The Conversation (0)
Battery Materials explorer and developer Pan Asia Metals Limited (ASX: PAM) ('PAM' or 'the Company') is pleased to report that it has secured an addition —200km2 of concession application area prospective for Li brines and Li clays at the Pink Lithium Prospect situated in the Tarapaca region of the Atacama Desert in northern Chile.
HIGHLIGHTS
- An additional —200km2 of Salar de Pintados secured
- Increases PAM's holdings to —1,600km2, which is —13% of the highly prized Pampa del Tamarugal Basin
- Cements PAM's leadership position in the Pampa del Tamarugal Basin and the Li Brine and Li Clay peer groups
- Multiple surface assays above 1,000ppm Li and up to 2,200pp Li
- Data review underway with preliminary results imminent.
- Drilling preparations underway.
Pan Asia Metals Managing Director, Paul Lock, said: "We're not sitting still, on the tail of positive news coming out of Chile regarding lithium exploration and development we are pleased to secure an additional circa 200km2 of exploration concession applications at our Pink Lithium Project which are highly prospective for Li Brines and Li Clays following our field trip earlier in August. This is on the back of positive news out of Chile with the Government vowing to take a pragmatic approach to opening up new areas for lithium mining on a call last week with more than 400 lithium industry representatives. Chile's new public-private model will see private firms to retain control of projects in non-strategic areas (i.e. those not on Solar de Atacama or Maricunga), with the Government adopting a flexible strategy to attract the private sector to participate. Chile is looking to reverse the decline in its market share of lithium as well as looking to encourage downstream investments. Companies able to add value will have an advantage under the new model, which fits perfectly with PAM's mid-stream chemical strategy. PAM's holding in the highly prized Pampa del Tamarugal Basin has increased to 13% of the basin."
The new exploration application areas increase PAM's holdings in the highly prized Pampa del Tamarugal Basin by —200km2 to —1,600km2, or about 13% of the basin.
Figure 1. Pink Lithium and southern end of Pozon Lithium Prospects
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