Bang I Tum Lithium Prospect – Drilling Continues To Deliver

Battery and critical metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to provide an update for new drill holes (BTDD022-025) completed at the Bang I Tum prospect. Drilling results continue to support the geological model applied to the Exploration Target estimate with lithium mineralisation hosted in mica (lepidolite and/or muscovite) rich pegmatite dykes-veins and adjacent metasediments. The prospective zone is currently defined over a strike length of over 1km and remains open along strike and at depth on many sections.

HIGHLIGHTS

• Visual results for holes (BTDD022-025) continue to demonstrate substantial extensions of the pegmatite dyke swarm at Bang I Tum.
  
• Results indicate pegmatite dyke-vein swarm is over 300m wide in the northern portion.
• Drilling confirms discovery of new pegmatite zones to the west of the main zone with pegmatites intersected down-dip of elevated lithium in rock-chips and soils at surface.
• Drilling confirms further northern extensions of the Main zone in association elevated lithium in rock-chips and soils at surface.
• Pegmatite geometries are consistent with geological interpretation for the current Exploration Target of 8-14Mt @ 0.5-0.8% Li₂O1.
  
• Updated Exploration Target estimate is currently being prepared and will include new Western Zone.
• Drilling is ongoing with the aim of reporting a Mineral Resource Estimate for the Bang I Tum Lithium Prospect later in 2023.
• Metallurgical testwork samples from Bang I Tum are being prepared.

Pan Asia Metals Managing Director said: “Visual observations in the drilling to date show substantial extensions to the mineralised zone, with the pegmatite dyke swarm over 300m in width in certain areas. In comparison, Reung Kiet has a dyke swarm width of about 100m at the southern end of that Prospect. Assay results to date are very encouraging, as are visual observations. Drilling continues and we are currently considering a third rig, a decision will be made with a 3rd Quarter start in mind. Overall we are very pleased with the results at Bang I Tum, the prospect is shaping up well.”

¹The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

The Reung Kiet Lithium Project (‘RKLP’), inclusive of the Bang I Tum prospect is one of PAM’s key assets. RKLP is a hard rock lithium project with lithium hosted in lepidolite/muscovite rich pegmatites chiefly composed of quartz, feldspar, lepidolite and muscovite, both lithium bearing micas, with minor cassiterite and tantalite as well as other accessory minerals. Previous open pit mining extracting tin from the weathered pegmatites was conducted into the early 1970’s.

Bang I Tum Lithium Prospect

The Bang I Tum Lithium Prospect (Bang I Tum or BIT), is located about 8km north of the Reung Kiet Lithium Prospect in southern Thailand. At Bang I Tum PAM has estimated a drill supported Exploration Target of 8 to 14 Million tonnes at a grade ranging between 0.5% to 0.8% Li₂O (see PAM ASX announcement “Reung Kiet Lithium Project Exploration Target” dated 27 July, 2022). Grades were also estimated for Sn, Ta₂O₅, Rb, Cs and K, see Table 1.

Table 1. RKLP – Bang I Tum Prospect - Exploration Target, 27 July, 2022

The BIT prospect hosts a significant historic tin mine that extends for almost 2km along strike. Mining was undertaken by open cut hydraulic methods to about 40m below surface and ceased when hard rock was intersected.

Further mapping and soil and rock-chip sampling has significantly increased the exploration potential at Bang I Tum immediately west of the existing Exploration Target. This new Western zone, approximately 800m long and 200m wide, is characterized by numerous mica rich alpo-pegmatite dykes and veins that are interpreted to be a westerly extension of the dyke swarm and the existing Exploration Target (see PAM ASX announcement “Bang I Tum – High Grade Lithium Results” dated 24 October, 2022. Recent drilling has provided additional support for this zone. Pan Asia is currently preparing an updated Exploration Target estimate that will include the new Western zone.

The BIT prospect is separate to the Reung Kiet Prospect where PAM has reported an inaugural Inferred Mineral Resource (see PAM ASX announcement “Inaugural Mineral Resource Estimate Reung Kiet Lithium Project” dated 28 June, 2022) as shown in Table 2. PAM retains a 100% interest in both prospects.

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