Bang I Tum Prospect – Initiation Of Drilling Reung Kiet Lithium Project, Thailand

HIGHLIGHTS

• Drilling has commenced at Bang I Tum Lithium Prospect
  
• The two-rig drilling program will focus on testing the Exploration Target and the Extended Target Zone
• The first two drill holes, BTDD007 and 008, are underway and will primarily test deeper parts of the defined Exploration Target
• Drill hole BTDD007 has intersected a new zone of lepidolite bearing pegmatite from 30.9 meters
• Pan Asia Metals is fully funded to pursue its work programs at its Bang I Tum Prospect and Reung Kiet Prospect following a successful $4.5m private placement in January 2023

The drill program is expected to take approximately six (6) months, with the aim of defining a Mineral Resource, expected to be reported in late 2023.

As announced on 24 October 2022¹ the Company has defined a new Extended Target Zone, which is adjacent to the current Exploration Target zone (see Figure 1), which has a footprint approximately twice the size of the current Exploration Target zone. The drill program has been expanded to test the newly define adjacent zone, which is interpreted as an approximately 800m long and 200m wide lepidolite-rich pegmatite dyke and vein swarm.

The Company has an extensive program planned for the BIT Prospect in 2023, including:

• Drilling to test the Exploration Target of 8 to 14 Million tonnes @ 0.50% - 0.80% Li₂O (JORC Code 2012)
  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.
• Drilling to test the Extended Target Zone (as identified in Figure 1)
• A metallurgical test work program to evaluate the mineralisation at Bang I Tum and to evaluate the metallurgical performance²
  
• Additional follow-up sampling and mapping to further refine, and potentially expand, the prospective zone to the south
• Delivery of a maiden Mineral Resource at BIT Prospect in late 2023

Pan Asia Metals Managing Director Paul Lock said: “Commencement of drilling at the BIT Lithium Prospect is an important milestone. Following our rock-chip and soil sampling program that identified a new and highly prospective zone adjacent to the BIT Exploration Target zone, we are excited to begin drilling which we expect to result in our maiden Mineral Resource at BIT. 2023 will be an active year for the Company at our Reung Kiet Lithium Project, with a drilling program just finished at our Reung Kiet prospect and this new drilling program beginning at the Bang I Tum prospect.”

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