Bang I Tum Lithium Prospect -Exploration Target Substantially Increased

Battery and critical metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to report an updated Exploration Target for the Bang I Tum Lithium Prospect located in southern Thailand. The Exploration Targetis 16-25Mt @ 0.40-0.70% Li2O and represents a circa 80 to 100% increase in tonnage to the previous Exploration Target of 8-14Mt @ 0.5-0.8% Li2O.

The 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.

Exploration Target: 16.0 – 25.0Mt @ 0.40% - 0.70% Li2O (JORC Code 2012)

Pan Asia Metals’ Managing Director Paul Lock said: “We have provided this drill supported Exploration Target update as guidance to the potential size of the Bang I Tum Lithium Prospect. It is based on our interpretation of mineralisation, geometry, geochemistry and geology, and is supported by 28 diamond drillholes, 7 with assay results, as well as surface soil and rock-chip sampling and associated geological observations. We are aiming to report an inaugural Mineral Resource later this year. Based on this Exploration Target and associated observations, we consider that Bang I Tum has the potential to be considerably larger than the Reung Kiet Lithium Prospect, where an updated Mineral Resource is nearing completion. Combined, these prospects show potential for a long life project, and their proximity to each other positions PAM well for shared plant and feed blending options which will help achieve optimum feed blends, grades and recoveries.”

This Exploration Target lies within the Bang I Tum Lithium Prospect (Bang I Tum or BIT), which is located about 8km north-east of the Reung Kiet Lithium Prospect in southern Thailand. Pan Asia Metals retains a 100% interest in the project via Special Prospecting License 1 (JSPL1/2562). Grades have also been estimated for Sn, Ta₂O₅, Rb, Cs and K which are all potential by-products depending upon processing methods adopted, see Table 1. The Sn and Ta₂O₅ grades are significant and, as by-product credits, have the potential to improve project economics.

Table 1. RKLP – Bang I Tum Prospect - Exploration Target, 10 July, 2023

The Exploration Target is an update from the previous Exploration Target reported on 27 July 2022 (see Table 2).

Table 2. RKLP – Bang I Tum Prospect – Previous Exploration Target, 27 July, 2022

The updated Exploration Target takes into account newly acquired information which has served to extend the previous Exploration Target to the east, north and west. Some of these zones still remain open and await drill testing (see Figure 1).

The updated Exploration Target is based on the current geological interpretation of mineralisation, geometry, geochemistry and geology. This is provided by 28 diamond drillholes with assay results for 7 of these holes, surface soil and rock-chip sampling and associated geological observations.

PAM aims to report an inaugural Mineral Resource for Bang I Tum later in 2023.

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