Tama Atacama Lithium – Solid Seismic Data Interpretations

Battery and critical metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to report an exploration update for the Pink, Pozon, Dolores South and Dolores North Lithium Prospects situated in the Tarapaca region of the Atacama Desert in northern Chile, with a primary focus on the Pink Lithium Prospect. The review and this exploration update relates to historic seismic surveying undertaken in the 1960’s and shallow groundwater drilling undertaken in the early 1990s’. The target lithium in brine zone at the Pink Lithium Prospect has been re-defined, with overlapping areas of elevated Li and chlorine (Cl), an indicator of salty water/brine, interpreted at >500km2, while the total target lithium in brine zone at the Pink, Pozon and Dolores South and North Lithium Prospects is interpreted at ~1,000km2.

HIGHLIGHTS

• Data review yields positive results
• Review focuses on Pink, Pozon and Dolores Li in Brine Prospects
• Primary focus on Pink Lithium Prospect, with preliminary drill targets defined
• Seismic results confirm deep basin sediments, approximately 400-600m thick
• Historic groundwater investigations confirm shallow saline aquifers
• Saline groundwater zones correspond with highly elevated Li in surface salt crusts
• Target Li Brine area re-defined with elevated Li and chlorine (Cl) over ~1,000km2
• Results awaited for additional surface geochemical samples
• Geophysical exploration being planned
• Drill planning underway

Project Overview

Location and Access

The Pink Lithium Prospect (Pink) is located in the Tarapacá Region, in northern Chile. The project area is part of the larger Pampa del Tamarugal Basin (PT Basin) where PAM holds approximately 1,600km2 of granted concessions or concession applications. The project area has excellent access to infrastructure with the energy grid and a major highway (Ruta 5) running through it. The nearest large city is Iquique, located about 75km by road to the west, on the coast (see Figure 1). The mining service town of Pozo Almonte is located immediately north of the project area.

Land Ownership and Tenure

The project area hosts a variety of land uses, in the north and east there is private residential land in and around several villages, small acreage land with ‘weekend homesteaders’, some military land, some Reserve land and some other public lands. The western and southern parts of the project area host an extensive zone of salt flats associated with Salar’s Pintados and Bellavista, which are essentially unpopulated.

Previous Mining and Exploration

Certain areas of the Salars in this region host historic borate, potassium and salt extraction, with many areas immediately west of the project area the host to historic nitrate mining. There is little record of any of these past mining activities.

Figure 1. Tama Atacama Lithium Project – Area of Data Review

Modern Exploration

More recent exploration, since 2016, has been conducted by Rajo in conjunction with ASX-listed Specialty Metals Limited (ASX:SEI). SEI were awarded 20 exploration concessions covering the southwestern parts of Salar de Pintados and northern parts of Salar Bellavista. From 2016-2018 Rajo/SEI collected 128 samples that now occur within or immediately adjacent to PAM’s granted concessions and concession applications. These samples are mostly from the near surface salt/gypsum crust with lesser samples of adjacent clay rich zones. Samples were taken along traverse lines using roads, tracks associated with powerlines, pipelines and the railway line. The samples were nominally collected at 1km spacings however, this does vary. The Rajo/SEI relationship concluded in 2019 and SEI exited Chile, with Rajo continuing to explore.

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