December 2022 Quarterly Report

Battery and critical metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to provide this Quarterly Activities Report, summarising activities for the quarter ending 31 December, 2022.

HIGHLIGHTS

• Reung Kiet Lithium Prospect assay results received for infill and extensional sampling from drill holes RKDD058-072 continue to support the model with many high grade intersections, including:
  
  • RKDD068: 29.65m @ 0.60% Li2O
  • RKDD069: 20.30m @ 0.70% Li2O
  • RKDD059: 8.50m @ 1.03% Li2O
  • RKDD063: 7.40m @ 0.81% Li2O
  • RKDD058: 3.45m @ 1.62% Li2O
• Bang I Tum Lithium Prospect field work results identifies a new target zone of approximately 800m long and 200 meters wide in which a lepidolite rich pegmatite dyke and vein swarm is interpreted. The original target zone supporting the ‘Exploration Target’ has been enlarged by 200% with some of the highest non selective rock chips and channel samples reported to date:
  • 44 of 64 samples average 1.56% Li2O at a 0.30% Li2O cutoff
  • 35 samples >1.00% Li2O and 12 samples >2.00% Li2O
  • Maximum grade 2.62% Li2O
• Reung Kiet Lithium Prospect test-work confirms excellent amenability of mineralisation to ore sorting with the ‘ore’ head grade almost doubling from 0.50% Li2O in the feed to 0.92% Li2O in the sorted products. Results indicated 72.8% lithium recovery into 39.2% sample yield at an average grade of 0.92% Li2O and 60.8% of the feed discarded as waste/low grade siltstone at an average grade of 0.22% Li2O.
• Reung Kiet Lithium Prospect metallurgical flotation test-work results based on representative diamond drill core samples finalized, Lithium mica concentrate grades up to 3.0% Li2O with lithium recoveries up to 78%.
• Cash Balance of A$6.0 million comprising A$1.5 million as at 31st December and A$4.5 million raised through a private placement as announced on Tuesday the 31st of January which is scheduled for settlement in late February.

Reung Kiet Lithium Project – Ore Sorting

During the Quarter PAM completed ore sorting test-work conducted on drill core sample from the Reung Kiet Lithium Prospect, delivering exceptional results which indicated 72.8% lithium recovery into 39.2% sample yield at an average grade of 0.92% Li2O, almost double the feed grade of 0.50% Li2O. 60.8% of the feed was discarded as waste/low grade siltstone at an average grade of 0.22%, which is below the current Mineral Resource cutoff grade of 0.25% Li2O. See Table 1 below and PAM’s ASX announcements dated 22 November, 2022, titled ‘Exceptional Ore Sorting Test-Work Results Confirmed’ (see Table 3: Summary of ASX Announcements).

This article includes content from Pan Asia Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.