BT Lithium Prospect – Strong Li and Sn Results Continue

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 BT prospect. Drilling results are generally in line with the geological model applied to the Exploration Target estimate with lithium, tin and tantalum mineralisation hosted in pegmatite dykes-veins and adjacent metasediments. The prospective zone is currently defined with a strike length of over 1km, is up to 300m in width, and remains open along strike and at depth on many sections.

HIGHLIGHTS

• Drill holes (BTDD0019-025) demonstrate continuity and extensions of the pegmatite dyke-vein swarm at the BT Lithium Prospect
• Confirmation of new Li pegmatite zone discovery west of the main lithium zone with Li pegmatites intersected down-dip of rock-chips and soil at surface with elevated lithium
• Further northern extensions of the Main zone confirmed in association elevated Li, Sn and Ta
• Results indicate pegmatite dyke-vein swarm target is over 300m wide in central and northern portions
• Drilling results include:

Pan Asia Metals Managing Director said: “We are making good progress with our drilling at the BT Lithium Prospect, with three diamond rigs operating we are on track to deliver an inaugural Mineral Resource Estimate later this year. This will be followed up with a preliminary feasibility study and lodgment of mining licence applications either late this year or early next year. The advantage we have at BT is the similarity with the RK Lithium Prospect situated only 8km to the south, where we have completed a substantial amount of our feasibility work. The results presented today are very good as they demonstrate extensions of the pegmatite dyke swarm, confirm a new lithium pegmatite discovery west of the main lithium zone, and further extensions of the main zone, which is confirmed at up to 300 meters in width. The RK Lithium Project, which is inclusive of the BT Lithium Prospect and the RK Lithium Prospect, is moving along very well. And PAM’s MOU with IRPC, a leading Thai stock exchange listed integrated petroleum and petrochemical company, is an endorsement of the Project’s credentials, positioning PAM to become a leading integrated lithium chemical producer in Southeast Asia. IRPC’s key shareholder with circa 45% is PTT, with a market capitalisation of circa US$30 Billion it is one of the largest listed companies in Thailand. PTT is circa 51% held by the Thai Government. PTT has entered into separate joint ventures with CATL and Gotion to produce lithium-ion batteries in Thailand, and a joint venture with Foxconn, to build EVs in Thailand. CATL is the largest lithium-ion battery producer in the world and Gotion is in the top 10. As a result, PAM is well positioned to deliver on its strategy to produce lithium chemicals.”

The RK Lithium Project (‘RKLP’), inclusive of the BT 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.

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