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Energy|Exploration|PROJECT|Resources
Energy|Exploration|PROJECT|Resources
energy|exploration|project|resources

Pan American Energy refocuses efforts on Big Mack lithium project

30th August 2024

By: Creamer Media Reporter

     

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CSE-listed Pan American Energy has successfully completed Phase 2 earn-in payments and work expenditures under its Big Mack option agreement with Magabra Resources.

This achievement, involving C$400 000 in Pan American shares and C$1.12-million in exploration expenditures, has earned the company a 75% interest in the Big Mack lithium project located in Kenora, Ontario.

Under the terms of the agreement, Pan American can further increase its stake in the Big Mack project to 90% by issuing an additional C$100 000 worth of shares by August 22, 2025.

Simultaneously, Pan American announced its decision to terminate the option agreement with Horizon Lithium and FMS Lithium, which would have allowed the company to earn a 100% interest in the Horizon property in Esmeralda County, Nevada. This decision was driven by current market conditions, the costs and technical resources needed to develop claystone lithium deposits, and a strategic shift to concentrate on the Big Mack Lithium project.

“Given the evolving economic landscape, we believe it’s prudent to refocus our efforts on the Big Mack lithium project, which remains a high-priority asset for the company. We believe this will allow us to better allocate our resources and drive long-term value for our shareholders,” said CEO Jason Latkowcer.

Edited by Creamer Media Reporter

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