Pan American Energy Completes Phase 2 Earn-In for Big Mack
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Pan American Energy Completes Significant Milestone
Pan American Energy Corp. (CSE: PNRG | OTCQB: PAANF | FRA: SS60) is pleased to announce the successful completion of the Phase Two earn-in payments and work expenditures. This includes C$400,000 in Pan American shares and C$1,120,000 in exploration expenditures made under the Big Mack Option Agreement with Magabra Resources Corp. Through these efforts, Pan American has secured a 75% interest in the Big Mack Lithium Project.
Future Opportunities at Big Mack Lithium Project
The terms of the Big Mack Option Agreement stipulate that the Company can earn an additional 15% interest in the Big Mack Lithium Project, bringing its total potential interest to 90%. This further stake can be achieved by issuing an additional C$100,000 in Pan American shares by a set deadline.
Termination of Horizon Property Option
In addition to the advances at Big Mack, Pan American Energy has decided to terminate its option agreement with Horizon Lithium LLC and FMS Lithium Corporation. This agreement would have allowed the Company to earn a 100% interest in the Horizon Property located in Esmeralda County, Nevada. The termination was made with consideration of current market conditions and the resources necessary for the development of claystone lithium deposits. The focus remains on optimizing efforts towards the Big Mack Lithium Project instead.
CEO's Statement on Strategy Shift
Jason Latkowcer, Chief Executive Officer, remarked on this strategic redirection, stating, "Given the evolving economic landscape, we believe it’s prudent to refocus our efforts on the Big Mack Lithium Project. This project is a high-priority asset for the Company, and we believe this will allow us to better allocate our resources and drive long-term value for our shareholders." The Company’s focus aims to maximize the potential of its most promising assets, reinforcing the strategic pivot towards growth-oriented exploration.
About Pan American Energy Corp.
Pan American Energy Corp. is an exploration-stage company focused on the acquisition, exploration, and development of mineral properties that contain critical battery metals across North America. The Company has strategically executed an option agreement with Magabra Resources to obtain up to a 90% interest in the Big Mack Lithium Project, located approximately 80 kilometers north of Kenora.
Investor Relations and Contact Information
For those interested in receiving updates or engaging with Pan American Energy Corp., relevant information is available through the Company’s official channels. Interested investors are encouraged to stay tuned through the Company’s profiles on investment platforms.
For inquiries, you can reach out to:
Phone: (587) 885-5970
Email: info@panam-energy.com
Frequently Asked Questions
What is the main focus of Pan American Energy Corp.?
Pan American Energy Corp. focuses on the acquisition, exploration, and development of mineral properties containing battery metals in North America.
What is the Big Mack Lithium Project?
The Big Mack Lithium Project is a lithium mining project located in Ontario, where Pan American Energy has secured a significant interest through completion of its earn-in agreement.
How much interest has Pan American Energy secured in the Big Mack Project?
As of now, Pan American has secured a 75% interest in the Big Mack Lithium Project with the potential to increase this to 90% by fulfilling further obligations.
What led to the termination of the Horizon Property Option?
The termination of the Horizon Property Option was driven by the current market conditions and the desire to concentrate resources on the more promising Big Mack Lithium Project.
Who is the CEO of Pan American Energy Corp.?
Jason Latkowcer serves as the Chief Executive Officer and has emphasized the importance of focusing on high-priority assets within the company.
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