumptions by the Company’s management, there can be no assurance that any forward-looking information will prove to be correct. Forward-looking information involves known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially 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 related to obtaining necessary permits and approvals, changes in design parameters or delays as plans continue to be redefined, that mineral exploration is inherently uncertain and that the results of mineral exploration may not indicate to the actual geology or mineralization of the project, and that mineral exploration may be unsuccessful or may not achieve the results the company expects. The forward-looking information contained in this release is made as of the date of this release, and the Company undertakes no obligation 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 in this document, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
CSE has neither approved nor disapproved of the information contained in this document.
The photo accompanying this announcement is available at https://vvv.globenevsvire.com/NevsRoom/AttachmentNg/252801a1-4abf-4954-a675-9a93a4ffb2c1
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