Pan American Energy Corp. (the “Company” or “Pan American”) (CSE: PNRG) (OTC PINK: PAANF) is pleased to announce that it has entered into a property option agreement (the “Option Agreement”) with Magabra Resources Corporation (the “Vendor”) dated August 22, 2022 (the “Effective Date”), pursuant to which the Company has been granted the right to acquire up to a 90% interest in and to the Big Mack Property, which consists of a single mining lease (LEA-107832) in the Paterson Lake Area located approximately 80 kilometres north of Kenora, Ontario, Canada (the “Property”). The Property occurs within the Separation Lake Greenstone Belt (SLGB) and has been studied by the Ontario Geological Survey and Ontario government for the rare-metal pegmatite potential of the area. Exploration work to date has identified a series of petalite and rare earth pegmatites on the Property.
“This transaction with Magabra Resources Corporation represents another transformational step forward for Pan American Energy Corp” says CEO, Jason Latkowcer. “Adding a hard rock lithium asset to our portfolio diversifies the Company’s lithium projects beyond our current Green Energy Lithium brine project in Utah. The Big Mack Project is known for having a series of petalite and rare earth pegmatites including Lithium-Cesium-Tantalum (LCT), with meaningful historical assay records. We would like to thank Perry Heatherington and his team and look forward to collaborating on further exploration and development of the Big Mack Project”
In consideration for a series of cash and share payments, and the incurring of exploration expenditures, separated into three phases, the Company may acquire up to a 90% interest in the Property.
